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Finnforest Corporation and Norwegian forest owners to continue joint ownership of Moelven Industrier ASA

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14.06.02


Finnforest Corporation will continue to be the majority owner of Moelven
Industrier ASA, with minority shares being held by two associations of
Norwegian forest owners. Other forest owners' associations have decided to sell
their shareholdings to Finnforest. 

Runar Lillandt, Chairman of the Board of Moelven, says that Finnforest is
pleased that the Glommen and Mjøsen forest owners' associations want to
continue as joint owners of Moelven. Ever since Finnforest acquired a majority
holding, it has been working with the Norwegian forest owners to create a
strong mechanical wood products company. The strategy already chosen will
continue to be implemented, and Runar Lillandt adds that the Finnish forest
owners are also studying the possibilities of widening Moelven's ownership
base. 

At present Finnforest owns about 61% of the Moelven Industrier ASA shares. Five
Norwegian forest owners' associations, Glommen, Mjøsen, Nord, Agder-Telemark
and Viken, own about 37% together with a Swedish forest owners' association.
Finnforest's management has held discussions with the Norwegian forest owners'
associations for a number of years to create a foundation for strategic
cooperation and thus enable a strong Nordic mechanical forest industry group to
be built up. 

Three of the forest owners' associations, Nord, Agder-Telemark and Viken,
offered to buy Finnforest's entire majority shareholding in Moelven, but
Finnforest rejected the offer. 

Finnforest is opening discussions about new shareholder agreements with the
Glommen and Mjøsen forest owners' associations straight away. The agreements
are intended to help safeguard the associations' longterm ownership and their
ability to influence Moelven's strategic development. 

Runar Lillandt foresees that through cooperation with the Norwegian forest
owners' associations, Moelven Industrier ASA can be developed into a strong
Norwegian company. The product ranges of Moelven and Finnforest complement and
strengthen each other, he says, and that is also a benefit for our Norwegian
customers. 

For further information:
Runar Lillandt, Chairman of the Board of Moelven Industrier ASA, Tel. +358 50
598 9200 
Ari Martonen, President and CEO of Finnforest Corporation, Tel. +358 50 2406
Bo Borgström, Senior Vice President of Finnforest Corporation, Tel. +358 500
714 311 

Finnforest Corporation
Finnforest Corporation, owned by the Metsäliitto Group, is Europe's biggest
international mechanical wood group. Moelven Industrier ASA is Finnforest's
majority-owned Norwegian-based subsidiary. Operations are grouped into two
industrial divisions: Engineered Wood and Solid Wood. Finnforest's main
geographical markets are Market West, Market East, Scandinavia and Finland, Its
customers include industrial end users, DIY stores, building suppliers and
timber merchants, building contractors and developers. Finnforest Corporation
operates in over 20 countries and employs over 7,500 people.

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