Skanska completes acquisition of majority holding in Steiner - Switzerland's largest Total Services Contractor
Skanska has acquired 70% of Karl Steiner Holding AG, in line with its earlier declaration of intent.
Steiner is the largest construction services and project development company in Switzerland.
| PRESS RELEASE, APRIL 26, 1999 36/99 Skanska completes acquisition of majority holding in Steiner - Switzerland's largest Total Services Contractor Skanska has acquired 70% of Karl Steiner Holding AG, in line with its earlier declaration of intent. In 1998 Steiner and its part owned international businesses had at total construction volume of more than 1,5 billion CHF, of which 1,0 billion CHF in Switzerland. The group specializes in construction services and project development and is active in the entire value chain, from the initial analysis of customer needs to implementation, and also after-market service and facility management. Steiner is also active in Germany and France. In France Steiner has a 50% holding in the Sogelym-Steiner. Steiner is also playing an active role in Europe, the Middle East and Southeast Asia through the 50% ownership of TSI International, a project management and construction company. "Steiner is a well-managed, profitable company with substantial growth potential and there are considerable opportunities for synergies. Steiner's way of working throughout the entire value chain, including project development, complies with our strategy," Claes Björk, Skanska's President and CEO, said when commenting on the acquisition. "The acquisition of Steiner gives us a strong base in Switzerland, and it also enhances our opportunities for further expansion in Europe and other strong international markets as a result of a very strong customer platform," says Anders C Karlsson, President of Skanska Europe. "I see excellent opportunities for continued development of the company in the Skanska Group," Peter Steiner commented, as future Chairman of the Board of Karl Steiner Holding AG. "We have a good basis for working together, due to our common approach to vision, strategies and methods of operation. Now we are going to continue to jointly develop our partnership with our customers. The reactions I have encountered so far in the market have been highly positive." Peter Steiner will continue to own 30% of the shares in the company. The Steiner family will also continue to be the sole owner of Karl Steiner Immobilien AG, and will retain its 22% holding in the American Turner Corp. These holdings are not in any way affected by Skanska's acquisition.
Number of employees- approximately 400 (December 31,1998) 1) Excludes management contract volumes and the 50 % holdings in Sogelym-Steiner and TSI International. The acquisition price equals the net equity of the acquired businesses and consequently the operating income approximates the yearly impact on the Skanska results.
Stockholm, April 26, 1999 SKANSKA AB
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