Lemminkäinen divests Lemcon Networks' businesses in the Americas
LEMMINKÄINEN CORPORATION INVESTOR NEWS 30 APRIL 2013 AT 5.30 P.M
LEMMINKÄINEN DIVESTS LEMCON NETWORKS' BUSINESSES IN THE AMERICAS
Lemminkäinen and Blue Skies Networks, LLC, an American telecommunications company, have signed a share purchase agreement for all outstanding shares in Lemcon Networks' subsidiaries engaged in mobile telecom network project business in Brazil, Canada, Chile, Columbia, Ecuador, Mexico and the United States. The parties have agreed not to disclose the transaction price. The transaction will be completed after local authority approvals have been obtained latest during the third quarter this year.
The divested subsidiaries have been part of Lemcon Networks, which is 100% owned by Lemminkäinen Group. Lemcon Networks provides professional project management, implementation services and software solutions for mobile telecom network projects. The divested businesses engage a staff of approximately 340 professionals.
Lemminkäinen specified its strategy in 2011 and stated that it will be focusing on its key strategic growth areas, which are the Nordic infrastructure construction as well as residential construction in the St. Petersburg area in Russia. Lemminkäinen announced the divestment of Lemcon Networks' Asian business on 30 January 2013.
As it was stated on 19 April 2013, Lemminkäinen expects to recognise a loss of about EUR 3 million during the second quarter from the divestments.
Blue Skies Networks, LLC, an American company is a group of investors, wireless services and technology experts and serial entrepreneurs. The company seeks promising companies to acquire, invest in and/or otherwise support to build successful leaders in the global wireless services and technology space.
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Lemminkäinen Group operates in all areas of the construction sector. The Group's business segments are building construction, infrastructure construction, technical building services and international operations. Net sales in 2012 were about EUR 2.3 billion, of which international operations accounted for roughly 40 per cent. The Group employs an average of 8,200 people. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com