The Vaasa-based VEO has acquired a majority stake in IC Electrical (ICE), a UK-based company that specialises in industrial electrical installations. VEO and ICE have already worked together in the UK for more than ten years. VEO is aiming for strong growth and the UK is one of the company’s key markets.
“ICE’s extensive experience in the UK market combining 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,” says CEO Marko Ekman from VEO.
“This acquisition represents a positive step forward for VEO in the United Kingdom and is evidence of our genuine desire to continue on the path of growth in spite of the uncertainty created by Brexit. Together, VEO and ICE can provide their customers with the most suitable comprehensive deliveries on a project-specific basis, with products delivered from either Finland or the United Kingdom. ICE offers engineering, design, control panels and installations that complement VEO’s existing product and services range. We at ICE look forward to sharing the benefits of the cooperation with both our new and existing customers,” says Tim McNeilly, who became ICE’s Managing Director in conjunction with the acquisition.
Growth and internationalisation will continue to play an important role in VEO’s plans for the future
A great deal of potential in the United Kingdom
“We are a reliable local partner that provides a variety of flexible services and products ranging from major turnkey deliveries to individual installation and product deliveries. Moving forward, our broad expertise can be utilised particularly in Waste to Energy plants, which generate electricity to the network and heat to local houses or businesses by incinerating waste, which normally would go to landfill” says Jarkko Aro, who joined the ICE organisation as Director following the acquisition. Jarkko has previously served as Vice President for the Industry business unit at VEO and since August as responsible of VEO’s business development in the UK.
VEO’s own products and in-house production creates competitive advantage that supports the company’s growth in international markets.
“Product design and production at own factory supports the flexibility and efficiency of our operations,” Aro explains.