Skanska acquires Norwegian construction company
Skanska's Norwegian subsidiary, Skanska AS, has signed an agreement in principle to acquire 67% of the shares in the Aadnøy construction company in Stavanger, Norway.
| PRESS RELEASE, DECEMBER 21, 1998 92/98 Skanska acquires Norwegian construction company Skanska's Norwegian subsidiary, Skanska AS, has signed an agreement in principle to acquire 67% of the shares in the Aadnøy construction company in Stavanger, Norway. Aadnøy is one of the leading construction firms in Stavanger, with building projects including housing as well as commercial premises. The company has sales this year of NOK 295 million, about SEK 300 million, with 62 employees. The purchase will not result in any changes in company management or organization. The agreement is conditional upon approval of the authorities and due diligence. "The acquisition is part of Skanska's strategy to develop Norway into one of the Group's home markets," says Gunnar Bøyum, President of Skanska AS. "The acquisition strengthens Skanska's position in the Norwegian construction market." To date, Skanska's Norwegian operations focused on the Oslo region, with such major projects as the Storebrand head office building and the new pediatric clinic at the Ullevål Hospital.
Danderyd, December 21, 1998 SKANSKA AB
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