Lemminkäinen wins a main highway renovation contract in Russia
LEMMINKÄINEN CORPORATION INVESTOR NEWS 31 DECEMBER 2012 AT 2:00 P.M
LEMMINKÄINEN WINS A MAIN HIGHWAY RENOVATION CONTRACT IN RUSSIA
Lemminkäinen has won a renovation contract on the M4 road in Russia. Lemminkäinen will carry out the work as a subcontractor for NITP, which is part of the Mostotrest group and the main contractor of the project. The contract was ordered by Avtodor, a Russian state-owned enterprise managing the key main roads in Russia. The value of Lemminkäinen's contract is EUR 15 million. Work will begin in April 2013 and the estimated date of completion is September 2013.
The contract comprises milling and paving on a stretch of road measuring a total of 32 kilometres. 120,000 tonnes of asphalt will be produced for the project.
"This contract is a major continuation of the projects we have carried out on the M4 earlier this year. To date, we have renovated more than 100 kilometres of the M4," says Leo Kaariniemi, Area Director at Lemminkäinen.
As the M4 road is one of Russia's major highways, significant investments are being made in its infrastructure. For instance, M4 connects Moscow to Sochi, the host of the 2014 Winter Olympic Games.
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Lemminkäinen Group operates in all areas of the construction sector. The Group's operations are organised into four business segments: building construction, infrastructure construction, technical building services and international operations. Net sales in 2011 were about EUR 2.2 billion, of which international operations accounted for roughly a third. The Group employs 8,000 people on average. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com