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Peab Buys Stake in Norwegian Construction Firms

Nov 20 2010

Peab (STO:PEABB) has acquired 91 percent of the shares in Telemark Vestfold Entreprenör AS and 33 percent of the shares in Telemark Vestfold Utvikling AS.

The acquired companies have 110 employees, a turnover of approximately NOK 250 million and they have their headquarters in Skien, southwest of Oslo. The companies are involved in housing construction and project development.

Through these acquisitions, Peab continues its strategy to expand in Norway. The companies complete Peab in a considerable way. Now we will strengthen our competitiveness on the west side of Oslo Fjord, says Peab's Deputy CEO Jan Johansson in a statement.

Source: http://www.peab.com

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