Ovako has completed acquisition of Tibnor Oy in Finland
Ovako has completed its acquisition of Tibnor Oy following approval from the European Commission and the competition authorities in Finland and Estonia.
In conjunction with the acquisition, Tibnor Oy will also change its name to Ovako Metals Oy Ab.
"This acquisition allows us to broaden our offer to customers in the Finnish market and to enhance our contacts with end customers for all Ovako's products," says Tom Erixon, President and CEO at Ovako.
Tibnor Oy purchases, warehouses, processes and distributes steel and other metals for the engineering, process and construction industries. The company has approximately 50 employees and sales in 2014 were EUR 67.3 million.
The acquisition of Tibnor Oy in Finland should be seen as a component of Ovako's efforts to enhance its presence and collaboration with customers in new and existing markets. During 2012 and 2013, Ovako opened new sales offices in Italy, Eastern Europe and China.
The acquisition is expected to have a slightly positive influence on Ovako's operating profit and a slightly negative influence on cash flow for 2015.
Further information can be obtained from:
Viktoria Karsberg, Head of Group Communications, +46 70 209 93 96
Ovako is a leading European producer of engineering steel for customers in the bearing, transportation and manufacturing industries. Our production is based on recycled steel and includes steel in the form of bars, tubes, rings and pre-components. Ovako is represented in more than 30 countries and has sales offices in Europe, North America and Asia. Sales in 2014 amounted to EUR 862 million and the company had 2,925 employees at year-end. For further information please visit us at www.ovako.com