Rautaruukki Oyj : Finalisation of Ruukki and CapMan's agreement to create
Fortaco, Europe's leading manufacturing partner for the engineering industry
Rautaruukki Corporation Stock exchange release 28 December 2012 at 9am EET
Rautaruukki Corporation (Ruukki) and funds managed by CapMan (CapMan) agreed
in October to combine units of Komas and units of Ruukki Engineering division
to form a new company, Fortaco. The arrangement has now been finalised. As
announced in a release in October, Ruukki's ownership in the new company is 19
Fortaco will be a leading manufacturing partner for the engineering industry
and Europe's largest actor in its field. Fortaco is expected to generate
pro-forma net sales of approximately EUR 270 million in 2012 and will have a
total of approximately 2,600 employees. The company has been formed from the
compatible and complementary units of Ruukki and Komas. Ruukki Engineering
units in Jaszbereny (Hungary), Wroclaw (Poland) and Holic (Slovakia) as well
as Kurikka, Sepänkylä and the Kalajoki component business (Finland) have been
transferred to the new company. Employees of the units concerned have
transferred to the new company on their current employment terms and
conditions as "old employees". Komas has contributed its units in Janow
Lubelski (Poland), Narva (Estonia) and Sastamala, Kurikka, Parkano and Härmä
(Finland) to the new company.
Fortaco's 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. Mika Kari, MSc (Industrial Engineering and Management) has been
appointed Fortaco's CEO.
Ruukki Engineering's businesses excluded from the transaction will be reported
as a part of Ruukki Metals division from the beginning of year 2013 onwards.
Earlier stock exchange releases:
17 October 2012 Ruukki and CapMan create Fortaco, Europe's leading
manufacturing partner for the engineering industry - Ruukki focuses on
construction and special steels business
11 December 2012 European Commission clearance for Ruukki and CapMan's
agreement to create Fortaco, Europe's leading manufacturing partner for the
Markku Honkasalo, CFO, +358 20 59 28840
SVP, Marketing and Communications
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 quoted on NASDAQ OMX Helsinki (Rautaruukki Oyj: RTRKS).
NASDAQ OMX Helsinki
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Source: Rautaruukki Oyj via Thomson Reuters ONE
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