Industrials
Long-term ownership. Industrial excellence.
Industrials is our portfolio of companies operating in industrial technology, advanced systems, manufacturing, materials and digital solutions. We invest in and develop world-leading companies with the potential to create lasting value for generations to come.
Active ownership for structurally stronger companies
As an active owner, we aim to help our companies become structurally stronger and create value over time. To achieve this, we work closely with each company to drive progress in areas that are critical to long-term value creation.
With ownership stakes that enable active influence, our primary role is to support strong boards and effective corporate governance. Through ongoing dialogue with boards, management teams and other key stakeholders, we support our companies by leveraging the expertise, experience and networks across Wallenberg Investments.
- Total revenue 2025 (SEK bn)
- 233
- Portfolio value 2025 (SEK bn)
- 53
- Dividends 2025 (SEK bn)
- 1.1
Our holdings
AMEXCI
Research and development company in additive manufacturing
Year of investment
2017
Headquarters
Karlskoga, Sweden
AMEXCI is a Nordic company in metal-based additive manufacturing, built for qualified series production of industrial components. The company was founded by several world-leading Nordic industrial companies to accelerate the industrialization of additive manufacturing in the Nordic region. AMEXCI has approximately 30 employees.
- Ownership (capital/votes, %)
- 37,8/37,8
- Holding value (SEK)
- Unlisted
GreenIron
Developer of fossil-free metal reduction solutions
Year of investment
2021
Headquarters
Stockholm, Sweden
GreenIron is a Swedish metal technology company that, through a patented, hydrogen-based process, helps the steel industry recycle residual products and waste streams into circular and fossil-free metal raw material. GreenIron has approximately 25 employees.
- Ownership (capital/votes, %)
- 44,8/44,8
- Holding value (SEK)
- Unlisted
Höganäs
World-leading manufacturer of metal powders
Year of investment
2013
Headquarters
Höganäs, Sweden
Höganäs is the world's largest supplier of iron and metal powders, with an annual capacity of 500,000 tonnes used across a range of areas: automotive components, brazing, electric motors and additive manufacturing. The company was founded in 1797 and has been owned since 2013 by Lindéngruppen and Wallenberg Investments through Höganäs Holding AB. Höganäs has approximately 2,200 employees in 14 countries. In 2025, Höganäs had turnover of approximately SEK 11 billion.
- Ownership (capital/votes, %)
- 50/50
- Holding value (SEK)
- Unlisted
- Board representation from Wallenberg Investments
- Kristian Sildeby
IPCO
Global supplier of industrial process solutions
Year of investment
2017
Headquarters
Sandviken, Sweden
IPCO is a global supplier of industrial process solutions involving advanced steel belts and steel belt-based equipment. Since 2017, IPCO has been wholly owned by Wallenberg Investments. IPCO has approximately 700 employees and operates in around 25 countries. Production is located in Asia, Europe and North America. In 2025, IPCO had turnover of approximately SEK 2 billion.
- Ownership (capital/votes, %)
- 100
- Holding value (SEK)
- Unlisted
- Board representation from Wallenberg Investments
- Richard Nilsson
Kivra
Sweden's leading digital mailbox
Year of investment
2013
Headquarters
Stockholm, Sweden
Kivra's platform replaces physical paper mail and receipts while enabling senders to engage in active customer communication. Kivra is owned by 41an Invest (Karl-Johan Persson and Stefan Krook), Wallenberg Investments, and the board and employees. More than five million individuals and tens of thousands of companies and public authorities use the service. Kivra has around 200 employees. In 2025, Kivra had turnover of approximately SEK 450 million.
- Ownership (capital/votes, %)
- 40,0/40,0
- Holding value (SEK)
- Unlisted
- Board representation from Wallenberg Investments
- Kristian Sildeby
Munters
World-leading provider of climate solutions for demanding industrial environments
Year of investment
2017
Headquarters
Kista (Stockholm), Sweden
Munters develops innovative and sustainable climate solutions that ensure the right temperature and humidity conditions in demanding industrial environments, such as pharmaceuticals, data centers and food production. Munters has approximately 5,400 employees and operates in more than 30 countries. In 2025, Munters had turnover of around SEK 15 billion.
- Ownership (capital/votes, %)
- 28,3/28,3
- Holding value (SEK)
- 8.9 bn
- Board representation from Wallenberg Investments
- Kristian Slideby
Nefab
Global provider of packaging and logistics solutions
Year of investment
2015
Headquarters
Kista (Stockholm), Sweden
Nefab develops, produces and delivers packaging and logistics solutions that reduce customers' total costs and environmental impact. Nefab has its origins in Alfta but operates worldwide. The company is owned by the Nordgren/Phil family and Wallenberg Investments. Nefab has more than 4,900 employees in 38 countries. In 2025, Nefab had turnover of approximately SEK 10 billion.
- Ownership (capital/votes, %)
- 50/50
- Holding value (SEK)
- Unlisted
- Board representation from Wallenberg Investments
- Magnus Fernström
Kristian Sildeby
SKF
World-leading manufacturer of bearings and related products
Year of investment
2007
Headquarters
Gothenburg, Sweden
SKF develops and manufactures bearings, seals, lubrication systems and related solutions that improve performance and reliability in industrial applications. The Wallenberg family, through Wallenberg Investments and Investor, has been an owner of SKF for more than 100 years, and today the holding is held by Wallenberg Investments. SKF has more than 37,000 employees and operates in around 130 countries. In 2025, SKF had turnover of approximately SEK 92 billion.
- Ownership (capital/votes, %)
- 15,2/29,2
- Holding value (SEK)
- 17.0 bn
- Board representation from Wallenberg Investments
- Håkan Buskhe
Richard Nilsson
Stora Enso
Global provider of packaging, biomaterials and wood products
Year of investment
2007
Headquarters
Helsinki, Finland, and Stockholm, Sweden
Stora Enso develops renewable solutions in packaging, biomaterials and wooden construction, with the forest as its raw material base. The Wallenberg family, through Wallenberg Investments and Investor, has been an owner of Stora Enso for more than 100 years, and today the holding is held by Wallenberg Investments. Stora Enso has just under 19,000 employees and operates worldwide, primarily in Europe, South America and Asia. In 2025, Stora Enso had turnover of just over SEK 100 billion.
- Ownership (capital/votes, %)
- 10,2/27,4
- Holding value (SEK)
- 9.2 bn
- Board representation from Wallenberg Investments
- Håkan Buskhe
Richard Nilsson
To develop and simplify the Wallenberg Foundations’ ownership governance and capital management, today handled by Wallenberg Investments and FAM, the responsibility is integrated into Wallenberg Investments
FAM supports Stora Enso’s planned separation and public listing of its Swedish forest assets business
FAM supports Stora Enso’s strategic review of its Swedish forest assets
IPCO AB acquires New Era Converting Machinery Inc
FAM issues call options to Chair of SKF’s Board
FAM supports SKF’s proposal to split the Group
Team
Kristian Sildeby
Head of Industrials
Emma Elofsson
Investment Manager
Oscar Andersson
Investment Associate
Charlotta Jansson
Executive Assistant
Investeringsenheter