Bergs Timber completes acquisition of Norvik’s timber operations in the Baltics and the United Kingdom

Bergs Timber AB (publ) (”Bergs Timber” or the “Company”) announces that all conditions for the Company’s acquisition of Norvik hf’s (“Norvik”) timber operations in the Baltics and the United Kingdom have been met. The acquisition was mainly conditioned upon:

  • that the extraordinary general meeting in Bergs Timber, held 14 May 2018, resolved in accordance with the board of director’s proposal on the issue in kind to Norvik; and
  • that final approval was obtained from relevant banks in respect of the acquisition and its financing.

The extraordinary general meeting in Bergs Timber, held 14 May 2018, resolved in accordance with the board of director’s proposal on the issue in kind to Norvik. In addition, Bergs Timber has obtained final approval from relevant banks. A credit-line increase and an extension of Bergs Timber’s existing credit agreement have been received from Bergs Timber’s financing bank.

After completion of the issue in kind, Norvik will hold approximately 64.68 percent of the total number of shares and votes in Bergs Timber. The newly issued shares will be registered and admitted to trading on Nasdaq Stockholm, which is expected to take place not later than the beginning of June 2018.
   
  
Further information about this press release can be provided by Bergs Timber’s CEO and group president Peter Nilsson (+46 703 15 09 27 or +46 10 19 98 504). The information was submitted for publication, through the agency of the contact person set out above, on 15 May 2018 at 14:45 (CEST).

Bergs Timber AB (publ), 556052-2798, Bergs väg 13, SE-570 84 Mörlunda, telephone +46 10 19 98 500. More information about our operations can be found on our web page under the address www.bergstimber.se.

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About Us

Bergs Timber can be found on both sides of the Baltic Sea with sawmills and processing in an overall production totalling around 1 million cubic meters of sawn timber products. In Latvia we manufacture gardening products, windows, doors and prefabricate houses, while in Sweden we have a facility for rot-proofing wood. We also have an operation in the UK. We are entrepreneurs in an organisation with decentralised responsibility. The entire business is characterized by security and reliability. We always aim to be perceived as the most attractive alternative for our customers through modern, made-to-order production and a unique product. We make investments in our facilities and fine tune them daily to meet your requirements. Forest owners can feel safe with us as their collaborative partner in the forestry industry. We also make the best possible use of your timber in our facilities. Wood binds carbon dioxide and the wood products industry helps people make sustainable, climate-friendly choices. People who invest in Bergs Timber are making a sustainable investment.

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