Veidekke Industri will acquire 80% of the shares of Kito Asfalt AS in Buskerud. Kito Asfalt has 56 employees, its own asphalt production and a turnover of approx. NOK 100 million per year. Following the acquisition, Veidekke will have a strong position in the asphalt market in lower Buskerud where they previously have not been present.
Local asphalt entrepreneur Frank Robert Sunde established Kito Asfalt AS in 2008. In 2011 the company merged with Finsrud Asfalt AS, which has been a solid and respected company in the local market for many years. Kito Asfalt has its headquarters in Kongsberg and its own asphalt production in Mjøndalen in a new asphalt works with a capacity of 100,000 tonnes per year.
"The acquisition of Kito Asfalt strengthens our competitive ability in Buskerud and triggers major synergy effects with parts of Veidekke's other activities in the area. This is consistent with our strategy in terms of growth and expansion within our priority areas," says Harald Lausund, director of Veidekke Asfalt.
"As owners of Kito Asfalt we wanted a new owner who could take the company forward. Veidekke Industri's entry will strengthen the company's opportunities for development, not least because one will have access to Veidekke Industri's resources and expertise in asphalt, gravel and aggregates," says Frank Robert Sunde, who will continue as general manager of Kito Asfalt.
Takeover will be 1 July 2012 pursuant to approval by the Norwegian Competition Authority.
Veidekke is one of the largest players in the Norwegian asphalt market and produces and lays 2 million tonnes of asphalt every year. We have asphalt works from Alta in the north of Norway to Sandnes in the south, 700 employees and an annual turnover of approx. NOK 2 billion.