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Lemminkainen to buy building materials maker Suonenjoen Sementtituote.

MANews-(C)2009-2010

Finnish construction group Lemminkainen (HEL:LEM1S) said today its building materials unit Lemminkainen Rakennustuotteet has agreed to buy local sector player Suonenjoen Sementtituote from Timo Venho and Arja, Raimo, Tommi and Jani Rasanen.

The parties have not revealed financial details.

With this acquisition, Lemminkainen wants to ensure long-term growth in Suonenjoki and to meet growing demand for precast concrete staircase and facade elements, the buyer said.

Suonenjoen Sementtituote has a concrete element plant in Suonenjoki, next to the facility owned by Lemminkainen, and employs 11.

Lemminkainen has also signed a preliminary agreement with the city of Suonenjoki to sell to the local authorities the property owned by Suonenjoen Sementtituote, which it will then rent on a long-term lease.

Lemminkainen hopes to merge Suonenjoen Sementtituote with Lemminkainen Rakennustuotteet during the first quarter of 2011. Subject to clearance by board and the council of Suonenjoki city, the acquisition is seen wrapping up by the end of 2010.

Suonenjoen Sementtituote projects net sales of some EUR1.5m (USD2.09m) for 2010.Country: , FinlandSector: Construction/Real EstateTarget: Suonenjoen Sementtituote OyBuyer: Lemminkainen Rakennustuotteet OyVendor: Raimo Rasanen, Tommi Rasanen, Jani Rasanen, Timo Venho , Arja RasanenType: Corporate acquisitionStatus: Agreed

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Publication:M & A Navigator
Date:Oct 13, 2010
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