Finnish technology firm VEO Oy announced today it had acquired UK-based electrical installations and contracting company IC Electrical (ICE) for an undisclosed sum.
The VEO group, which is based in Vaasa on Finland’s West coast, said the move “strengthened its position in the UK marketplace to support its ambitious international growth strategy”.
VEO told Critical Power Online the range of products and engineering capacity offered by the group— with “power distribution solutions that improve reliability, safety and efficiency”— would 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”.
The two companies have worked together closely over the past 10 years— and VEO said the acquisition showed its commitment “to stay, grow and develop its services in the UK despite the uncertainties posed by Brexit”.
VEO group CEO Marko Ekman said: “Growth and internationalisation will continue to play an important role in VEO’s plans for the future.”
ICE sales and operative director Jarkko Aro said: “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.”
As well as the UK, VEO also operates from seven other locations across Finland, Sweden and Norway.
Pictured, from left, are ICE's sales and operative director Jarkko Aro, ICE managing director Tim McNeilly, ICE director Chris Emmerson, VEO's CEO Marko Ekman and Timo Ala-Heikkila, VEO's vice-president industry.