17/08/18

Caverion has signed an agreement to sell its product business under the Krantz brand in Germany to STEAG Energy Services GmbH, a German company providing integrated solutions in the fields of electricity and heat production and engineering services.

“Even if we are extremely proud of our innovative capabilities in this field, the product business is not Caverion’s core business. As we are transforming towards service business in line with our new strategy, we have decided to divest the unit,” says Martti Ala-Härkönen, CFO of Caverion Corporation.

The closing date for the transaction is expected to be December 31, 2017. The divestment is expected to be completed, including payment, by the end of the year 2017. The closing is subject to customary conditions including merger control filings. The transaction value is not disclosed.

As a part of Caverion Germany, Krantz employs approximately 220 people and its revenue was approximately EUR 45 million in 2016. Caverion will report the capital gain from the divestment under other operating income in its financial statement release on February 7, 2018.