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Skanska second largest in Finland after acquisition

8/31/1998 12:00 AM CET
Press release

Skanska's Finnish subsidiary Skanska Oy is acquiring the construction operations of Polar, the Finnish construction and property development Group, with total annual sales of FIM 1.2 billion (about SEK 1.8 billion) and approximately 1,150 employees. The purchase sum is FIM 80 million, approximately SEK 120 million.

PRESS RELEASE, AUGUST 31, 1998                        67/98

Skanska second largest in Finland after acquisition

Skanska's Finnish subsidiary Skanska Oy is acquiring the construction operations of Polar, the Finnish construction and property development Group, with total annual sales of FIM 1.2 billion (about SEK 1.8 billion) and approximately 1,150 employees. The purchase sum is FIM 80 million, approximately SEK 120 million.

As a result, Skanska Oy becomes the second largest construction company in Finland and a leader in residential construction on the Finnish market.

Skanska Oy, which also conducts international operations, mainly in Russia, will have total annual sales of FIM 4.5 billion, or about SEK 6.8 billion.

Polar's construction operations will be integrated with Skanska Oy's operations and Polar will continue operations as a property company. Skanska is acquiring development property from Polar for FIM 200 million, about SEK 300 million. The parties have reached a cooperation agreement regarding construction-related services for Polar's real estate portfolio.

- As a result of the acquisition, we strengthen our position on the Finnish market and continued the Group's strategic focus on expansion within core operations - building-related services and project development, says Anders C. Karlsson, manager of Skanska Europe.

 

Danderyd, August 31, 1998

SKANSKA AB
Corporate Communications

 


For further information, contact:
Anders C Karlsson, Manager of Skanska Europe, telephone +46 40 14 40 00
Cecilia Schön, Senior Vice President, Skanska Corporate Communications, telephone +46 8 753 87 99
Eero Makkonen, President Skanska Oy, telephone +358 9 61 52 21