NCC sells industry for SEK 8 Billion

Heidelberg Materials and CRH set their sights on NCC Industry back in February, but were turned down. A sweetened offer, however, finally won the construction giant over. Now the business area, and SEK 8.2 billion, are changing hands.

NCC is selling its stone and asphalt operations to Heidelberg Materials and CRH for SEK 8.2 billion. Heidelberg Materials is acquiring the operations in Sweden and Norway, while CRH is taking over Denmark and Finland.

The sale is expected to generate a positive cash flow of around SEK 7 billion and is subject to regulatory approval. If all goes according to plan, the deal will close in the second half of 2027.

“The transaction marks an important milestone for both NCC and Industry. For NCC, it means we become a more focused construction and civil engineering company. The sale makes NCC less capital-intensive, frees up significant capital, and strengthens our financial flexibility,” says Tomas Carlsson, President and CEO of NCC.

In 2025, the construction giant launched a strategic review of the business area, whose production-based business model differs from the group’s project-based contracting operations. When industrial bids came in, the group concluded that a sale would create the greatest long-term value.

Rejected Earlier Bid

That wasn’t the tune earlier this year, however. A deal was on the table as early as February. But at that time the construction giant rejected the consortium’s bid of around SEK 7 billion.

“We have now completed a thorough evaluation and sales process, and interest has been strong. Our conclusion, however, is that NCC’s shareholders can realize greater value than what was reflected in the bids received,” Tomas Carlsson said at the time.

The Industry business reported net sales of SEK 12.6 billion and operating profit of SEK 879 million in 2025.