LEMMINKÄINEN CORPORATION PRESS RELEASE 13.10.2010, 12.00
NEW ACQUISITION WILL STRENGTHEN LEMMINKÄINEN´S RESOURCES IN THE PRODUCTION OF
PRECAST CONCRETE ELEMENTS
Lemminkäinen Rakennustuotteet Oy has today signed an agreement to acquire full
ownership of Suonenjoen Sementtituote Oy. The sellers are Timo Venho and Arja,
Raimo, Tommi and Jani Räsänen. The acquisition will strengthen Lemminkäinen's
resources in the production of precast concrete elements. The parties have
agreed not to disclose the transaction price.
Suonenjoen Sementtituote Oy's precast concrete element factory is located in
Suonenjoki, next door to Lemminkäinen's own precast concrete element factory.
The company's net sales in 2010 are estimated to be approx. EUR 1.5 million. It
employs 11 people, who will be transferred to Lemminkäinen's service as
existing employees. According to preliminary plans, the company will merge with
Lemminkäinen Rakennustuotteet Oy during the first quarter of 2011.
In connection with the acquisition, Lemminkäinen Rakennustuotteet Oy has made a
preliminary agreement with the City Of Suonenjoki concerning the sale of
property owned by Suonenjoen Sementtituote Oy to the city. According to the
preliminary agreement, Lemminkäinen will rent the premises for its own use on
the basis of a long-term lease.
"The pick-up in housing construction has increased the demand for precast
concrete staircase and façade elements. The agreements in question will enable
the long-term development of our operations in Suonenjoki, " says Director
Risto Wuorio of Lemminkäinen.
The agreement to acquire Suonenjoen Sementtituote Oy is conditional upon the
approval of both the Board and Council of the City of Suonenjoki for the
associated property transaction. The deals are expected to be closed before the
end of the year.
Director, Lemminkäinen Rakennustuotteet Oy
Tel. 02071 53801
NASDAQ OMX Helsinki Ltd
Lemminkäinen Group operates in all areas of the construction sector. The
Group's business sectors are Building Construction, Infrastructure
Construction, Technical Building Services, and Building Products. 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