Lehto Group Plc: Lehto expands its operations in Sweden
Lehto Group Plc
Stock Exchange release
14 August 2017, 1.15 p.m. EEST
Lehto expands its operations in Sweden
On 14 August, 2017 Lehto Group Plc has signed an agreement where it agrees to establish a new subsidiary in Sweden. The name of the company will be Lehto Sverige AB and Lehto Group Plc will own 88% and four Swedish minority shareholders in total 12% of the shares of the company. The minority shareholders will provide management with experience from the Swedish market, especially of housing construction in Stockholm region.
Through this new subsidiary Lehto will provide economically-driven construction of apartments, business premises as well as social and educational premises overall in Sweden but in the beginning especially in Stockholm region. In the starting phase there will be 7 employees in the company.
Lehto Sverige AB aims to start its first housing project in Märsta, north from Stockholm in the beginning of 2018. The project which is awaiting zoning plan approval, comprises approximately 70 apartments and the construction is planned to take place during 2018-2019.
"We are now exporting the economically-driven construction concept to Sweden. Interest in our operating model has been very high and we believe that we can also scale our economically-driven construction model to the Swedish market," says Lehto Group's CEO Hannu Lehto.
The establishment of the new company does not have effect on Lehto's 2017 financial outlook.
Further information:
Veli-Pekka Paloranta, Chief Financial Officer
+358 400 944 074
Lehto Group in brief:
Lehto is the fastest growing construction and real estate group. We operate in four service areas: Business Premises, Housing, Social Care and Educational Premises, and Building Renovation. We are the innovator and pioneer of the construction sector. Our economically driven operating model makes construction more profitable, ensures the quality of construction and brings significant time and cost savings to the customer. At the end of June 2017, we employed around 1,000 people. Our net sales for 2016 amounted to EUR 362 million.