Founded in Åndalsnes in 1945 by Martin Kristiseter as a construction machinery and concrete contractor, Entreprenør M. Kristiseter AS is today one of the largest contractors in Møre og Romsdal. In the last 25 years the bulk of its business has been in the Ålesund area.

The owners and management of Kristiseter are very positive to the acquisition of the company by Veidekke. An Acquisition Letter of Intent was signed this spring with the company's recently deceased principal owner Svein Kristiseter, and the transaction will now be completed in cooperation with his descendants and the company's board and management.

"With this acquisition Veidekke will become a full-service partner for customers in north-western Norway. We already have extensive asphalt, gravel and aggregates business plus the ground contractor Grunnentreprenøren UFO, and will be complementing this with Kristiseter, a leading construction contractor," says Carl Inge Veland, regional manager of Veidekke Entreprenør AS. "We have on a number of occasions worked well with Kristiseter on implementing projects in the region, and the recently commenced MNOK 120 renovation of Ålesund City Hall is a good example of this. We believe that by combining Veidekke's expertise in project development and turnkey contracts with Kristiseter's excellent implementation resources and solid position in the local market, we will be able to expand and become established as a leading player in this part of the market," adds Veland.     

For more information please contact:
Veidekke Regional Manager Carl Inge Veland, tel. +47 55 38 70 00 / 91 30 08 95, carl-inge.veland@veidekke.no
General Manager Stig Mork of Kristiseter, tel. +47 70 17 72 14 / 90 54 26 26, stig@kristiseter.no
President & CEO Terje R. Venold, tel. +47 21 05 77 01 / 905 82 323, terje.venold@veidekke.no
Communications Director Kai Krüger Henriksen, tel. +47 21 05 77 04 / 90 51 93 60, kai.henriksen@veidekke.no  

 

 

Veidekke is one of Scandinavia's largest contractors, with 6,000 employees and revenues of NOK 16 billion. Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates, road maintenance and recycling. Our values are to be professional, honest, enthusiastic and pioneering. Our goals for health and safety and the environment are as important to us as our financial goals. Veidekke is characterised by a decentralised organisational 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.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)