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Skanska to divest Swedish modular building companies

Press release 11/28/2005 11:08 AM CET

Skanska and 3i have signed a binding agreement covering the sale of Skanska Modul AB, including the subsidiaries Temporent AB and Flexator AB, which produces, rents out and sells modular buildings. The purchase consideration for debt-free companies amounts to SEK 361 M and generates a small gain, which will be included in Skanska’s earnings in the fourth quarter of 2005.

Press Release


November 28, 2005

 


Skanska to divest Swedish modular building companies

Skanska and 3i have signed a binding agreement covering the sale of Skanska Modul AB, including the subsidiaries Temporent AB and Flexator AB, which produces, rents out and sells modular buildings.

The purchase consideration for debt-free companies amounts to SEK 361 M and generates a small gain, which will be included in Skanska's earnings in the fourth quarter of 2005.

Skanska Modul AB was deconsolidated as of September 30, 2005. The transfer is expected to be carried out at year-end. The cash flow from the sale will be reported in the fourth quarter of 2005.

The sale is conditional upon approval of the authorities concerned.

Skanska Modul AB is one the Swedish specialty companies that Skanska has decided to divest. The sale is a step in Skanska' strategic focus on core operations - building and civil construction as well as development of commercial premises, residential buildings and public-private partnership projects.

Skanska Modul AB, including the subsidiaries Temporent AB and Flexator AB, produces, rents out and sells moveable modular buildings used as temporary offices, childcare centers, schools and worksite cabins. Production is carried out in Anneberg and Gråbo, Sweden. The company has annual sales of about SEK 480 M, with  some 200 employees.

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For further information please contact:

Peter Gimbe, Senior Vice President Communications, Skanska AB, tel +46 70 543 88 38