Search

Skanska carries out new major transaction in the U.S.

Press release 1/13/1998 12:00 AM CET

Skanska continues its strategic expansion in the United States by signing a letter of intent with Cornerstone Construction & Materials, Inc., the American construction and materials division of Hanson PLC, for the purchase of three of its construction units: Tidewater Construction Corporation, CDK Contracting Co., and Nielsens Inc.

PRESS RELEASE, JANUARY 13, 1998                       03/98

SKANSKA CARRIES OUT NEW MAJOR TRANSACTION IN THE U.S.

Skanska continues its strategic expansion in the United States by signing a letter of intent with Cornerstone Construction & Materials, Inc., the American construction and materials division of Hanson PLC, for the purchase of three of its construction units: Tidewater Construction Corporation, CDK Contracting Co., and Nielsens Inc.

"The acquisition complements and strengthens Skanska's presence in the United States," comments Stuart E. Graham, president of Skanska U.S.A.

Skanska expects to conclude the transaction in February.

All three units will contribute immense value to Skanska's construction efforts. Tidewater Construction Corporation, an infrastructure contractor based in Norfolk, Virginia, and Nielsons Inc., the civil construction and engineering firm headquarters in Cortez, Colorado will expand Skanska's heavy civil capabilities while CDK Contracting Co., located in Farmington, New Mexico will broaden the firm's penetration into industrial markets.

The acquisition will create synergy with Skanska U.S.A.'s subsidiaries, Slattery Skanska and Koch Skanska, who both have a strong presence in the heavy civil infrastructure construction market.

After the acquisition, Skanska U.S.A.'s construction operations will have sales of about USD 2.3 billion.

 

Danderyd, January 13, 1998
SKANSKA AB
Corporate Communications

 


For further information, kindly contact: Stuart Graham, tel +1 718 767 26 00 or Cecilia Schön, Senior Vice President Corporate Communications, tel +46 8 753 88 00 or +46 70 553 87 99.