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Skanska to retreat from “small and volatile” Estonia
4 December 2013
Skanska’s Estonian unit, Skanska AS, will leave the Estonian market by the end of next year, and divest or end its operations in the state, the company has announced.
The Wall Street Journal quoted executive vice president of Skanska Oy, Tuomas Sarkilahti, as saying: “The Estonian market is small, and is characterized by high volatility and a highly competitive environment. The outlook for 2014 is weak.”
Estonia’s Skanska subsidiary will leave the Estonian market by the end of the year (Wikimedia Commons)
The Swedish global construction company said it will complete all ongoing projects according to agreements, and will provide professional advice to the workforce of 117 employees in Estonia.
The current head of Skanska AS, Andres Aavik, will remain in his position to oversee Skanska’s exit.
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