Wicotec merges with Kirkebjerg

Per Aarsleff A/S 

03.07.2012 08:00

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Copenhagen, 2012-07-03 08:00 CEST (GLOBE NEWSWIRE) -- Per Aarsleff A/S has
signed an agreement with the owners of Kirkebjerg A/S to merge the two
companies Wicotec A/S and Kirkebjerg A/S into one big and competitive
installation contractor. The merger will be named Wicotec-Kirkebjerg A/S and
will create an even stronger installation company with a special profile within
the technical contractor segment. 

The companies have previously worked together in different consortia, e.g.
Danish Crown's slaughterhouse in Horsens and the Copenhagen Opera House.
Currently, the companies are working together as subcontractor to Siemens on
Rail Net Denmark's signalling project. The merged company will generally be a
stronger player in the Danish installation market and especially in the
competition for the increasing number of technical contracts for major new
constructions. This applies e.g. to a considerable volume in connection with
new planned hospitals and service-related work. 

The Aarsleff company Wicotec expects revenue of DKK 550 million in the current
financial year, and Kirkebjerg expects revenue of approx. DKK 450 million. Both
companies have overcome a temporary slowdown in connection with the credit
crisis and are in good progress with increasing results and satisfactory
volumes of orders. 

The ownership in the merged company will be adjusted so that the future share
will be 80% to Per Aarsleff A/S and 20% to the two brothers Aksel and Henrik
Frandsen who will be a part of the future management. It is agreed that
Aarsleff will take over the remaining shares at the latest 1 April 2021 at
equity value. 

The objective is to increase the profit margin over a short period of time from
the present 1-2% to 3-4% of revenue. 

The management of the merged company will be handled by managing director Bjørn
H. Krarup, manager Henrik Frandsen, manager Bøje Ernst Nielsen and manager
Aksel Frandsen. 

The completion of the merger is subject to the approval of the competition
authorities and will become effective on 1 October 2012, if approved. 




         Further information:
         General Manager Ebbe Malte Iversen, Per Aarsleff A/S, tel. +45 8744
2222. 
         General Manager Bjørn H. Krarup, Wicotec A/S, tel. +45 4332 4229.
         General Manager Henrik Frandsen, Kirkebjerg A/S, tel. +45 4690 3417.
News Source: NASDAQ OMX



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Language:     English
Company:      Per Aarsleff A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010243450
WKN:          
 
End of Announcement                             DGAP News-Service
 
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