Paving the way ahead
For VEO, the year 2018 was determined by two main themes in Finland: breaking into new markets and creating continuity with existing customers. Through these themes, VEO laid a solid foundation, upon which the way towards the company’s future growth targets will be paved.
Although VEO’s goal is to always take special care of existing clients, it is also important to find customers in new business areas if the company is to grow. One of the biggest successes with existing customers in 2018 was VEO’s hydropower business.
In addition to success in the hydropower business, VEO also improved its position in the mining industry, where deals on project cooperation were signed with two new customers.
With the growth targets set for 2023 in mind, VEO has concentrated on signing deals for larger and longer projects in all areas of operation. There are many examples of this successful work. The Expert Services unit has now focused more on selling comprehensive lifecycle service solutions, and the Cyber Security service has been developed to better attend service-contract customers. The electrification of the Meyer Werft vessels, which were added as an option in an agreement signed between VEO and the shipping company in 2016, are now under construction. In addition, in 2018 VEO continued to maintain its already well-established position as one of the main substation suppliers to the major power distribution operators in Finland.
In Finland, a notable and particularly successful change in strategy in 2018 concerned VEO’s Industry unit. Their strategy was modified so that the focus in future will be on selling larger service packages to complement switchgear sales. Last year, for example, VEO’s more comprehensive service packages included the decommissioning of old equipment and the installation of new solutions for the metal, pulp & paper and chemical industries in Finland.
Today, Finland is standing at the verge of a new power generation era. The ramping-down of dependence on fossil fuels is driving the renewable energy source business, which opens up huge opportunities for VEO.
With the growth targets set for 2023 in mind, VEO has concentrated on signing deals for larger and longer projects in all areas of operation.