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VR sells track construction subsidiary to NRC

12 Oct 2018, 04:00 ( 9 Months ago) | updated: 12 Oct 2018, 10:54 ( 9 Months ago)

DF Report
Photo Source: VR.

The national railway operator VR Group on Thursday announced its decision to sell its rail track construction subsidiary to a Norwegian company, NRC Group, VR sources said.

Although the VR authorities did not disclose the price, the NRC Group on the Oslo Stock Exchange mentioned that the price was 225 million euros “on a cash- and debt-free basis with normalised working capital,” reported the national broadcaster Yle.

“This is an important milestone in the history of our companies. In our industry, size matters. We will double in size and improve our competitive position, paving the way for further steady growth,” said NRC Group CEO Øivind Horpestad, according to a press release issued by VR on Thursday.

“Both companies are based on common Nordic values, where a sustainable and responsible approach to the way we solve our projects and how we act together with our clients, employees, investors and all other stakeholders, are high on our agendas,” said VR Group CEO Rolf Jansson.