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Rautaruukki to Acquire Norwegian Steel Frame Constructor
01/13/2009 - Rautaruukki will acquire the entire share capital of Skalles Eiendomsselskap AS of Norway, a designer, manufacturer and installer of steel structures.
Rautaruukki has announced the acquisition of the entire share capital of the Norwegian company Skalles Eiendomsselskap AS from its private owners in a move that should help to strengthen Ruukki’s position in steel construction in the Nordic countries.
Skalles' total deliveries include the design, manufacture and installation of steel structures, and its net sales for 2008 are estimated to be around EUR 15 million. Skalles Mek Verksted AS, a fully-owned subsidiary of Skalles Eiendomsselskap AS, is one of Norway's leading steel frame suppliers for industrial and commercial premises.
"The acquisition will strengthen Ruukki's market position in the Nordic countries and particularly in Norwegian steel construction,” said Saku Sipola, President, Ruukki Construction. “Skalles' business complements Ruukki's customer base and product offering.
“Acquisition of Skalles will further Ruukki's aim of becoming a local actor in the steel frame business and will create a platform to further strengthen our market position,” added Sipola.
“Acquisition of Skalles will further Ruukki's aim of becoming a local actor in the steel frame business and will create a platform to further strengthen our market position,” added Sipola.
The parties have agreed not to disclose the price of the transaction, which is subject to the approval of the regulatory authorities and is expected to be finalized during February 2009.
Established in 1950, Skalles is located in Fredrikstad, to the south of Oslo, and currently has some 50 employees.
Rautaruukki supplies metal-based components, systems and integrated systems to the construction and engineering industries, including a wide selection of metal products and services. Rautaruukki has operations in 26 countries, employs 15,000 people, and reported net sales EUR 3.9 billion in 2007. The corporation uses the marketing name Ruukki.
