Coor creates the best workplace environments in the Nordics

Coor signs an agreement on sustainability-linked refinancing of its existing revolving credit facility. The sustainability-linked refinancing reflects Coor’s commitment to environmental and social responsibility. The margin is linked to the achievement of environmental targets related to CO₂e emissions (Scopes 1 & 2 and Scope 3), which supports Coor’s goal of achieving net zero emissions, and social targets related to the company’s total recorded injury frequency (TRIF) rate, which is part of the company’s vision of zero work-related injuries.

Coor has committed to reaching net zero greenhouse gas emissions by 2040. This is ten years earlier than required for signatories of the Science Based Targets initiative (SBTi). “It feels fantastic that Coor is setting a goal that it is aiming to reach ten years before the date set by the official standard. It is also further testimony to the fact that our sustainability strategy fully supports our vision to become a truly sustainable company,” says AnnaCarin Grandin, President and CEO of Coor.

Coor comes second in the 2023 SHE Index powered by EY ranking and thus maintains a place on the podium as one of Sweden’s most gender-equal companies. SHE Index powered by EY is a tool for assessing companies and helping them to promote gender equality. Companies participate by answering questions in six different categories on the basis of which an individual index is calculated. The index also evaluates the companies’ active efforts to promote diversity and inclusion. In the 2023 survey, Coor received a score of 93 out of a possible 100.

Coor signs an agreement to acquire Skaraborgs Städ, which offers workplace FM services with a primary focus on cleaning to a large number of customers in Västra Götaland, Småland and Värmland. The acquisition expands Coor’s geographical coverage in Sweden. Skaraborgs Städ has 800 employees and annual sales of around SEK 400 million. The purchase price (on a cash and debt-free basis is SEK 250 million. The acquisition is financed entirely through Coor’s existing financing framework. Skaraborgs Städ includes the subsidiaries Städtjänst Värmland, Kristinehamns All Rent and Sanmix.

Simply by Coor is our new digital platform that makes working life easier for our service users, i.e. the employees of Coor’s customers. Through Simply by Coor, they can access all the workplace services they need during their working week, such as news, lunch menus, meeting food, mail, concierge services and event information. Simply by Coor is fully integrated with Coor’s service delivery, and functions as well as content can be tailored to each individual workplace. The new platform also enables integrations with customers’ or third-party providers’ case management systems, such as room booking and other systems, all with the aim of making the working lives of the service users as easy as possible.

Jenny Lindgren will take over as Senior Vice President Operational Development and Digitalisation on 1 September 2023 and will join Coor’s executive management team. Before joining Coor, Jenny Lindgren was Head of Transformation & Planning B2B at Telia Company. She also has extensive experience from various roles in the IT industry with Cygate, Tietoevry, as well as other companies.

Coor signs an integrated facility management contract with Swedbank. The contract runs for four years with an option to extend and is worth around SEK 220 million annually, including estimates for annual variable project volumes. Coor will deliver a broad range of integrated services including cleaning, technical service, administrative services, coffee, fruit, plants and caretaking at all Swedbank offices in Sweden. The contract runs from 15 December 2023.

Aibel AS is a leading Norwegian service company that specialises in oil, gas and renewable energy. Since 2014, Coor has been delivering and developing integrated FM services at five of Aibel’s sites in Norway. Coor’s contract with Aibel is now being extended for five years, until 2029. The contract is worth around SEK 200 million over the contract term, not including additional variable project volumes. The contract covers services such as cleaning, reception, restaurant and property management services.

In its third-quarter interim report, Coor presented an action programme aimed at accelerating progress towards achieving the company’s target margins. The action programme includes extended cost control, downsizing through increased harmonization and industrialisation of underlying processes with a focus on cleaning, property management and food and beverages. There is also an increased focus on purchasing to take greater advantage of Nordic economies of scale. Once fully implemented, the action programme is expected to have an annual effect of around SEK 100 million. Costs for the programme are estimated at SEK 40 million, most of which will be recognized in the fourth quarter, when the layoffs are implemented.

Coor is aiming to achieve net zero greenhouse gas emissions no later than 2040. The SBTi has now reviewed our plan and validated that it is consistent with what is required to achieve the research-based target. To achieve the target ten years earlier than required by the standard, we have identified three key areas for our transition: emissions from Coor’s own operations, a shift to more sustainable menus in our restaurants and a more circular flow, both in business models and from suppliers.

By merging Addici Security, with 700 employed security guards, and its Security business area, with around 100 specialists in technical security services, Coor creates Addici Security & Technology. The purpose is to enable Coor to meet changed customer requirements resulting from the escalated security situation in Sweden. “We are offering the market an even broader portfolio of security and peace-of-mind services. Through a long-term approach, transparency and intelligence, we create cost-effective solutions that balance risk, damage prevention and damage mitigation measures,” says Andreas Glansborg, CEO of Addici Security & Technology.

For the fourth year running, Coor has been named a Career Company. The award is given by Karriärföretagen, which every year lists employers in Sweden that offer unique career and development opportunities for young talented employees. In naming Coor a Career Company, Karriärföretagen stated: “Through its commitment to the development and well-being of its employees, Coor creates a corporate culture that promotes collaboration, diversity and personal growth. This employer not only offers opportunities for an exciting career, but also the opportunity to be part of a workplace where innovation and well-being are at the centre.”