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Lassila & Tikanoja divests L&T Korjausrakentaminen Oy to Recover Nordic Group.

NORDIC BUSINESS REPORT-April 16, 2019-Lassila & Tikanoja divests L&T Korjausrakentaminen Oy to Recover Nordic Group

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Lassila & Tikanoja Oyj (L&T) (HEL:LAT1V), a provider of environmental management and maintenance services, announced on Monday its decision to divest its ownership of L&T Korjausrakentaminen Oy, which is L&T's subsidiary operating in the field of damage repair and renovation services.

Reportedly, this decision is to focus the company's operations on its strategic core businesses. The divested subsidiary's new owner is Recover Nordic Group. Financial details of this divestment were not available.

This divestment agreement was signed on 12 April 2019 and the transaction will be closed at 30 April 2019. The divested company will operate under the name Recover Nordic Korjausrakentaminen Oy and under its existing business ID after the closing of the acquisition.

Also, following this transaction, L&T Korjausrakentaminen's customer relationships and services will continue as before from the customers' perspective, with customer accounts still managed by the same contact persons.

Co-operation with Lassila & Tikanoja plc will continue on all shared customer accounts and the robust development of jointly provided services will continue on all fronts, the company added.

In 2018, the combined turnover of L&T Korjausrakentaminen and Recover Nordic Finland was approximately EUR45m and combined they employ nearly 350 people.

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Publication:Nordic Business Report
Article Type:Brief article
Date:Apr 16, 2019
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