JM divests the construction operations in Norway
JM has signed an agreement regarding divestment of the external construction operations in Norway, JM Entreprenör AS, to Vicon a company within the Norwegian KB Group. Agreed enterprise value amounts to approximately 40 MSEK.
The agreement implies a realized profit of 15 MSEK to be recognized in the fourth quarter 2019 within the business segment JM Construction. The sale requires approval from the Norwegian competition authority. JM Entreprenör AS has had an average annual turnover of 550 MSEK over the past few years. JM Construction’s operations will onwards focus on civil engineering operations in their current form, where there are clear synergies with JM’s project development of residential units.
“With the sale of JM Entreprenör AS, further steps are taken in focusing our operations towards residential project development and at the same time enabling further development of JM Entreprenör AS as a construction company,” says Johan Skoglund, President and CEO of JM.
For additional information, please contact:
Sören Bergström, Business Unit Manager JM Construction, +46 (0)8 782 88 84
Sepideh Imani, Head of Communication and Analysis, +46 (0)8 782 14 29
This information is information that JM 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 08:00 CET on 2019-09-03.
JM is one of the leading developers of housing and residential areas in the Nordic region. Operations focus on new production of homes in attractive locations, with emphasis on expanding metropolitan areas and university towns in Sweden, Norway and Finland. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM should promote long-term sustainability work in all of its operations. Annual sales total approximately SEK 16 billion and the company has about 2,600 employees. JM is a public limited company listed on NASDAQ Stockholm, in the Large Cap segment. More information is available at www.jm.se/en.