Veidekke ASA: Veidekke acquires Skedsmo Pukkverk AS

Veidekke Industri is buying all shares in the company Skedsmo Pukkverk AS. "The acquisition will strengthen our aggregate operations in central eastern Norway and ensure us a good long-term position in a market area where we expect high activity in the coming years. We also see good opportunities for interaction with Veidekke's other operations in the region," said Executive Vice President Jørgen Wiese Porsmyr of Veidekke.

Skedsmo Pukkverk has an annual turnover of NOK 35 million and 9 employees. The company produces and sells aggregates to the construction industry in Romerike, north of Oslo. The company itself owns the property where the aggregate plant operates and has long-term residual extraction opportunities for aggregate. The company was established in 1960 and has up to now been owned by the Utsigt family.

Veidekke's quarry operations are a part of Veidekke Industri and have 30 production sites in Norway, with emphasis on eastern Norway. Operations comprise the production and sale of aggregate and gravel, supplemented by the receipt of construction masses. They are based on long-term extraction agreements, but at some works Veidekke itself is the landowner. It is sought to further develop these into residential or commercial properties when production is exhausted. Overall, in 2012 the quarry operations had a turnover of NOK 391 million, profit before tax of NOK 33 million and a profit margin of 8.4%.

The acquisition agreement is subject to approval by the Competition Authority, and will be completed as as soon as this is provided.

For more information please contact:
Executive Vice President Jørgen Wiese Porsmyr, tel. +47 907 59 058
Managing Director of Veidekke Industri, Øyvind Moen, tel. +47 932 01 419 

Veidekke is one of Scandinavia's leading contractors and property developers with a turnover of 20 billion (2012) and 6,300 employees. Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates, and road maintenance. 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 characterised by a strong corporate culture with employee involvement and co-ownership as important cornerstones. More than half of the employees are co-owners, holding around 20% of the Group's shares between them. The company is listed on the Oslo Stock Exchange and has always posted a profit since it was founded in 1936.