Coor divests Damage Services operations in Norway
On 30 June 2017, Coor announced that it had initiated a sales process regarding Skadegruppen AS, the Damage Services operations in Norway, following a strategic review. This process has been concluded today through an agreement with Polygon, the European market leader in property damage control.
Polygon prevents, controls and mitigates the effects of water, fire and climate. The transaction will be concluded after the usual validation of competition authorities.
“We’re pleased to have concluded the divestment of the Damage Services operations in Norway so quickly, and that we’re now able to focus fully on our core operations in facility management. We’re also pleased that a good new ownership solution has been found. Polygon, a specialized operator in property damage control, has the potential to continue to develop the business in a positive manner,” commented Mikael Stöhr, Coor’s President and CEO.
From Coor’s six-month report onwards, the Damage Services operations have been reported as a divestment group and have not been included in Group sales and operating profit. Costs relating to the Damage Services operations totaling some SEK -20 m will impact net profit in the third quarter 2017, bringing the total cost in line with previous announcements. The cost for the third quarter mainly relates to the impairment of assets, based on the estimated divestment value. The total cash flow effect from the divestment is expected to be positive.
For more information, images etc., please visit www.coor.com or contact:
Olof Stålnacke, CFO and IR Director, Coor Group, +46 10 559 59 20,
Åsvor Brynnel, Communications and Sustainability Director, Coor Group, +46 10 559 54 04,
This information is information that Coor Service Management Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15:30 CET on September 26, 2017.
Coor is a leading provider of facility management services in the Nordics, focusing on integrated and complex service undertakings (IFM). Coor offers specialist expertise in workplace services (soft FM), property services (hard FM) and strategic advisory services for development of customers’ service activities. Coor creates value by executing, leading, developing and streamlining its customers’ service activities, ensuring that they provide optimal support to the core business over time. Coor’s customer base includes many large and small companies and public-sector organisations across the Nordic region, including AB Volvo, ABB, Aibel, Det Norske Veritas, E.ON, Ericsson, EY, NCC, Politiet (Danish Police), Saab, Sandvik, SAS, Skanska, Statoil, Telia, Swedish Transport Administration, Vasakronan and Volvo Cars.
Coor was founded in 1998 and is listed on Nasdaq Stockholm since 2015. At 30, June, 2017, the company had 6,500 employees (FTE) based mainly in Sweden, Denmark, Norway and Finland, and annual sales of SEK 7,500 million (rolling twelve-month basis). Coor takes responsibility for the operations it conducts, in relation to its customers, employees and shareholders, as well as for its wider impact on society and the environment. Read more at www.coor.com