Due to the decrease in public sector investments and changes in funding
priorities of infrastructure construction sector, Nordecon AS is reorganising
the business activities of the road construction segment in the Group, bringing
it under the unified management of the Group's subsidiary Tariston AS from 01
January 2023. As a result, several duplicative activities will be eliminated in
the Group in order to ensure a more efficient use of resources.
"The situation in the infrastructure construction market, especially in road
construction, requires changes from companies operating in the field in order to
adapt to the situation. There has been a decline in the volume of operations in
the sector and we do not see a quick recovery, so in today's circumstances we
have decided to consolidate the road construction resources, competences and
business activities under one company in the Group," commented Gerd Müller,
chairman of the board of Nordecon AS. "Unfortunately, the reduction of operating
costs also leads to the loss of some jobs. Despite the changes, the Nordecon
Group continues in all areas of infrastructure construction."
Tariston AS (www.tariston.ee (http://www.tariston.ee)) is a 100% subsidiary of
Nordecon AS. Tariston's main areas of activity are infrastructure and road
construction, paving and production of asphalt mixtures, road maintenance,
mining, port construction, surfacing, production and installation of traffic
management equipment and heavy equipment rental. The board of Tariston AS will
continue in its current form with two members: Kaspar Kaldjärv and Argo Kotsar.
Nordecon (www.nordecon.com (http://www.nordecon.com)) is a group of construction
companies whose core business is construction project management and general
contracting in the buildings and infrastructures segment. Geographically the
Group operates in Estonia, Finland, Ukraine and Sweden. The parent of the Group
is Nordecon AS, a company registered and located in Tallinn, Estonia. The
consolidated revenue of the Group in 2021 was 289 million euros. Currently
Nordecon Group employs close to 670 people. Since 18 May 2006 the company's
shares have been quoted in the main list of the Nasdaq Tallinn Stock Exchange.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
E-mail: andri.hobemagi@nordecon.com (mailto:andri.hobemagi@nordecon.com)
(mailto:andri.hobemagi@nordecon.com)www.nordecon.com (http://www.nordecon.com)
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