FOERSLOEV, Sweden, August 27, 2003 (PRIMEZONE) -- Peab has acquired 86 per cent of the shares of Seicon, the privately-owned, Finnish construction company. In 2002, the company reported turnover of Euro 110 million, it has approximately 300 employees and an order backlog exceeding Euro 60 million.
Seicon's domicile is located in Seinajoki near Vasa, approximately 350 kilometeres north-west of Helsinki. The bulk of the company's activities take place in the Helsinki area. Antti Peltoniemi, Seicon's principal owner, will remain a partner in the company and take up his duties as CEO of Peab's Finnish operations.
In connection with the acquisition of Seicon, a review of Peab's Finnish operations has been conducted. A reappraisal of project and restructuring costs together with current production results will be charged as expenditure to the tune of SEK 48 million for the first six months of Peab's accounts.
Following the acquisition and completion of the restructuring process, it is estimated that Peab will show turnover of approximately Euro 160 million in Finland. Provided the Finnish Competition Authority approves the deal, the day of taking possession is scheduled for 15 September 2003.
"The acquisition of Seicon will provide Peab with a sufficiently large production resource capacity in Finland and creates opportunities for achieving good long-term profitability. We will broaden our customer contacts and operations in a way that produces good synergy effects, comments Gote Brannvall," Peab's Deputy CEO.
Previous press releases from Peab are available at www.peab.com
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