Veidekke ASA: Has acquired Tore Løkke AS

Veidekke Entreprenør AS has entered into a final agreement to acquire 80% of the shares of civil engineering contractor Tore Løkke AS in Åfjord at Fosen in Sør-Trøndelag. This strengthens our competitive ability, particularly in the transport and hydropower development sectors," says district manager Stein Bjøru of Veidekke Entreprenør.

Civil engineering contractor Tore Løkke AS has 78 employees, turnover of NOK 200 million (2014) and undertakes contracts all over the country.

"Tore Løkke AS is a sound and well-run contractor. The company has delivered good results for a long time, and has operated for 48 years without losses. The company has good expertise in operation with own employees and a large and modern fleet of machinery. In terms of corporate culture and values we also see that the company and employees will make an excellent match for Veidekke. Now we are looking forward to welcoming Løkke's skilled workers and officials to becoming a part of our civil engineering operations," district manager Bjøru said when the acquisition process was announced on 26 October.

"We are pleased to now have become a part of the Veidekke group. We needed the backing of a robust and competent contractor in order to take on the constantly larger contracts in the Norwegian civil engineering market. I am also concerned that we continue to develop, and I am confident that we will achieve this with Veidekke as owners," says Tore Løkke, who will stay on as general manager of Tore Løkke AS.

Takeover will take place with effect from 11 January. The purchase price is NOK 68 million.

Caption: District manager Stein Bjøru (left) and general manager Tore Løkke are now on the same team.

For press photos, see www.flickr.com/photos/veidekke, for more information, contact:
District manager Stein Bjøru of Veidekke Entreprenør, tel +47 95 02 05 60, stein.bjoru@veidekke.no
General manager Tore Løkke of Tore Løkke AS, tel. +47 90 92 10 55, tore@lokke.com
Communications Manager Helge Dieset, tel. +47 90 55 33 22, helge.dieset@veidekke.no

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Veidekke is one of Scandinavia's largest construction and property development companies. The company undertakes all types of building and construction contracts, maintains roads and produces asphalt, crushed stone and gravel. The company is characterised by involvement and local knowledge. Revenue is NOK 24 billion (2014), and half of the 7,000 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange and has always posted a profit since it was founded in 1936.