Metsäliitto Group has agreed to sell its shareholding in Moelven to a Norwegian consortium

 

Metsäliitto Group has agreed to sell all of its shareholding (65.15%) in its Norwegian subsidiary Moelven Industrier ASA to a consortium consisting of the Norwegian energy company Eidsiva Energi AS and five Norwegian forest owners’ associations. The price for the shares to be sold has been agreed to be NOK 13.50 (approximately EUR 1.65) per share resulting to a total consideration of NOK 1.14 billion (approximately EUR 140 million).  Metsäliitto books a gain of approximately EUR 10 million.
 
Four of the five associations in the consortium have been minority shareholders of Moelven Industrier ASA, with an ownership of 34.62% of the shares. Moelven is one of the leading suppliers of wood-based building products and accompanying services in Scandinavia.

“Moelven is a great company and it has been a pleasure working with them. We have, however, refocused our strategy, and we concentrate on developing innovative solutions for selected customer segments in selected market areas, based on Nordic premium timber mainly supplied by Metsäliitto’s 131,000 Finnish forest owners,“ says Ole Salvén, Metsäliitto Group Executive Vice President, Director of Wood Products Industry.

Moelven, which was acquired in 2001 by Metsäliitto’s subsidiary Finnforest, has some 3,200 employees, and a turnover of over EUR 700 million. After the sale of Moelven, Metsäliitto Wood Products Industry will consist of four business lines: Solid Wood, Plywood, Upgrading & Distribution, and Building Solutions. Moelven will continue to distribute Finnforest products in Scandinavia.

The deal will be concluded after receiving the approval from the regulatory authorities.

Further information:
Ole Salvén, Group Executive Vice President, tel. +358 10 469 4870
Lauri Peltola, Chief Communications Officer, tel. +358 50 570 5606