Skanska acquires Polish kitchen company

SKANSKA ACQUIRES POLISH KITCHEN COMPANY

Skanska has acquired 75 percent of the Polish kitchen company WFM (Wolsztynska Fabryka Mebli) in Wolsztyn, near Poznan.

The company is the leading manufacturer of kitchen and bathroom furniture in Poland, with annual sales about USD 16 M. The seller is the Ministry of State Treasury in Poland which will be offering the employees an opportunity to acquire 20 percent of the shares. Skanska has an option to acquire the remaining shares in the future.

WFM will be part of the Poggenpohl Group of kitchen companies, within Skanska’s Industry business area, which now gains access to the growing Polish market through this acquisition. The company has its own distribution network in Poland, with some 30 outlets and will now continue to expand its market presence. Rapid growth is expected in Poland as well as in export markets. WFM has 565 employees in production and distribution.

"The efficiency of the factory in Wolsztyn will be improved through investments," says Anders C. Karlsson, President of Skanska’s Industry business area.

The Poggenpohl Group is one of the leading kitchen furniture companies in Europe, with annual sales in the region of USD 300 M. After the acquisition the Group comprises WFM in Poland, Poggenpohl, Goldreif, Pronorm and Optifit in Germany, and Myresjökök in Sweden.

Warsaw, March 10, 1997

SKANSKA AB

Group Public Affairs