|Type||Public (OMX: SKA B)|
|Headquarters||Solna, Stockholm, Sweden|
|Key people||Johan Karlström (President and CEO), Sverker Martin-Löf (Chairman of the board)|
|Products||Residential, commercial and infrastructure developments|
|Revenue||SEK 143,674 million (2008)|
|Operating income||▲ SEK 4,086 million (2008)|
|Profit||▲ SEK 3,102 million (2008)|
Aktiebolaget Skånska Cementgjuteriet was established in Malmö, Sweden 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 1950's 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 1990's, Skanska expanded substantially both organically and by acquisition.
In 2005, Skanska was the subject of an official investigation by Argentinian tax enforcement office (AFIP) in which employees working on a gas pipelines project in Buenos Aires admitted to having paid bribes to government officials.
Skanska operates in four business streams; construction, residential development, commercial development and infrastructure development. 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. Generally, the firm has several thousand continuing projects.
Major projects in the United Kingdom have included 30 St Mary Axe in London completed in 2004. Skanska is currently constructing Heron Tower in London, which will be 246m when complete, making it the tallest building in the UK before it gets overtaken by the Bishopsgate Tower and London Bridge Tower, and which is due to be completed in early 2011.
Major projects in the United States include the new Meadowlands Stadium (home to the Giants and the Jets NFL franchises), due to be completed in 2010. Skanska is also the construction manager for Madison Square Garden's renovation project, due to be completed in 2012.
Another continuing major project is the renovation and addition to the United Nations building, due to be completed in 2014, and continued work on the 250,000 sqm Mater Dei Hospital in Malta, one of the largest medical centers in Europe.
Other continuing major projects include the restoration of the World Trade Center ground zero site including the removal of debris, the reconstruction of the PATH and New York City Subway and the creation of a World Trade Center Transportation Hub, due to be completed in 2014. Skanska is also a member of consortium responsible for the Second Avenue Subway tunneling project, due to be completed in 2016.
It is also replacing all 6350 windows (weighing over 600 tons) on the Westin Peachtree Plaza Hotel in downtown Atlanta, after it was struck by a tornado in 2008. This is reportedly the largest window-replacement project in the Western Hemisphere, on what is the tallest hotel in the Western Hemisphere. Skanska is also refurbishing the mechanical parts of the revolving restaurant there.