Linking up Combining strengths

NEWS

Combining strengths

EQT VI to acquire Vertu from Nokia

Nokia has agreed terms for EQT VI, part of the leading private equity group in northern Europe, to acquire Vertu, the global leader in luxury mobile phones, from Nokia. Nokia believes that this is the best option for the next step in Vertu’s journey of delivering excellence, enabling the brand to focus on increased opportunities for growth in the luxury category.

“EQT VI is excited about the opportunity to develop Vertu as a standalone company and plans to drive the development of the luxury mobile phone category through significant investments in retail expansion, marketing and product development,” said Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI.

Having delivered double digit sales growth over the past few years, Vertu continues to lead its class with a portfolio of high end mobile phones, increasingly led by its smartphones and tailored services, offering unique access, experiences and opportunities to a discerning and growing customer base.

Vertu is headquartered in Church Crookham, UK and employs approximately 1000 people worldwide. The transaction is expected to close during the second half of 2012. Nokia will retain a 10% minority shareholding in Vertu. Visit: www.vertu.com

Aker Solutions takes over subsea companies

Aker Solutions has acquired the Norwegian companies Subsea House and SSH Engineering and plans to further expand and recruit 50–100 people in Stokke, located in the Vestfold county of Norway.

Subsea House and SSH Engineering, currently owned by Subsea Holding, employs 40 people in total. The companies were established in 2007 and have a solid background within development, assembly, testing and refurbishment of subsea tools and products. The companies developed a state-of-the-art subsea facility in Stokke, one hour south-west of Oslo, designed for testing of subsea products, systems and tools in 2007, which is part of this acquisition.

Knut Røsjorde, Aker Solutions’ head of subsea in Norway and Africa, says: “This acquisition is a response to the growing market demand both in Norway and internationally. By acquiring Subsea House and SSH Engineering, Aker Solutions will gain immediate access to skilled resources in a region where Aker Solutions has limited presence within the subsea industry segment. In addition, we will get access to additional assembly and test capacity.” Visit: www.akersolutions.com

NCC to purchase construction operations in Norway

NCC Construction in Norway has entered into an agreement to acquire the Norwegian construction company OKK Entreprenör AS. OKK’s core operations focus on the production of housing units and commercial properties. OKK operates in Oslo and in the Drammen region south-west of Oslo. OKK generates annual sales of approximately SEK 1 billion and has 350 employees.

The acquisition of OKK is in line with NCC’s growth strategy in Norway, which encompasses all business areas. NCC is already a powerful player in the Oslo region and aims to further strengthen this position.

“The development resulting from the high rate of population growth caused by urbanisation and the overall need for additional housing units in Norway are factors contributing to the strong growth expected in both Oslo and the Drammen region,” says NCC’s CEO Peter Wågström.

The acquisition of OKK will provide NCC with a stronger geographic base and create the necessary conditions for future growth in Oslo and Buskerud. The acquisition will also complement NCC’s existing expertise in residential production, renovation and building services. Visit: www.ncc.se

PJD & FMT in major joint venture

Two of Europe’s leading engineering firms are linking up in a joint venture that will see the creation of the UK’s first fully integrated high performance power plant construction business. The new company, In2grated Installations (I2I), combines the expertise of UK-based PJD Group, one of the UK’s largest specialist mechanical engineering businesses and FMT Group, based in Austria. The formation of I2I sees the creation of the first fully integrated mechanical and electrical installation specialist. The new business will offer a range of specialist expertise ranging from boilers and turbines to electrical installation, control and instrumentation.

The main focus of I2I’s business operation is the experience gained from over 30 years in the energy sector. This encompasses both the UK and international markets and guarantees customers a wealth of knowledge, valuable insight and commercial expertise.

David Hayle, chief executive of PJD Group, commented: “This is an exciting development for the UK energy sector and a first for the industry.” Visit: www.in2gratedinstallations.co.uk

LINKINGUP

Tibnor strengthens offer through acquisition

The Nordic steel distributor Tibnor has acquired E.M Eriksson Steel Service Centre AB, which specialises in high strength steel laser cutting, high definition plasma cutting, shear cutting and bending. EME will be organised as a Tibnor subsidiary and become a part of the SSAB group.

