Lemminkäinen exits concrete business

Lemminkäinen (OMXH: LEM1S) is selling its concrete-focused subsidiary Lemminkäinen Rakennustuotteet Oy to Rudus, a Finnish stone building materials and products subsidiary of CRH plc Group (LSE: CRH, ISE: CRH, NYSE: CRH ADR), for 55 million Euros. Lemminkäinen will net a 20 million capital gain from the sale of the company which is a part of Infrastructure Construction business arm and has operations in precast concrete elements (Elemento, 5 plants), landscaping concrete products (Formento, 3 plants) and ready-mixed concrete (16 plants). Its net sales last year were 84 million Euros and it employs around 400 people. Lemminkäinen plans to focus on Nordic infrastructure construction and residential construction in Petersburg, Russia.