VETE's customers include Jernbaneverket (Photo: Jernbaneverket/Njaal Svingheim).

NORWAY: Power, communications, transport and security systems support service provider Eltel announced on October 5 that it had reached an agreement to acquire signalling installation, maintenance and project management company VETE Signaltjenester. The transaction was expected to close within one week.

VETE was founded by former Strukton Rail employees in February 2012, and now has 37 staff and reported turnover of NKr60m in 2014. Customers include Jernbaneverket, the Oslo metro, signalling suppliers and construction companies.

‘The acquisition of VETE is a good step for Eltel and aligned with our strategic plan in the Norwegian market’, said Fredrik Häggström, President of Eltel Rail & Road. ‘Our clients have challenging plans and the market is struggling to meet the increased needs of competences and resources. With VETE we can scale up our Norwegian business and further develop cross-border co-operation between our Eltel entities.’

VETE Signaltjenester owner and CEO Richard Bednar will continue as Managing Director of the business. He said the company had ‘grown to a size where we consider being part of a larger group will further boost the development of business and our employees.’