STOCKHOLM, Sweden, Sept. 14, 2004 (PRIMEZONE) --Skanska is creating a new business unit for residential development in Sweden, Finland and Norway -- Skanska Project Development Residential Nordic Region. Skanska's development of residential projects is being removed from the Nordic construction units and will form a business unit exclusively aimed at project development.
As a result of improved customer focus and alignment with demand, Skanska's development of residential projects in recent years has shown a positive profitability trend. With the new unit Skanska is intensifying its efforts to meet demand and to become the leading residential developer in the Nordic region.
"Residential development is part of Skanska's core operations on which we will place increased focus," says Stuart Graham, President and CEO, Skanska AB. "Demand for our residential projects is strong and we foresee good potential for further growth within this business. Through combining our know-how in the Nordic region, we will become more efficient and better at meeting the demands of the Nordic customers."
The new unit becomes operational as of January 1, 2005. The President will be Anders Kupsu, who has lengthy experience of project development as well as in construction operations. Most recently, he was Executive Vice President of Skanska Sweden and responsible for residential development in Skanska Residential Construction. Anders Kupsu will report to Johan Bergman, who will be responsible for the business unit within Skanska's Senior Executive Team.
Skanska currently has a total of about 4,500 residential units in production in Sweden, Norway and Finland. During the most recent 12 months, net sales totaled about SEK 5 billion and operating earnings amounted to about SEK 300 M. In addition, Skanska has a total of about 2,600 residential units in production the Czech Republic and St Petersburg, Russia. During the most recent 12 months, net sales totaled SEK 770 M and operating earnings SEK 112 M. Residential development in the Czech Republic and Russia is not affected by this organizational change.
Photos and additional information is provided at www.skanska.com/residentialnordic.
For further information please contact:
Anders Kupsu, Vice President, Skanska Sweden, tel +46 8 504 361 85 Peter Gimbe, SVP Communications, Skanska AB , tel +46 8 753 88 38
This and previous releases can also be found at www.skanska.com
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