Veidekke and Hæhre to move forward together

Following many years of cooperation, Veidekke Entreprenør AS and Albert Kr. Hæhre AS have agreed to move forward together through Veidekke's purchase of 51% of the shares in the Hæhre group's contracting operations. This is an effort that strengthens both companies' competitive ability.

The market outlook for large construction projects is good, particularly in the road and railway sectors. The size and complexity of contracts is escalating, and this has resulted in an increased struggle for expertise and capacity.

"If we are to maintain a leading position in this market, we have to be the best. It is therefore a pleasure to announce our new future together with Albert Kr. Hæhre and his associates," says Dag Andresen, Managing Director of Veidekke Entreprenør AS. "Our cooperation on the E18 Sky - Langangen project has proven that together we are capable of taking on large and complex operations, and that the two companies' corporate cultures have a lot in common," Andresen adds.

The combination of Veidekke's leading position in the area of large and complex concrete and tunnel work and Hæhre's leading position in the field of earthworks, contributes towards creating a comprehensive contractor for major construction projects.

"The entire Hæhre system looks forward to the future together with Veidekke with pleasure and enthusiasm," says founder Albert Kr. Hæhre. "Cooperation with Veidekke has always been good, and cooperation on the Sky - Langangen project proves in the best possible sense that two plus two equals far more than four," says Hæhre.

It was yesterday afternoon that the letter of intent on establishing the cooperation was signed. It is Hæhre Entreprenør AS, Hæhre Maskinutleie AS and Hæhre Mek. Verksted AS that will constitute the new company, while the remaining companies in the Hæhre group will remain under the ownership of the current owners. In the period until March due diligence processes will be carried out.

For more information please contact:
Albert Kr. Hæhre, Chairman of the board of Albert Kr. Hæhre AS, tel.  +47 90 98 14 60, albert@akh.no
Dag Andresen, Managing Director of Veidekke Entreprenør AS, tel. + 47 21 05 50 00/ +47 915 51 410, dag.andresen@veidekke.no
Terje R. Venold, CEO, Veidekke ASA, tel. +47 21 05 50 00 / +47 90 58 23 23, terje.venold@veidekke.no
Kai Krüger Henriksen, Communications Director, Veidekke ASA, tel. +47 21 05 50 00 / +47 90 51 93 60, kai.henriksen@veidekke.no

Veidekke is one of Scandinavia's largest contractors with 6,000 employees and a turnover of NOK 16 billion. Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates, road maintenance and recycling. Our values are professional, honest, enthusiastic and pioneering. Our goals for health, safety and the environment, HSE, have equal status with our financial goals.  Veidekke is characterized by a decentralized organizational model with a strong corporate culture and a high degree of employee ­involvement. Over half the employees are co-owners, holding 20% of Veidekke's shares between them. The company is listed on the Oslo Stock Exchange and has never declared a loss since it was founded in 1936.