Caverion has signed an agreement to sell the entire share capital of its subsidiary in Czech Republic. The buyer is KART, spol. s r.o., part of conglomerate CEZ Group. Caverion announced earlier this week that it is selling its operations also in Poland.
“Czech Republic has been a very small market for us. This divestment is the next step of our strategy aiming to focus on our core businesses in our main market areas. Now we continue improving our performance in the remaining ten countries and wish all the best success in the future for our colleagues in Czech Republic,” says Ari Lehtoranta, CEO and President of Caverion Corporation.
The revenue of the company to be sold, Caverion Česká republika s.r.o., was approximately EUR 2.4 million in 2017, and the number of employees approximately 40 people. The Czech Republic subsidiary has been reported under Caverion’s Division Austria.
The divestment is expected to be completed in January 2019. The transaction value is not disclosed. The divestment has no material impact on the financial position and performance of Caverion Group.