VEO Oy Acquires I.C. Electrical

Finnish technology firm, VEO Oy, has acquired UK-based electrical installations and contracting company I.C. Electrical Ltd (ICE) for an undisclosed sum.

VEO Group, headquartered in Vaasa, on the west coast of Finland, has strengthened its position in the UK marketplace to support its ambitious international growth strategy.

During the last 10 years, both companies have worked closely together, and this acquisition is part of VEO Group’s commitment to stay, grow and develop its services in the UK despite the uncertainties posed by Brexit.

The range of products and engineering capacity offered by the group will provide ICE’s customers and partners with access to a broader scope of supply, turnkey EAI engineering and high-end technology products made either locally or in Finland.

As well as the UK, VEO Group also operates from seven other locations across Finland, Sweden and Norway.

Marko Ekman, CEO of VEO Group, said, “ICE’s extensive experience in the UK market combined with VEO’s products and expertise creates a strong foundation to build on. Growth and internationalisation will continue to play an important role in VEO’s plans for the future.”

Tim McNeilly, managing director of I.C. Electrical Ltd, said: “The synergies between our businesses are enormous. This, matched with an unrivalled level of trust, cooperation and engineering knowhow, gives us a winning formula.

“The acquisition represents a positive step forward for VEO in the UK and is evidence of our genuine desire to continue on the path of growth despite the uncertainty created by Brexit. Together we can provide our customers with the most suitable and comprehensive deliveries on a project-specific basis. We offer engineering, design, control panels and installations that complement VEO’s existing products and services and we look forward to sharing these benefits with both new and existing customers.”

Jarkko Aro, sales and operative director at I.C. Electrical Ltd, added, “The increased capacity to design products and produce them at our own factories supports the flexibility and efficiency of our increased operation. Moving forward, our combined expertise can be utilised particularly well for waste to energy operations by generating electricity to the network, as well as heat to local houses or businesses by incinerating waste which normally would go to landfill.”

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