Willemen group stops its activities in LuxembourgBUILD
Willemen Groep has just sold its construction and development activities in Luxembourg. Willem construct is acquired by the French group Léon Grosse. These activities will now continue under the LG Lux Construction company. Willemen Promotion, the real estate development division of the group is also sold to the Luxembourg developer Paulo Carmo, already a minority shareholder of the company.
It is yesterday that the new CEO of the group, Marc Jonckheere, announced the withdrawing from the Luxembourg market, where the group’s local subsidiaries, active since 2016, register a turnover of some 40 million euros with 120 workers. At the end of 2021, the local construction division of the Willemen group (Willemen International) had 17 million euros in debt. Moreover, their Romanian subsidiary, WP Steel Assembly and the Polish subsidiary (Willemen Polska) are in difficulty.
This hasty departure from Luxembourg is, according to Marc Jonckheere, motivated by the fall of the Luxembourg market in the residential segment. Read more in the Trends report by Philippe Coulée [ Le groupe Willemen quitte le Luxembourg ] >>