Lemminkainen to acquire Risa Rock
By Richard High04 May 2010
Lemminkäinen is to acquire a 90.1% majority interest in Risa Rock, a subsidiary of the Norwegian Risa Group pending regulatory approval by the Norwegian competition authorities.
Established in 2007, Risa Rock is a tunnel excavation company operating throughout Norway. It had net sales in 2009 of € 16 million and employed around 20 people.
It will continue its operations as Lemminkäinen Norge's subsidiary. A minority stake in the company will be held by the executive management, and Hans Olav Storkås will continue to serve as its managing director.
Commenting on the acquisition, Henrik Eklund, managing director of Lemminkäinen Infra, said, "Acquisition of Risa Rock supports Lemminkäinen's strategy aiming at entering the Norwegian rock excavation market."
Infrastructure construction in the Nordic countries is one of the focus areas in Lemminkäinen's current strategy.
Lemminkäinen has been involved in the excavation sector in Sweden since 1994.
Lemminkäinen has been involved in infrastructure construction in Norway since 2001.
Lemminkäinen Norge's net sales in 2009 reached about € 120 million.