Veidekke ASA: Establishes Veidekke Infrastructure in Norway

Veidekke's Norwegian civil engineering and industrial operations will, as of 1 May 2020, form a new unit named Veidekke Infrastructure. Together, the operations will be able to serve customers in the Norwegian civil engineering market in a more efficient and coordinated manner. The new business area will be headed by Øivind Larsen, who has served as Executive Vice President in charge of the Norwegian civil engineering operation.

The reorganisation brings together the operations serving the Norwegian infrastructure market, and will result in a permanent co-organisation of the civil engineering and industrial operations. This will ensure consolidation of the expertise relevant to customers in the civil engineering sector, thus helping to ensure that large Norwegian civil engineering customers receive a more efficient and homogeneous customer service.

"Veidekke's construction and industrial activities in Norway have been organised in three operational units; building construction, civil engineering and industrial. The merger of the civil engineering and industrial operations will ensure a coordinated and efficient interface with important public and private customers in the Norwegian civil engineering market," says Jimmy Bengtsson, group CEO of Veidekke ASA.

For the time being, the two units' business areas will be maintained as they are. The coordination work will start immediately and will be completed by yearend 2020. The improvement programs already initiated in Veidekke Civil Engineering and Veidekke Industrial will continue with unabated strength in the coordinated operations.

"There are many similarities between the current Veidekke Civil Engineering and Veidekke Industrial business areas, and much of the professional expertise is similar. The new organisation will enable us to further capitalise on economies of scale by jointly organising staff and support functions - and achieving shared utilisation of expertise, which will benefit both operations, says Øivind Larsen, Executive Vice President, Veidekke Civil Engineering.

Veidekke Industrial is a subsidiary of Veidekke ASA. The company is Norway's largest asphalt contractor and second largest producer of aggregates. The company also has significant activity related to the operation and maintenance of Norway's public roads system. Veidekke Civil Engineering currently executes civil engineering projects for private and public customers around Norway related to roads, railways, power plants, industrial plants and airports. Veidekke Infrastructure will have about 2,400 employees, and the total revenues of the operations in 2019 amounted to NOK 9.8 billion.

For more information, please contact:
Jimmy Bengtsson, group CEO, ph. +47 984 70 000, jimmy.bengtsson@veidekke.no
Øivind Larsen, EVP, ph. +47 905 82 351, oivind.larsen@veidekke.no
Lars Erik Lund, EVP, ph. +47 413 31 369, lars.lund@veidekke.no

This information is subject to the disclosure requirements pursuant to section 5-2 of the Norwegian Securities Trading Act.

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Veidekke is one of Scandinavia's largest construction and property development companies. The company undertakes all types of building construction and civil engineering contracts, develops residential projects, maintains roads, and produces asphalt and aggregates. The company is known for its involvement and local knowledge. Its annual turnover is NOK 39 billion, and half of its 8,600 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange and has always posted a profit since it was founded in 1936.