Skanska Totally Explained

Everything about Skanska totally explained

Skanska, is a multinational construction and development company based in Sweden, where it's also the largest construction company.

History

Aktiebolaget Skånska Cementgjuteriet was established in 1887 and started by manufacturing concrete products. It quickly diversified into a construction company and within 10 years the company received its first international order. The company played an important role in building up Sweden’s infrastructure including roads, power plants, offices and housing.
Growth in Sweden was followed by international expansion. In the mid 1950s Skånska Cementgjuteriet made a major move into international markets. During the next decades it entered South America, Africa and Asia, and in 1971 the United States market, where it today ranks among the largest in its sector. The company was listed on the Stockholm Stock Exchange A-list in 1965. In 1984 the name “Skanska”, already in general use internationally, became the Group’s official name. During the latter part of the 1990s, Skanska initiated its most expansive phase ever. Sales doubled in only a few years. While the major portion of this growth was organic, a string of successful acquisitions also paved the way for Skanska’s growth into a global company.

Current activities

Skanska is a local player in many countries. Primary markets are the Nordic region, the U.S., United Kingdom, Central Europe and Latin America. The Group’s operations are based on local business units, which have good knowledge of their respective markets, customers and suppliers. These local units are backed by Skanska’s common values, procedures, financial strength and Groupwide experience. Skanska is thereby both a local construction company with global strength and an international builder with strong local roots. Skanska has constructed the new public hospital in Malta, a project which cost around $USD 1 billion.
   Skanska’s mission is to develop, build and maintain the physical environment for living, traveling and working. Skanska aims to be a leader in its home markets. Today Skanska operates in four business streams; construction, residential development, commercial development and infrastructure development. The company’s overall goal is to generate customer and shareholder value. Projects are the core of Group operations and value is generated in well-implemented and profitable projects. Generally, there are several thousand ongoing projects.
   Skanska has a common set of values would wide and published in their Code of Conduct
   Revenue in 2006 amounted to SEK 125.6 billion. Skanska Group operating income totaled SEK 4.985 billion, and after-tax profit was SEK 3.655 billion. Earnings per share amounted to SEK 8.68. The Group had 2006 an average of 56,805 employees. The Skanska Group has its head quarter in Solna, Sweden.
   In mid 2004, Skanska decided to divest its Asian investments, which had been acquired indirectly, and sold its Indian subsidiary to the Thailand based construction firm Italian Thai Development Company.

Bribes scandal in Argentina

In 2005 Skanska was the subject of an official investigation by Argentinian tax enforcement office (AFIP) in which Skansa responsibles in Buenos Aires finally admitted having paid bribes to government officials. Skanska was building part of two gas pipelines, and in what still is an open investigation and a high profile case in Argentina, involving influential Planning and Public Investment Minister Julio de Vido, it's believed Skanska paid bribes for the amount of up to 17 million US dollars. As a consequence of the scandal, Skanska finally fired its Latin American CEO and closed its operations in Argentina.(External Link

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Major Projects

Major projects have included 30 St Mary Axe in London completed in 2004.

Further Information

Get more info on 'Skanska'.

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