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Skanska AB announces growth plan for its US building unit.

NORDIC BUSINESS REPORT-18 May 2004-Skanska AB announces growth plan for its US building unit(C)1994-2004 M2 COMMUNICATIONS LTD

The Swedish construction group Skanska AB announced on Tuesday (18 May) a plan for its US building unit Skanska USA Building Inc to achieve a highly focused organization with the goal of above market growth in sales and earnings.

The plan included centralization of all support services, which would enable the most senior line officers and managers to concentrate on customers and project execution at local levels, according to the company.

Skanska said that the new structure would result in improved service to customers, improved control and lower administrative costs.

The actions would result in the closing of low growth potential offices, early retirement of a few executives and a reduction of some 100 other managers and staff primarily related to the office closures, the company added.

Skanska said that a one-time expense of some SEK150m would be charged against earnings in the second quarter.

One Swedish krona (SEK) is worth approximately 0.07 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:1USA
Date:May 18, 2004
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