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Skanska to restructure equipment fleet of Yeager Skanska.

NORDIC BUSINESS REPORT-6 July 2005-Skanska to restructure equipment fleet of Yeager Skanska(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

The Swedish construction group Skanska said on Wednesday (6 July) that it would make a thorough restructuring of the equipment fleet of Yeager Skanska, the California-based unit within Skanska USA Civil.

A significant part of the current fleet is old and repairs and maintenance costs of the equipment fleet have exceeded estimates, according to the company.

The cost for restructuring the equipment fleet and for write-downs in certain projects would amount to SEK250m.

The poor profitability in Yeager Skanska combined with the restructuring cost had also resulted in the need to write down the remaining goodwill in Yeager Skanska, amounting to SEK110m.

In total, the write-downs would amount to SEK360m and would be charged to operating income in the business unit Skanska USA Civil in the second quarter of 2005.

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:Jul 6, 2005
Words:175
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