Veidekke acquires Kito Asfalt
(Thomson Reuters ONE) -
Veidekke Industri will acquire 80% of the shares of Kito Asfalt AS in Buskerud.
Kito Asfalt has 56 employees, its own asphalt production and a turnover of
approx. NOK 100 million per year. Following the acquisition, Veidekke will have
a strong position in the asphalt market in lower Buskerud where they previously
have not been present.
Local asphalt entrepreneur Frank Robert Sunde established Kito Asfalt AS in
2008. In 2011 the company merged with Finsrud Asfalt AS, which has been a solid
and respected company in the local market for many years. Kito Asfalt has its
headquarters in Kongsberg and its own asphalt production in Mjøndalen in a new
asphalt works with a capacity of 100,000 tonnes per year.
"The acquisition of Kito Asfalt strengthens our competitive ability in Buskerud
and triggers major synergy effects with parts of Veidekke's other activities in
the area. This is consistent with our strategy in terms of growth and expansion
within our priority areas," says Harald Lausund, director of Veidekke Asfalt.
"As owners of Kito Asfalt we wanted a new owner who could take the company
forward. Veidekke Industri's entry will strengthen the company's opportunities
for development, not least because one will have access to Veidekke Industri's
resources and expertise in asphalt, gravel and aggregates," says Frank Robert
Sunde, who will continue as general manager of Kito Asfalt.
Takeover will be 1 July 2012 pursuant to approval by the Norwegian Competition
Authority.
Veidekke is one of the largest players in the Norwegian asphalt market and
produces and lays 2 million tonnes of asphalt every year. We have asphalt works
from Alta in the north of Norway to Sandnes in the south, 700 employees and an
annual turnover of approx. NOK 2 billion.
For more information please contact:
Harald Lausund, director of Veidekke Asfalt, tel. +47 91 55 31 40,
harald.lausund(at)veidekke.no
Frank Robert Sunde, general manager of Kito Asfalt AS, tel. +47 99 58 75 25,
robert(at)kitoasfalt.no
Veidekke is one of Scandinavia's largest contractors with 6,100 employees and a
turnover of NOK 18 billion (2011). Activities include building and construction
projects, residential developments, asphalt plants, gravel and aggregates and
road maintenance. Our values are professional, honest, enthusiastic and
pioneering. Our goals for health, safety and the environment, HSE, have equal
status with our financial goals. Veidekke is characterized by a decentralized
organizational model with a strong corporate culture and a high degree of
employee involvement. Over half the employees are co-owners, holding 20% of
Veidekke's shares between them. The company is listed on the Oslo Stock Exchange
and has never declared a loss since it was founded in 1936.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Illustration:
http://hugin.info/172/R/1617718/516274.pdf
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Source: Veidekke ASA via Thomson Reuters ONE
[HUG#1617718]
Unternehmensinformation / Kurzprofil:
Datum: 06.06.2012 - 14:51 Uhr
Sprache: Deutsch
News-ID 153791
Anzahl Zeichen: 3830
contact information:
Town:
Oslo
Kategorie:
Business News
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"Veidekke acquires Kito Asfalt"
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