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 per cent. 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 engineering industry Additional information: Markku Honkasalo, CFO, +358 20 59 28840 Rautaruukki Corporation Taina Kyllönen 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). DISTRIBUTION: NASDAQ OMX Helsinki Main media www.ruukki.com ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. 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 the information contained therein. Source: Rautaruukki Oyj via Thomson Reuters ONE HUG#1667483
Rautaruukki Oyj : Finalisation of Ruukki and CapMan's agreement to create Fortaco, Europe's leading manufacturing partner for
Press spacebar to pause and continue. Press esc to stop.