Consolis strengthens its position in Northern Europe and Latvia by acquiring a major part of TMB Group
Paris, April 16, 2019
Consolis Group, one of Europe’s leading suppliers of precast concrete solutions, announced today the agreement on the acquisition of the Finnish and Latvian operations of TMB Group, one of the main producers of concrete elements in the Baltics and Finland.
Through this acquisition, Consolis reinforces its presence in Northern Europe and Latvia. Those activities benefit from the long lasting experience of TMB Group which brings more than 50 years of industry expertise and specific capabilities in both residential and non-residential buildings. It operates in Finland through Betonimestarit Oy and in Latvia through TMB Elements SIA. The annual revenues of these local operations acquired by Consolis exceeded €100 million in 2018.
This move is part of Consolis’ growth and development strategy as a European key player in building. It follows the recent acquisition by Consolis of Tecnyconta, one of the key precast producers on the building segment in Spain which took place in November 2018.
Nicolas Yatzimirsky, President of Consolis, states:
“By acquiring a major part of TMB Group, we strengthen our presence in Northern Europe and the Baltics, one of our key European markets. TMB and its subsidiaries in Finland and Latvia have built long-term relationships with their clients and have valuable industrial know-how. By bringing together the best expertise from both companies, Consolis in the region will be able to better meet customers’ needs with a broader variety of innovative products, services and solutions.”
Jaan Luts, Chief Executive Officer of TMB:
“The acquisition of our Finnish and Latvian operations by Consolis is an acknowledgment of our track-record over the years and of the quality of our teams. Consolis is a recognized leader in precast concrete which has solid ground for further growth. TMB will continue its operations in Estonia on a standalone basis.”
Consolis is a European leading industrial group providing smart, sustainable precast concrete structures for the transportation, utilities and building sectors.
With more than 11,000 employees in 21 countries throughout the world, the group generated €1.5 billion in revenue in 2018. We are a key partner in global economic development.
| Media Relations contact: |
Head of Communication and External Affairs, Consolis