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L&T Korjausrakentaminen Oy sold to Recover Nordic Group

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Lassila & Tikanoja plc
Investor news
30 April 2019 15.30 pm

L&T Korjausrakentaminen Oy sold to Recover Nordic Group

Lassila & Tikanoja plc and Recover Nordic Group have today completed the agreed measures related to the finalisation of the acquisition of L&T Korjausrakentaminen Oy. With this acquisition, Lassila & Tikanoja sold the entire share capital of its subsidiary L&T Korjausrakentaminen Oy specialising in the damage repair and renovation services to Recover Nordic Group.

As of 1 May 2019, the company will continue to operate under the name Recover Nordic Korjausrakentaminen Oy and under its former Business ID. L&T Korjausrakentaminen Oy’s existing customer relationships and services will continue as before.

The acquisition was published 15 April 2019.

For additional information, please contact:

Janne Vanhanen, CEO, L&T Korjausrakentaminen Oy, +358 50 385 0986,

Tuomas Mäkipeska, Vice President Facility Services, L&T Oyj +358 50 596 1616,

Bjørn Herlofsen, Group CEO Recover Nordic Group, +47 400 10 900, or

Finn Øistein Nordam, Group CFO Recover Nordic Group, +47 98 28 93 82,

Lassila & Tikanoja is a service company that is putting the circular economy into practice. Together with our customers, we keep materials and properties in productive use for as long as possible and we enhance the use of raw materials and energy. We help our customers maintain the value of their properties and materials while protecting the environment. We achieve this by delivering responsible and sustainable service solutions that make the daily lives of our customers easier. We operate in Finland, Sweden, and Russia. L&T employs 8,600 people. Net sales in 2018 amounted to EUR 802.2 million. L&T is listed on Nasdaq Helsinki.

Recover Nordic Group is the pan-Nordic market leader in damage control in Sweden, Norway, Denmark and Finland. Recover Nordic operates in a non-cyclical industry characterised by non-discretionary repeat purchases, and it has long- term framework agreements with most of the largest insurers across the Nordics. The Group has also strong presence in the field of rapidly growing non-insurance environmental damage services. Since its establishment as a standalone Group in 2013, Recover Nordic Group has grown to exceed EUR 270 million in revenues and 1,700 employees operating in around 85 branches in 2018.