The Norwegian housing construction group Mestergruppen will cut 100 jobs by 2023, especially in the departments producing cabins and building material, which corresponds to about 8% of the workforce. The reasons for the downsizing is a fall in the market due to high interest rates, prices on electricity and raw materials, with a reduction in construction of about 20-30 percent. In addition to downsizing, the company will cut costs in marketing, consultancy use and projects.
Mestergruppen is among Scandinavia's largest building material chains with over 240 stores in Norway, Sweden and Denmark. Mestergruppen's largest owner is the family-owned investment company Ferd. The group's turnover is about 18 billion NOK.