Veidekke Entreprenør AS has signed a letter of intent to acquire Reinertsen`s onshore construction and civil engineering operations. "We have a desire to grow, and Reinertsen has skilled employees who will strengthen our capacity to perform and enhance our competitive ability," says EVP Dag Andresen of Veidekke Entreprenør.
Reinertsen Entreprenør has 250 employees who carry out building construction projects in Oslo, Trondheim and Bodø and civil engineering projects all over the country.
"Reinertsen Entreprenør has competent workers and officials who will strengthen Veidekke`s operations. We are experiencing high levels of activity and have great need for Reinertsen`s expertise in both construction and civil engineering. It is a very good match between Veidekke and Reinertsen," says EVP Dag Andresen of Veidekke Entreprenør.
"We know Veidekke as a solid and long-term focused company, with a good tradition of taking care of employees and having the ability to implement exciting and innovative projects within both construction and civil engineering. By becoming a part of Veidekke, our employees in the construction business will have a great opportunity to contribute to the development of Norway`s largest construction company," says division director Kristian Reinertsen of Reinertsen AS.
The parent company, Reinertsen AS, will focus on its core activities. Their consulting engineering and architect activities are not affected by the sale, and nor are Reinertsen`s oil and gas operations.
It is expected that the final agreement will be signed at the end of August with transfer from 1 September 2015. The acquisition is subject to approval by the Norwegian Competition Authority.
For press photos, see www.flickr.com/photos/veidekke, for more information, contact:
EVP Dag Andresen of Veidekke Entreprenør, tel.: +47 91 55 14 10, email@example.com
Division director Kristian Reinertsen, tel.: +47 93 09 05 45, firstname.lastname@example.org
Communications Manager Helge Dieset i Veidekke ASA, tel.: +47 90 55 33 22, email@example.com
Veidekke is one of Scandinavia`s largest construction and property development companies. The company undertakes all types of construction and civil engineering contracts, maintains roads, and produces asphalt and aggregates. The company is characterised by involvement and local knowledge. Turnover is NOK 24 billion (2014), and half of the 6,400 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange and has always posted a profit since it was founded in 1936.
Reinertsen Entreprenør AS is a subsidiary of Reinertsen with 250 employees in Oslo, Trondheim and Bodø. The parent company Reinertsen AS has 2,500 employees and has a turnover of NOK 4 billion (2014). Reinertsen Entreprenør AS undertakes projects in building and construction. Building represents 60% and construction 40% of the subsidiary`s turnover.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Veidekke ASA via GlobeNewswire