Veidekke reduces its interest-bearing debt: To sell its Weather Protection business unit

Veidekke has entered into a conditional agreement with a Finnish capital investment company, Helmet Business Mentors Oy, in connection with selling its subsidiary, Nordic Shelter Solutions. This sale will reduce Veidekke's interest-bearing debt by approximately NOK 150 million, but will have no significant effect on profits.

The final agreement will be signed by the end of the first quarter of 2002. This requires establishing a new holding company, Nordic Shelter Solutions Holding. Veidekke will own 30% of the new company, and the company's top management will also own shares.

"Selling the business unitWeather Protection is part of our efforts to focus more on our core business," says Mr. Arne Giske, Veidekke's Chief Financial Officer.

"When we acquired the company Stavdal in 2000, Weather Protection became one of our business units. By selling to our Finnish partners, Weather Protection will be better positioned in relation to the company's management, which mainly is located to Finland. In our opinion, the new ownership structure will improve the company's chances for further growth and development," says Mr. Giske.

For further information, please contact

Veidekke ASA, Mr. Arne Giske, CFO,
phone + 47 21 05 77 80 / 905 89 526
Veidekke ASA, Mr. Kai Krüger Henriksen, Senior Vice President, Communication, phone +47 21 05 77 04 / 905 19 360
Helmet Business Mentors Oy, Mr Pentti Kulmala, Partner,
phone +358 400 321 554