CapMan Oyj : The agreement to create Fortaco from Komas' and Ruukki's units is
CapMan press release - 28 December 2012 at 9:00 am EET
The agreement to create Fortaco from Komas' and Ruukki's units is finalised
Funds managed by CapMan (CapMan) and Rautaruukki Corporation (Ruukki) agreed
in October to combine units of Komas and Ruukki's Engineering division to form
a new company called Fortaco. The agreement has now been finalised. Fortaco
becomes Europe's largest manufacturing partner for the engineering industry.
CapMan is Fortaco's largest owner with a 66.5% stake. Ruukki will hold 19.0%
of the company's equity. MSc (Industrial Engineering and Management) Mika Kari
has been appointed Fortaco's CEO. In addition, the management team comprises
Esko Harila (CFO), Erik Skogström, Ville Jaakkola, Jukka Mäkelä, Tomas
Forsgård and Juha Simola. The Board of Directors comprises representatives
designated by CapMan, Peter Augustsson (Chairman), Jan Mattlin and Lars
Hellberg, members designated by Ruukki, Mikko Hietanen and Marko Somerma and
in addition Jukka-Pekka Nikula.
The company is formed through the combination of compatible and complementary
units of Ruukki and Komas. Komas' units excluded from the arrangement will
continue to operate as an independent company, Komas Keski-Suomi, with Antti
Jokitalo as new CEO and under CapMan's and other present ownership.
Jan Mattlin, Partner, CapMan Buyout, tel.+358 40508 64 06
Mika Kari, CEO, Fortaco, tel. +358 40531 97 58
Fortaco is Europe's largest manufacturing partner for the engineering
industry. The company's main products are high performing welded and machined
components, ready-to-install operator cabins and fully-assembled machines and
equipment for the world's leading engineering OEMs. The company employs 2,600
persons at 11 sites in Finland, Poland, Estonia, Hungary and Slovakia.
Expected pro forma net sales for 2012 are EUR 270 million.
Ruukki provides its customers with energy-efficient steel solutions for better
living, working and moving. Ruukki operates in some 30 countries and employs
around 11,800 people. Net sales in 2011 totalled EUR 2.8 billion. The
company's share is quotedon NASDAQ OMX Helsinki (Rautaruukki Oyj: RTRKS).
CapMan is one of the leading private equity firms in the Nordic countries and
Russia, with assets under management of €3.0 billion. CapMan has four key
investment partnerships - CapMan Buyout, CapMan Russia, CapMan Public Market,
and CapMan Real Estate - each of which has its own dedicated investment team
and funds. Altogether, CapMan employs approx. 110 people in Helsinki,
Stockholm, Oslo, Moscow and Luxembourg. CapMan was established in 1989 and has
been listed on the Helsinki Stock Exchange since 2001.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: CapMan Oyj via Thomson Reuters ONE
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