Now the signature is set: Nordic Wood Industries makes use of the option agreement and takes over Scandi Byg
Now it is final. Nordic Wood Industries, one of the country’s leading producers of wood-based materials, has on 5 July 2023 chosen to utilize the option agreement that the group entered into with MT Højgaard Holding earlier in the year regarding the takeover of the module manufacturer Scandi Byg. This means that Scandi Byg will henceforth be part of Nordic Wood Industries. The three parties now look forward to the future and the continued cooperation between the groups.
On 18 January 2023, MT Højgaard Holding and Nordic Wood Industries entered into a binding partnership, where Nordic Wood Industries was given an option to be able to buy Scandi Byg no later than autumn 2023. And Nordic Wood Industries has now chosen to activate that option agreement. Scandi Byg, based in Løgstør, will henceforth become part of Nordic Wood Industries, which already includes the wood-based companies Nviro, Palsgaard Spær, Lilleheden, Roust Element, Roust Spær, Bisco Binder and Skandach Holzindustrie.
“We can now finally welcome Scandi Byg and the company’s 175 skilled employees to Nordic Wood Industries – and we are of course very happy about that. Scandi Byg is the market leader in climate-friendly wooden construction, and we are convinced that Scandi Byg is a very good fit into our wood family. As a group, we focus on making it easy for construction to use wood-based solutions, and with Scandi Byg on board, we see an opportunity to be able to offer even more complete solutions in close cooperation with the group’s other companies, says Group CEO at Nordic Wood Industries,” Thomas Raunsbæk.
He is supported by Henrik Mielke, Group CEO at MT Højgaard Holding, who is also happy that a definitive agreement has now been reached:
“We are happy to have entered into the final sale agreement as expected. For MT Højgaard Holding, the sale means that we can now focus all our efforts on developing our well-earning Danish construction business and continue the strategic process for the international activities. Scandi Byg at the same time gets a long-term owner who can ensure stability and give employees the best conditions to take advantage of the opportunities within climate-friendly modular construction,” he says.
Will create strong synergies
When Scandi Byg joins Nordic Wood Industries, it is among well-known business partners. Scandi Byg has previously collaborated with, among others, Lilleheden and Roust Element in relation to materials, while Scandi Byg’s modules are already insulated with cellulose insulation from Nviro.
“At Scandi Byg, we are delighted that we are now joining a group whose primary focus is wood and climate-friendly solutions for construction. Nordic Wood Industries has a towering focus on the green transition, and this largely matches Scandi Byg’s ambitions to deliver climate-friendly modular solutions. In this way, Scandi Byg and Nordic Wood Industries compliment each other very well, and we already have good collaborations with several of the group’s companies, which we can now expand in the future and thus create even stronger synergies,” says managing director at Scandi Byg, Torben Bloch Nielsen, and adds:
“In addition, we are also very much looking forward to being able to save with Nordic Wood Industries and to develop even more within climate-friendly construction. Scandi Byg has already come a long way, and we can, among other things, live up to the limit values of the voluntary sustainability class in 2029. But we will constantly become even sharper, and here, as part of the group, we will be able to help each other in the future to create good, climate-friendly buildings – and not least to make it as easy as possible for the client to choose wooden construction.”
Agreement on cooperation is entered into
Although Scandi Byg will in future become part of Nordic Wood Industries, the collaboration with MT Højgaard Holding will continue in the future:
“Scandi Byg changes hands, but the good collaboration with MT Højgaard Holdning remains. MT Højgaard Holding will continue to work with deliveries from Scandi Byg as well as Nordic Wood Industries’ other companies. This is happening as part of MT Højgaard Holding’s focus on strengthening the sustainable direction, and here the collaboration with Nordic Wood Industries plays an important role. It is also important for us to collaborate with a large contractor group such as MT Højgaard Holding in order to spread the more climate-friendly construction in wood,” says Thomas Raunsbæk.
Nordic Wood Industries and MT Højgaard Holding are awaiting the authorities’ final approval of the transaction. The sale is expected to be completed on 31 December 2023.