MT Højgaard Holding Sells Arssarnerit Business
MT Højgaard Holding A/S has taken an important step by agreeing to sell its final business activity in Greenland, known as Arssarnerit. This technical contracting and service company is on the brink of transition to new management, with the expected sale completion in the upcoming months, subject to necessary regulatory approvals.
Details of the Sale
The buyer, VVS & El Firmaet A/S, will be acquiring all facets of Arssarnerit, which encompasses essential operating assets, ongoing projects, inventory, and staff. Additionally, there are guarantees in place for completed projects to streamline the transition. Interestingly, the financial terms surrounding the sale will reflect the company’s current book value.
Focus on Core Operations
Before this agreement, MT Højgaard has strategically divested its HVAC service segment, in addition to operations outside of Nuuk, allowing Arssarnerit to center its efforts back to its core technical contracting business within Nuuk. This pivot has positioned VVS & El Firmaet to effectively manage what is being handed over.
The Shift in Business Strategy
With the sale of Arssarnerit completed, MT Højgaard Holding is nearing the conclusion of an extensive unwinding of its international ventures, a process that commenced several months ago. This strategic realignment included the earlier divestitures in Africa, Portugal, and the Faroe Islands, leaving only minor assets like an apartment and vehicles in Greenland. The company has assured continued support with five-year guarantees on previously completed projects in these regions.
Future Outlook Unchanged
Importantly, the agreement regarding Arssarnerit does not alter MT Højgaard Holding’s financial outlook for the foreseeable future. The company maintains its revenue projections for 2025, expecting to reach between DKK 10 billion to DKK 10.5 billion, with an operating profit (EBIT) range of DKK 400 to 450 million.
Contacting the Company
If you seek additional information or have specific inquiries, feel free to get in touch with CEO Rasmus Untidt or CFO Dennis Nørgaard at +45 31 21 68 72. They are ready to assist with any questions regarding this transaction or future business directions.
Frequently Asked Questions
What is Arssarnerit?
Arssarnerit is a technical contracting and service company previously owned by MT Højgaard Holding A/S.
Who bought Arssarnerit?
The buyer is VVS & El Firmaet A/S, a company ready to take over all operations of Arssarnerit.
What impacts does this sale have on MT Højgaard Holding’s business?
The sale is part of a larger strategy to streamline MT Højgaard Holding's operations, focusing on its core activities.
Will the sale affect future revenue projections?
No, MT Højgaard Holding has confirmed that its outlook for 2025 remains steady despite this transition.
How can I reach out to MT Højgaard Holding for further information?
You can contact the company’s CEO or CFO at +45 31 21 68 72 for any inquiries.
