MORENIA OY TO ESTABLISH A SUBSIDIARY IN THE BALTIC REGION

to be published, 20 February 2008

Morenia Oy will establish a subsidiary in Estonia to carry out rock material sales in the Baltic region. The company will begin operations in February 2008. The subsidiary will be called Morenia Baltic OÜ and its head office will be located in Tallinn.

The purpose of the new company will be to sell and market rock materials in the Baltic region. The primary market area includes Estonia, Latvia and the St. Petersburg area.

Morenia Oy has for two years produced asphalt and concrete stone materials for exports. Finnish rock material has been received well in Estonia. The local soil does not contain hard granite materials required in the construction of infrastructure. As a result, these materials are imported to the Baltic region. Morenia’s selection also includes extra hard OKTO building materials produced by Outokumpu steelworks in Tornio, Finland. These stones have been highly appreciated in Estonia, in particular, because of their high quality and competitive prices.

Karl Arro has been appointed as Country Director for the new company. Tuomo Pikkarainen, Morenia’s Export Director, has been selected as the Chairman of the company’s board of directors.

Additional information:
Tuomo Pikkarainen, Chairman of the Board, tel. +358 400 894 015
Karl Arro, Country Director, tel. +372 534 644 29