Ponsse to acquire a majority stake in Epec Oy
PONSSE OYJ STOCK EXCHANGE BULLETIN 18 November 2004 9am
Ponsse to acquire a majority stake in Epec Oy Ponsse Oyj is to acquire a 91 per cent stake in Epec Oy of Seinäjoki. The seller is Veikko Rintamäki MSc (Tech), Epec Oys founder and chairman of the Board of Directors, who will retain a minority stake in the company. Founded in 1978, Epec Oy is an electronics manufacturer specialising in control systems for off- road machinery. The deal will strengthen Ponsses position as an advanced supplier of information system solutions. The purchase price was not disclosed. Epec Oy specialises in control systems for off-road machinery, both designing and manufacturing such systems. The systems it provides are usually highly customised, with solutions being implemented in close collaboration with customers. Epec is renowned for high quality, advanced product technology and the reliability of its products in challenging operating environments. The company has some 60 employees. Epec enjoys a strong position as a supplier of control systems to many global machinery manufacturers. Many of its customers are leading forest, mining, tooling and landfill machinery producers. "Ponsse and Epec each have a long, proven track record in their respective fields. Epec Oy will carry on as an independent subsidiary of Ponsse Oyj, thus giving rise to a major centre of excellence. Larger production volumes will enhance Ponsses cost-effectiveness and strengthen its industrial excellence as a manufacturer of control systems. The arrangement will provide Epec with a strong, financially sound owner and access to new customers. Both parties will benefit from new product and production technology competence," says Ponsse Oyjs President and CEO Arto Tiitinen. Ponsse designs, manufactures, markets and services efficient, environment- friendly cut-to-length forest machines and wood harvesting information technology. Ponsse Oyj shares are listed on the Main List of the Helsinki Exchanges. Ponsse Group comprises the parent company Ponsse Oyj and subsidiaries Ponsse AB in Sweden, Ponsse AS in Norway, Ponssé S.A.S in France, Ponsse UK Ltd in Great Britain and Ponsse USA Inc. in the United States. Group turnover in 2003 was 163.5 MEUR. For further information about Epec visit http://www.epec.fi Further information from: President, CEO Arto Tiitinen, tel: +358 20 768 8621 www.ponsse.com Distribution: Helsinki Exchanges Main media