Skanska continues to expand in Civil Engineering segment in Finland
Skanska's subsidiary in Finland, Skanska Oy, has acquired the outstanding 55 percent of the road and civil engineering company Tekra Oy. Skanska exercised a purchase option which the company has held since initially acquiring a 45-percent holding in Tekra in 1995. In total, the investment amounts to FIM 45 million for the entire company, or about SEK 65 million.
SKANSKA CONTINUES TO EXPAND IN CIVIL ENGINEERING SEGMENT IN FINLAND
Skanska's subsidiary in Finland, Skanska Oy, has acquired the outstanding 55 percent of the road and civil engineering company Tekra Oy. Skanska exercised a purchase option which the company has held since initially acquiring a 45-percent holding in Tekra in 1995. In total, the investment amounts to FIM 45 million for the entire company, or about SEK 65 million.
Tekra, which is the third largest civil engineering company in Finland, had sales in 1997 of about FIM 300 million, or SEK 435 million. Tekra has an order backlog of about FIM 500 million, approximately SEK 725 million.
"Skanska and Tekra have enjoyed a close cooperation since 1995. Tekra will continue to operate as a subsidiary in which Skanska's entire road and civil engineering operations will be concentrated," says Mauri Niemi, who is responsible for Skanska's Finnish operations. Hannu Seva will be the new president of Tekra.
The largest ongoing projects include construction of the 70-kilometer highway between Helsinki and Lahtis, which is a BOT project in which Skanska is acting as the builder, investor and operator.
Danderyd, January 14, 1998
SKANSKA AB
Group Corporate Communications
For further information, kindly contact: Mauri Niemi, Senior Vice President Skanska Oy, tel +358 9 6152 23 30 or Cecilia Schön, Senior Vice President Corporate Communications, tel +46 8 753 88 00 or +46 70 553 87 99.