Caverion has completed the sale of certain Finnish operations of Caverion Industria Ltd to Elcoline Oy. The approval of the Finnish Competition and Consumer Authority (the FCCA) on Caverion’s Maintpartner transaction in 2019 included certain conditions based on which Caverion was to divest approximately 6.5 percent of the post-transaction revenue (approximately EUR 300 million in 2018) of the Industry division in Finland.


“Elcoline’s growth strategy took a big leap forward with this business acquisition. We’re making progress on our steadfast journey towards 100 million euro in sales, after reaching an agreement in the Caverion negotiations,” says Jere Räisänen, chairperson of the board and founding shareholder at Elcoline.


The business transfer covered total outsourcing agreements in industrial services mainly with customers in chemical and energy industries. Furthermore, the sale included Caverion’s marine industry unit and industrial maintenance service centers acquired as part of the Maintpartner transaction in Turku, Pori, Rauma and Oulu in Finland.


Caverion designs, builds, operates and maintains intelligent and energy-efficient solutions for buildings, infrastructure and industry. Caverion employs over 16,000 professionals in 11 countries in Northern, Central and Eastern Europe, with a 2019 revenue of approximately EUR 2.1 billion. Caverion’s shares are listed on Nasdaq Helsinki.


Elcoline is a Finnish, internationally operating provider of industrial maintenance that has approximately 500 employees after the transaction.

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