EME has a solid experience of processing steel and is an important partner in value added services for both Tibnor and SSAB. EME performs specialised services requested by Tibnor customers and complements Tibnor’s internal production facilities.

“EME becoming a part of Tibnor feels natural, as we have worked together for several years and are together with SSAB their largest customer. EME’s services are also an integrated part of our customer offering in production services. Together we will become even better,” Tibnor CEO Mikael Nyquist says.

E.M Eriksson Steel Service Centre AB is located in Borlänge, Sweden and saw a 2011 turnover of 60 MSEK. Visit: www.tibnor.se

Stena Weco and Golden Agri-Resources create new joint venture

Stena Weco – the joint venture between Stena Bulk and Weco, has formed a 50-50 joint venture with Golden Agri-Resources Ltd (GAR), the world’s second largest palm oil plantation company. The new joint venture, Golden Stena Weco, will provide an overall solution for GAR’s international transportation of its palm oil products.

Stena Weco is one of the world’s largest transport companies for palm oil with major market share of the cargoes from Asia to Europe. The new Golden Stena Weco will extend this strength to intra-Asian transportation.

Ulf G. Ryder, president and CEO of Stena Bulk and a board member in Stena Weco, said: “This is another step towards becoming the market-leading operator working together with cargo owners with the aim of adding value together in a logistical transportation chain. Together with GAR, we plan to invest in a number of suitable chemical parcel tankers. ”

The joint venture seeks to become a worldclass transport and logistics company. Visit: www.stenabulk.com

Saint-Gobain takes over Celotex Group

Saint-Gobain has signed an agreement to acquire Celotex Group Limited, one of the leading British producers of high performance PIR thermal insulation board.

Celotex had a turnover of £69.7 million during the last fiscal year (to August 2011), and has 170 employees and 2 production lines based in Hadleigh near Ipswich. Celotex has recently extended capacity with a new £3 million Distribution and Innovation Centre in order to support its growth in the fast developing PIR insulation category.

The acquisition of Celotex by Saint-Gobain gives an exceptional opportunity for the further growth of Celotex in a variety of markets and broadens the portfolio of Saint-Gobain’s insulation activity. Visit: www.saint-gobain.com

Veidekke acquires Kito Asfalt

Veidekke Industri is to acquire 80% of the shares of Kito Asfalt AS in Buskerud. Kito Asfalt has 56 employees, its own asphalt production and a turnover of around NOK 100 million per year. Following the acquisition, Veidekke will have a strong position in the asphalt market in lower Buskerud where it previously has not been present. Kito Asfalt has its headquarters in Kongsberg and its own asphalt production in Mjøndalen in a new asphalt works with a capacity of 100,000 tonnes per year.

“The acquisition of Kito Asfalt strengthens our competitive ability in Buskerud and triggers major synergy effects with parts of Veidekke’s other activities in the area. This is consistent with our strategy in terms of growth and expansion within our priority areas,” says Harald Lausund, director of Veidekke Asfalt.

“As owners of Kito Asfalt we wanted a new owner who could take the company forward. Veidekke Industri’s entry will strengthen the company’s opportunities for development, not least because one will have access to Veidekke Industri’s resources and expertise in asphalt, gravel and aggregates,” says Frank Robert Sunde, who will continue as general manager of Kito Asfalt. Visit: www.veidekke.no

Porsche SE and Volkswagen AG create Integrated Automotive Group

Porsche Automobil Holding SE (Porsche SE), Stuttgart, and Volkswagen Aktiengesellschaft (Volkswagen AG), Wolfsburg, are expected to achieve their shared goal of creating an Integrated Automotive Group on 1 August 2012. The competent bodies and the executive boards responsible at both companies have approved a concept for the complete integration of Porsche AG into the Volkswagen Group. Porsche SE will contribute its holding business operations, including its 50.1% investment in Porsche’s operating business, to Volkswagen AG.

“The accelerated implementation of the shared goal will make Porsche SE a financially strong holding company with attractive potential for increasing value added. We are creating clearly defined, sustainable structures and a solid outlook for Porsche SE’s future,” said Matthias Müller, member of the Porsche SE executive board. “In their operating business, Porsche and Volkswagen will now be able to leverage synergies at an earlier stage and cooperate more easily.” Visit: www.porsche-se.com