VEO’s history
Vaasa Engineering Oy, the current VEO, started as a small-scale start-up in Vaasa, Finland. From the beginning, the business idea has been built on brand independency, which has been VEO’s strength to this day.
Over the years, VEO has grown ten times in terms of operations, turnover and number of personnel. Today, VEO is a Nordic, respected player in its field and delivers innovative automation and electrification solutions worldwide.
1989
Vaasa Engineering founded in Vaasa, Finland
- 25 employees
- Business based on brand independency
- Own production from the start with a trio of installers
1990
First deliveries
- Scandinavian focus with heat, hydro, diesel and gas power as well as substations
1992
Own facilities in Vaasa, Finland
- Several enlargements over the years
- Increased growth potential
1993
15 MEUR revenue
1994
First own products
- Our own low-voltage switchgear VEDA boosted sales and growth
- VEDA = Vaasa Engineering Distributed Automation
1995
127 employees
1998
Own product range expands
- Medium-voltage switchgear VEKE opens the doors to large scale projects
- Vaasa Engineering is an important player in the Vaasa energy cluster, with 180 energy companies, 13,000 experts, investments in R&D 250 M€ annually
2000
New company Vaasa Automation AB launched
- Acquired 70% of WM-data
- Focus on automation solutions
- Increased focus in Sweden
2002
- 202 employees
- 41 MEUR revenue
2007
VEO AS expands to Norway
- Scandinavian focus with heat, hydro, diesel and gas power as well as substations
- Several enlargements over the years
2008
- 336 employees
- New headquarters in Vaasa, Finland
2009
INCREASED PRESENCE IN THE RENEWABLES MARKET
- 400 employees
- 81 MEUR revenue
2012
We became VEO Oy
- Vaasa Engineering Oy, Vaasa Kojeistot Oy and Vaasa Service Oy merged and became VEO Oy
2015
VEO acquired shares in Swedish Svea Power and UK based I.C Electrical
2018
Own product range expands again
- New medium-voltage switchgear VECTOR is launched
2019
VEO acquired Swedish consulting company TT360
- Operations and growth potential in Sweden expands with Västerås offices and a team of 25 people
2020
485 employees
2022
116 MEUR revenue
2023
The construction of new 1,400 m² FAT facilities and a 400 m² visitor lounge will begin.
After completion, VEO will have a total of 13,000 m² of production and testing facilities.
