Cleanzine: your weekly cleaning and hygiene industry newsletter 18th April 2024 Issue no. 1110
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ISS divests activities in Iceland
ISS has announced that it is to divest its activities in Iceland, to reflect its strategy of focusing on its core business in markets with significant demand for integrated facility services and markets of importance for international key customers.
Annual revenue of the Icelandic business, which employs 695, was DKK 130 million (2015) and the buyer is a group of international and Icelandic investors, led by Patrick de Muynck.
Troels Bjerg, Regional CEO of ISS Northern Europe, says of the move:
"Focus on our core markets, including sales and delivery of integrated facility services to large global and regional customers, is central to the ISS strategy. We continuously review our activities to ensure that they support our strategy and core business.
"Iceland is a relatively small market with limited potential for IFS solutions, and our existing global and regional customers are typically not present in Iceland. With the sale, ISS will be able to better focus on our core business in the remaining Nordic countries, where we are a market leader.
"Against this background, we are now selling our Iceland operation to a group of local and international investors who can operate and develop the business further and have a strong local knowledge of the market.
"ISS has had operations in Iceland since 2000 and we are proud of how we have developed the business here under the leadership of country manager Gudmundur Gudmundsson.
"It is important to us that our employees and customers get the right partner to continue the successful development of the business. With the sale to this investor group, all employees and customers transfer to the new owners on existing terms.
"We would like to thank our talented colleagues for their contributions in recent years."
The transaction is subject to approval by the competition authorities in Iceland.
15th December 2016