STOCKHOLM, Sweden, June 2, 2003 (PRIMEZONE) -- Skanska (Other OTC:SKSBF) today announced the Norwegian steel and precast concrete company Contiga AS has been sold at a profit. The company's sales in 2002 amounted to about SEK 745 M. The buyer is the other principal owner KB Group Kongsvinger AS.
Contiga, which was 49-percent owned, was included in Skanska's acquisition of Selmer in 2000. Through the sale of Contiga, a more distinct organization and market structure is achieved. Contiga had a large portion of its sales in Sweden, which has thereby duplicated Skanska Prefab's operations.
As a result of the strategic review of the Group that was conducted in autumn 2002, Skanska is focusing on its core operations - construction services and project development - and on achieving a leading position in selected home markets.
Spectrum, the U.S. company for residential development was divested during the spring. In the U.S., Skanska is now focusing solely on the construction market, where Skanska is already a leader and has continuing growth opportunity. The sale also means that capital employed was reduced by SEK 800 M. The Group's residential development in Denmark was also discontinued.
The closure of the Skanska International Projects project-export company has been initiated. This operation will be gradually phased out as the unit's nine current projects are completed.
At the same time, efforts are under way to close or sell operations in small and periphery markets. Construction operations in Hungary have been discontinued. Skanska also intends to withdraw from construction operations in Latvia and Lithuania.
To strengthen Skanska's core operations in its home markets, four bolt- on acquisitions have been made. Skanska USA Civil will serve the entire US civil-engineering market through its acquisition of Yeager Skanska, a civil-engineering company based in California.
And Skanska USA Building has reinforced its position in Texas, the second-largest construction market in the U.S., with the acquisition of BFW Construction.
The Czech business unit Skanska CZ has strengthened its civil- engineering operations through the Slovakian underground specialist Banske Stavby.
Skanska Services has been strengthened through the acquisition of the industrial service company MIAB.
For further information please contact: Peter Gimbe, Press Officer, Skanska AB, tel +46 8 753 88 38 Pia Farstad, Communications Manager, Selmer Skanska, tel +47 92 25 11 11
This and previous releases can also be found at www.skanska.com
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