Nordec Group Corporation press release 23 May 2023
RELEASE ABOUT NORDEC ENVELOPE BUSINESS UNIT DISCONTINUATION
The Board of Directors of Nordec Group Corporation has reviewed its Envelope Business Unit situation, its position in the group strategy and options to its development. Given the market outlook and the position of the Envelope business in relation to it, the Board of Directors of Nordec Group Corporation has decided to primarily focus on its core business of steel frame projects and related supplies and to discontinue the Envelope business and shut down its business activities. During 2022, the Envelope business unit generated revenue of some 5,3 meur out of the Nordec Group total of 310 meur.
The Nordec Envelope Business Unit has discontinued tendering for new projects since 23rd May 2023. The personnel of the legal entity of Nordec Envelope Oy have been dismissed. The company will ensure taking care of ongoing project deliveries and customer commitments appropriately and professionally. In addition to business activity commitments company will holds its liability for reporting and other liabilities towards to authorities according to legislation and requirements when ending the Nordec Envelope Business Unit business activities.
” Over the years, we at Nordec have carried out countless significant façade projects and have been a well-known operator, especially in implementing more challenging projects. The last few years have been challenging, and the outlook for the glass-aluminum and thermoelement markets, and the opportunities for these more challenging projects, are difficult. As a result, the Board of Directors of Nordec Group Corporation has decided to discontinue this business and to focus specifically on Nordec Group’s core business, which comprises frame delivery projects for various multi-storey, single-storey and industrial construction projects as well as related complementary deliveries, including deliveries for an outer covering of buildings. In addition, our operations will continue to include steel bridge deliveries,” says CEO Kalle Luoto.
Nordec Group Corporation
Tel: +358 50 552 9682
SVP, Sales & Marketing
Nordec Group Corporation
Tel: +46 70 983 3412
Information on Nordec
Nordec Group Corporation is one of the leading providers of steel frame structure solutions for construction projects in the Nordic countries of Finland, Sweden and Norway with a strong position in the Central and Eastern European countries of Poland, Lithuania, the Czech Republic and Slovakia.
Nordec has long experience in designing, manufacturing and installing frame structures and bridges. The main raw material used by Nordec in its construction structures is steel. Nordec’s offering comprises multi-storey, single-storey, heavy industry and bridge solutions. Examples of Nordec’s landmark projects include Central Library Oodi in Helsinki, various construction projects related to battery value chain in Sweden, as well as DLS and Dahl logistics centers in Sweden.
Nordec’s revenue for the financial period ended December 31, 2022 was EUR 310,0 million and adjusted EBITDA EUR 17,4 million.
More information about Nordec can be found on the Company’s website at www.nordec.com