STOCKHOLM, Sweden, April 4, 2003 (PRIMEZONE) -- Skanska (Other OTC:SKSBF) plans to sell Spectrum Skanska, its residential development business unit in the U.S. The sale is conditional upon the approval of the Annual General Meeting on May 6, 2003. The buyer is Spectrum Skanska's management.
The sale comes after the strategic review announced in January this year in which Skanska intends only to be in businesses where it can have a leading position. Skanska will now focus solely on construction in the U.S. where it already is a leader but with continuing growth opportunity.
The sale is at the consolidated book value and consequently will not have any effect on Skanska's earnings, but it reduces capital employed by approximately SEK 800 M.
In 2002, Spectrum Skanska posted sales of SEK 1,145 M and operating income of SEK 147 M. At year-end, the company had about 153 employees. Headquartered in Valhalla, New York, the company was acquired in autumn 1996.
For further information please contact:
Skanska AB
Peter Wallin, Senior Vice President, Investor Relations
+46 8 753 88 86
Tor Krusell, Senior Vice President
Corporate Communications
+46 8 753 87 47
This and previous releases can also be found at www.skanska.com
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