Rautaruukki Acquire Norwegian Steel Frame Manufacturer

Rautaruukki is to strengthen its position in steel construction in the Nordic countries through acquisition of the entire share capital of the Norwegian company Skalles Eiendomsselskap AS from its private owners. Skalles Mek Verksted AS, a fully-owned subsidiary of Skalles Eiendomsselskap AS, is one of Norway's leading steel frame suppliers for industrial and commercial premises.

Skalles' total deliveries include the design, manufacture and installation of steel structures. The company's net sales for 2008 are estimated to be around EUR 15 million. Established in 1950, Skalles is located in Fredrikstad, to the south of Oslo, and currently has some 50 employees.

"The acquisition will strengthen Ruukki's market position in the Nordic countries and particularly in Norwegian steel construction. Skalles' business complements Ruukki's customer base and product offering. Acquisition of Skalles will further Ruukki's aim of becoming a local actor in the steel frame business and will create a platform to further strengthen our market position," says Saku Sipola, President, Ruukki Construction.

The parties have agreed not to disclose the transaction price. The transaction is subject to the approval of the regulatory authorities and is expected to be finalised during February 2009.

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