Oka Oy of Lemminkäinen's Palmberg Group is acquiring Rakennusliike Sulo Lipsanen
Oy, a building firm based in the Eastern Finnish city of Imatra. The acquisition
will be completed in autumn 2007.
Rakennusliike Sulo Lipsanen Oy was founded in 1973. The company operates as a
new building and refurbishment contractor and developer. Rakennusliike Sulo
Lipsanen Oy operates mainly in the Imatra region, but derives some 30 per cent
of its net sales from Svetogorsk and St. Petersburg in Russia. The company's
business operations in St. Petersburg have involved the construction of own
housing developments in partnership with StP-Rakennus Oy, a joint venture of Oka
Oy and Rakennuspartio Oy.
Rakennusliike Sulo Lipsanen Oy has 11 salaried employees and an average of 35
hourly paid workers on the payroll. The company generated net sales of approx.
EUR 7 million in 2006.
- The acquisition will strengthen the operational prerequisites of the Group's
building contracting in the Imatra region and in Russia, says the Managing
Director of Oy Alfred A. Palmberg Ab, Mr. Risto Bono.
Managing Director Risto Bono
Oy Alfred A. Palmberg Ab
Tel. +358 400 100 505
Managing Director Jorma Tamminen
Tel. +358 40 765 6800
Oka Oy, a subsidiary of Lemminkäinen Group's specialist building contractor, the
Palmberg Group, operates all over southern Finland. The company's new building
and refurbishment contracting includes competitive tender contracting as well as
commercial and industrial developments. Oka Oy was founded in 1987 and has been
a Palmberg Group company since 1995. In 2006 the company generated net sales of
approx. EUR 170 million and employed some 500 people.
Lemminkäinen Group operates in all areas of the construction sector. Its main
business areas are building contracting, infrastructure construction, the
building materials industry and technical building services. Net sales in 2006
were EUR 1,795.9 million, of which international operations accounted for about
a third. The Group employs some 8,500 people. Lemminkäinen's share is listed on
Helsinki Stock Exchange.