Skanska acquires construction company in Finland

10/11/2011 9:30 AM CET
Press release

Skanska Finland has today signed an agreement for 100 percent of the shares of the construction company Soraset Yhtiöt Oy. Soraset is a civil construction company working with mainly infrastructure projects. It has about 270 employees and last year the net revenue was approximately EUR 100 M. Soraset is headquartered in Kangasala, in the region of Tampere, but is operating in the whole of Finland.

”Soraset has a very good reputation in Finland and will complement Skanska’s civil business in an excellent way, geographically as well as operationally. The acquisition will also make us stronger and more competitive on the major infrastructure projects”, says Juha Hetemäki, Business Unit President Skanska Finland.

”Operations of Soraset has grown and become more versatile during the past ten years. At this moment we consider that the best solution for Soraset is to join a strong global company”, says Technical Director Petri Uitus, one of the main owners of Soraset.

The acquisition requires regulatory approvals from the Finnish competition authorities.

Skanska Finland is one of the leading construction companies in Finland and Estonia. The company is active in building construction, residential and commercial premises, as well as civil engineering projects. The combined sales for Skanska’s Finnish and Estonian operations in 2010 were SEK 6.9 billion and the company employed about 2,800 people. In Finland, Skanska is also active within development of residential, office and PPP projects.