Lemminkäinen divests Lemcon Networks' businesses in Norway and Sweden
LEMMINKÄINEN CORPORATION PRESS RELEASE 4 APRIL 2014 AT 8 A.M.
LEMMINKÄINEN DIVESTS LEMCON NETWORKS' BUSINESSES IN NORWAY AND SWEDEN
Lemminkäinen and Netel, a leading Scandinavian telecommunications contractor, have signed a business purchase agreement for Lemcon Networks' mobile telecom network project business in Norway and Sweden. The parties have agreed not to disclose the transaction price. The transaction is subject to customary M&A conditions.
The divested operations have been part of Lemcon Networks, which is 100% owned by Lemminkäinen. Lemcon Networks provides professional project management, implementation services and software solutions for mobile telecom network projects. The divested businesses engage a staff of approximately 80 professionals. Lemcon Networks' Finnish business continues its operations normally.
In October 2013, Lemminkäinen announced its new strategy for years 2014-2018. The company will focus on insightful customer solutions in infrastructure construction in Northern Europe and also seek profitable growth in residential development and construction in Russia. In 2013, Lemminkäinen announced the divestment of Lemcon Networks' businesses in both the Americas and Asia.
Netel builds and maintains physical infrastructure for both fixed and wireless communications. The company offers clients complete solutions spanning project management, network planning, site acquisition, licensing, design, construction, installation, operation and maintenance. Netel has some 115 employees at 10 offices in Sweden and Norway, or around 450 full-time equivalents if subcontractors hired on a project basis are included, and generated revenue of around EUR 55 million in 2013.
Robert Öhman, CFO
tel. +358 2071 53515
Leena Arimo, Managing Director
Lemcon Networks Ltd.
Tel. +358 2071 53499
NASDAQ OMX Helsinki
Together with our customers we create conditions that make living, working and travelling functional, safe and healthy. We operate in Northern Europe and employ about 7,800 experts. In 2013, our net sales were about EUR 2.2 billion. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com