Caverion has signed an agreement to sell the entire share capital of its Polish subsidiary to STRABAG PFS Austria GmbH, part of the publicly listed construction and technology group STRABAG SE.
“Poland has not been a very significant market for Caverion and we have been a small player in the country. Divesting the subsidiary in Poland is a part of our strategy implementation to improve our financial performance and focus on our core businesses in our main market areas. With the new owner, operations in Poland have a good chance to develop and we wish them all the best in future,” says Ari Lehtoranta, CEO and President of Caverion Corporation.
The revenue of the company to be sold, Caverion Polska Sp. Z o.o., was approximately EUR 12 million in 2017, and the number of employees totalled 170 people. The Polish subsidiary has been reported under Caverion’s Division Eastern Europe.
The divestment is expected to be completed during Q1/2019. The closing is subject to customary conditions including merger clearance. The transaction value is not disclosed. The divestment has no material impact on the financial position and performance of Caverion Group.