Skanska plans sale of piling and foundation business, Cementation Skanska
Nordic contracting giant Skanska has revealed its intention to sell its cement business unit.
Specialising in ground engineering and piling, Cementation Skanska employs around 350 people and has been part of the wider corporation since 2000.
The firm said the sale was part of an ongoing global structural review, while earlier this week it revealed its financial results for the first quarter of this year.
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The results showed a larger than anticipated fall in profits to $74mn, which represents a 65% drop. Project write downs in Poland and restructuring costs have so far proven costly, hitting the company for well over $140mn.
Skanska Cementation turned over £87.8mn ($119mn) in 2016, returning a profit before tax of £4.8mn ($6.5mn).
In January this year, the company began its restructuring process, led by new CEO Anders Danielsson and focussed on several key markets, with Poland thought to be the main area of focus.
Gregor Craig, Skanska UK’s president and CEO, said: “We have a stable business in the UK, with a strong balance sheet, and this intended divestment is fully aligned with our business strategy going forward.”