LEMMINKÄINEN COPRORATION STOCK EXCHANGE BULLETIN
IKEA ANNOUNCES TERMINATION OF ST. PETERSBURG SHOPPING CENTRE
IKEA has announced the termination of its contract with
Lemminkäinens subsidiary Lemcon Ltd concerning the construction
of the MEGA shopping centre in St. Petersburg. The value of the
contract was EUR 92 million. The project had reached about the
half-way point and was scheduled for completion by the end of the
In Lemcons view there are no legal grounds for the contract
termination, and it is likely that the matter will proceed to the
court of arbitration.
Termination of the contract is not expected to have any essential
bearing on Lemminkäinen´s result. The companys order book is good
and there is reason to expect net sales growth and an improved
result this year.
DISTRIBUTION: Helsinki Exchanges, key media