DESTIA’S TRANSACTION WITH ITS-VAHVISTUS HAS BEEN COMPLETED
Fri 01 Apr 2016 09:00:00 AM EEST
Destia Group Plc
Stock Exchange Release
1.4.2016 at 9:00 (CET +1)
Destia’s transaction with ITS-Vahvistus has been completed
Destia published on March 22, 2016 the signing of a contract concerning a transaction according to which Destia Ltd acquires the majority interest in ITS-Vahvistus Oy. The acting management of ITS-Vahvistus sold 51 per cent of the company to Destia. In the new ownership arrangement the acting management of ITS-Vahvistus will own minority interest, 49 per cent, of the company.
The requirements of closing the business transfer agreement have been fulfilled in planned time schedule and the transaction has been completed on April 1, 2016. After the transaction has been completed the name of the company, ITS-Vahvistus Oy, will change to Destia Engineering Ltd.
DESTIA GROUP PLC
Destia Group Plc, Hannu Leinonen, President & CEO, tel. +358 20 444 4000
Destia Engineering Ltd, Arto Niemeläinen, CEO, tel. +358 201 550 651
Nasdaq Helsinki Oy
Destia is a Finnish infrastructure and construction service company. We build, maintain and design traffic routes, railways, industrial and traffic environments as well as complete living environments. In 2015 the company’s revenue was over MEUR 460. With 1 500 dedicated experts we build the bigger picture, piece by piece. www.destia.fi/en
Operating in Finland and its nearby areas, ITS-Vahvistus specialises in subgrade reinforcement work and rock construction. ITS-Vahvistus carries out all special work for foundation engineering and subterranean construction. The company’s most typical products and work methods include pile-driving, grooving and tonguing, support-wall work, anchoring, concrete spraying, jet grouting and low-pressure grouting and subterranean excavation and reinforcement. Founded in 1993, ITS-Vahvistus currently employs some 35 people and has a turnover of about MEUR 7.6. The company has grown and diversified steadily and, in 2015, was one of the leading small- and medium-sized industrial enterprises in the sector.