Lemminkäinen concludes the divestment of its roofing operations
LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 31 JANURY 2011 AT 4.20 p.m.
LEMMINKÄINEN CONCLUDES THE DIVESTMENT OF ITS ROOFING OPERATIONS
Lemminkäinen has concluded the divestment of its roofing operations to Axcel, a Nordic private equity fund. The business purchase agreement was signed on December 15, 2010, whereafter has received theregulatory approvals from the Finnish competition authorities. The transaction price is approximately EUR 25 million, which will yield approximately EUR 17 million in capital gain. This will be booked in the first quarter in 2011.
The roofing business will transfer to Axcel’s ownership as of today.
President & CEO Timo Kohtamäki
Tel. +358 2071 53263
CFO Robert Öhman
Tel. +358 2071 53515
Director Vilhelm Sundström
Tel: +46 8442 5390
NASDAQ OMX Helsinki Ltd
Lemminkäinen Group operates in all areas of the construction sector. The Group's business sectors are Building Construction, Infrastructure Construction, and Technical Building Services. Net sales in 2009 were approx. EUR 2.0 billion, of which international operations accounted for over a quarter. The Group employs about 8,600 people. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Helsinki Ltd. www.lemminkainen.com
Axcel was founded in 1994 and now has a wide range of Nordic and international investors. Axcel focuses on medium-sized companies in the Nordic region. Axcel has a total committed capital of approximately SEK 12 billion via four private equity funds. With 35 investments, Axcel has made more investments in medium-sized Danish companies than any other private equity fund in Denmark. So far, 19 of the companies in which Axcel has invested have been further developed and sold. Today Axcel's investments comprise 16 companies with an overall turnover of approximately SEK 16 billion and 13.000 employees. Since its inception, Axcel has built a comprehensive industrial network, not least by making around 40 major international add-on acquisitions. www.axcel.dk