As a stage in the Veidekke group's focus on the Swedish market, Veidekke Entreprenad AB has acquired the company Brinkab AB, which operates primarily along the Norrland coast to the Stockholm area and in Kiruna.
Brinkab AB, which was established in 1997, is a well-established company in the construction sector with activities that primarily comprise new construction, renovation, remodelling and extensions and service for industry. The company's annual turnover is approx. SEK 140 million and it has 130 employees.
"The acquisition of Brinkab strengthens our construction activities and is perfectly aligned with our strategy related to growth and expansion in prioritized areas," says Per-Ingemar Persson, CEO for Veidekke Sverige AB.
"Veidekke wanted to strengthen its heavy construction expertise and capacity towards industry. We achieve this through the acquisition of Brinkab and enter the private construction market. This creates new opportunities for Veidekke's construction activities," says Erik Alteryd, Managing Director of Veidekke Entreprenad AB.
"As owners of Brinkab we saw the potential for development in the company and were therefore looking for new owners who had the opportunity to further develop the company. We wanted a strong owner with resources, and we believe that Veidekke is the right company," says Urban Brink, Managing Director of Brinkab.
The takeover is effective from 17 April 2012, and operations will continue as a subsidiary Veidekke Entreprenad AB, while retaining its original name.
Veidekke was established in Sweden in 1998. In 2011, the company's turnover was 4.2 billion SEK. The acquisition of Brinkab is a further stage in growth in Sweden.
For more information, please contact:
Erik Alteryd, Managing Director of Veidekke Entreprenad AB, tel.+46 8 635 61 50
Urban Brink, Managing Director of Brinkab AB, tel.+46 70 216 68 72
Jørgen W. Porsmyr, CFO, Veidekke ASA, tel. +47 21 05 76 44 / +47 90 75 90 58
Veidekke is one of Scandinavia's largest contractors with 6,100 employees and a turnover of NOK 18 billion (2011). Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates and road maintenance. Our values are professional, honest, enthusiastic and pioneering. Our goals for health, safety and the environment, HSE, have equal status with our financial goals. Veidekke is characterized by a decentralized organizational model with a strong corporate culture and a high degree of employee involvement. Over half the employees are co-owners, holding 20% of Veidekke's shares between them. The company is listed on the Oslo Stock Exchange and has never declared a loss since it was founded in 1936.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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