The Swedish company, already a major player in UK heavy construction, said that it had 鈥渂een focusing for some time on examining the UK market and preparing land acquisitions鈥�. It said that the financial crisis and dramatic decline in the housing market had created 鈥渆xcellent opportunities for entry鈥�.
The new operation will be headed by Magnus Andersson, who has been with the company 11 years, including as regional manager of Skanska Infrastructure Development.
Skanska president and CEO Johan Karlstr枚m said: 鈥淲e foresee excellent growth potential in residential development in the coming years. In the Nordic region, our target is to become the market leader and in the UK we now have an excellent opportunity to enter the market.鈥�
Karlstr枚m announced plans for the UK housebuilding operation as he unveiled Skanska鈥檚 new business plan to 2015. The past seven years at Skanska have been a period of consolidation, following seven years of strong expansion and acquisitions. The next phase is 鈥渋nvestment in profitable growth鈥�, with a focus on improved profitability, capital efficiency and risk management. 聽鈥淲e are well-equipped to commence expansion now. After a few years of consolidation, we currently have a strong focus on risk management and excellent profitability,鈥� Karlstr枚m said. 鈥淲e have also survived the financial crisis and are strongly equipped financially. We now have excellent growth potential in construction operations as well as in our project development.鈥�
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