Moelven Strenghtens ownership structure
15.07.02
Finnforest Corporation, Metsäliitto Group and Norwegian Forest Owners Bring New Drive to Moelven Industrier ASA Finnforest Corporation will continue to be the majority owner of Moelven Industrier ASA, with other shareholders being Finland's Metsäliitto Group and two Norwegian forest owners' associations, Glommen and Mjøsen. Finnforest now owns 61 % of Moelven, with Metsäliitto owning 16%, Glommen 15 % and Mjøsen 7.5 %. Other forest owners' associations, Nord, Agder-Telemark, Viken and Västra Skog, sold their shares in June this year. “Forest owners in the Nordic countries are working towards closer and more developed cooperation. Metsäliitto is naturally an ideal owner for an industrial company like Moelven. And this is the way for Metsäliitto's members, the Finnish forest owners, to have an ownership stake in an industry that is so important for all of us,” says Runar Lillandt, Chairman of Metsäliitto's Supervisory Board. “It will be up to Finnforest's and Moelven's management to lead the company. Finnforest is the majority owner and will continue to be so in the future.” Agreements concerning ownership and shareholder rights and responsibilities were signed in Norway 12 July 2002. In view of the change of ownership structure the following change took place in the composition of the Board of Directors: Even Mengshoel was chosen to take the place previously held by Helge Evjun. Moelven Industrier ASA's Board of Directors is now composed of Runar Lillandt (Chairman), Chairman of the Metsäliitto Group's Supervisory Board; Ari Martonen (Deputy Chairman), President and CEO of Finnforest Corporation; Antti Oksanen, President of the Metsäliitto Group; Arimo Uusitalo, Chairman of Metsäliitto's Board of Directors; Even Mengshoel, Chairman of Mjøsen's Board of Directors; Torsten Opdahl, Chairman of Glommen's Board of Directors; and, continuing as employees' representatives on the Board, Iver Melby and Jan Slattum. Bo Borgström, Finnforest Corporation's Scandinavian Market Area Director, was appointed President of Moelven 19 June 2002 in place of Frode Alhaug who previously held that position. The shares of Moelven Industrier ASA ceased to be quoted on the Oslo Stock Exchange 28.5.2002. Under the new arrangements the Mjøsen and Glommen Norwegian forest owners' associations have increased their shareholdings considerably. The participation of the Metsäliitto Group as a shareholder in Moelven gives additional strength on which to base the continuation of Finnforest's and Molven's development work and advance and extend the marketing of the Nordic countries' wood industries. “Working together with the Norwegian forest owners we can build Moelven Industrier ASA into a thriving Nordic company,” says Runar Lillandt. “Moelven's and Finnforest's product ranges clearly complement and strengthen each other. This is a real benefit not only for our customers in the Nordic countries but also for customers further away whom we can serve through Finnforest's extensive European sales network.” Further information: Runar Lillandt, Chairman of the Board, Moelven Industrier ASA, phone: +358 50 598 9200 Ari Martonen, President and CEO, Finnforest Corporation, phone: +358 50 2406 Bo Borgström, President, Moelven Industrier ASA, phone: +358 500 714 311 The Metsäliitto Group The Metsäliitto Group is a group of companies whose activities are concentrated in the forest industry and its core business areas include the pulp, paper and packaging industries as well as the mechanical wood industry serving the construction sector. The Metsäliitto Group is the third largest forest products group in Europe: in 2001 its turnover was € 8,773 million and it employed 29,744 people. Business activities are carried out by the subsidiary companies. The Group operates in Europe and markets its products all over the world. The Metsäliitto Group is owned by Metsäliitto Osuuskunta, a cooperative society that undertakes wood procurement from all over Finland and whose members number some 130,000 individual private forest owners, many of them practicing forestry on a personal or family basis. Finnforest Corporation Finnforest Corporation is Europe's largest international mechanical forest industry group, with a turnover of almost two billion euros. Finnforest belongs to the Metsäliitto Group. Moelven Industrier ASA is Finnforest's majority-owned Norwegian subsidiary. Finnforest's business operations are divided into two industrial groups: Engineered Wood and Solid Wood. Its main geographical market areas are West, East, Scandinavia and Finland. Major customer groups include industrial end-users, DIY stores, timber merchants, building supply companies and building contractors and developers. Finnforest operates in over 20 countries and employs more than 7,900 people. Moelven Industrier ASA Moelven's main business areas are the sawmill industry, further processed timber products and building systems products. The Moelven Building Group consists of two divisions: Modular Buildings and Modular System Interiors. The main products are module-based constructions for industrial building and interiors making effective use of wood. Major customer groups are Norwegian and Swedish building materials companies and building contractors. The main markets are in Norway and Sweden and these account for over 70% of the company's turnover. Moelven has almost 40 units in Norway and Sweden and employs 3,100 people. Moelven was founded, as Moelven Brug, in 1899.