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2009-10-26 13:30:00 CET 2009-10-26 13:30:01 CET REGULATED INFORMATION Ruukki Group Oyj - Company AnnouncementRUUKKI GROUP TO SELL LAPPIPANELI OY'S SAWMILL BUSINESS TO PÖLKKY OYRuukki Group Plc, Stock Exchange Release, 26 October 2009 at 14:30 p.m. RUUKKI GROUP TO SELL LAPPIPANELI OY'S SAWMILL BUSINESS TO PÖLKKY OY Ruukki Group Plc announces that its subsidiary Lappipaneli Oy has signed a preliminary agreement with the Finnish company Pölkky Oy concerning the transfer of Lappipaneli's assets to Pölkky's ownership. The transaction, expected to be completed in November 2009, is subject to a final agreement and satisfactory due diligence. The final sales consideration will be determined following due diligence. The transaction is estimated to have an approximately EUR 2.0 million positive impact on Ruukki Group's consolidated income statement. Lappipaneli employs over 30 persons and is located in Kuusamo, Finland. The company's 2008 revenue was slightly over EUR 38 million. The sale of Lappipaneli is regarded as important to Ruukki Group's strategy to create an independent wood processing business. Thomas Hoyer, CEO of Ruukki Yhtiöt Oy, subsidiary of Ruukki's Wood Processing business, commented: “We are pleased to have entered into an agreement with Pölkky. Even though Lappipaneli is an efficient sawmill, the move to sell its assets is important and strategic for Ruukki's Wood Processing business, as we look to consolidate our portfolio of wood assets to position the segment for growth. Synergies between Lappipaneli and other Ruukki Group subsidiaries have been limited due to Lappipaneli's location in north-eastern Finland and its specialisation in the Japanese markets. Ruukki will look to increase its focus on sawn goods for wood construction and the wooden house building industry, particularly in the European markets,” Alwyn Smit, CEO of Ruukki Group Plc, said: “Looking forward, the intention for our Wood Processing business is to capitalise on growth opportunities within the industry. For this reason we will be looking for targets that demonstrate clear and tangible synergies with our existing business as we aim to create an independent business well placed to create value for our shareholders. I am pleased with the steps that the new management at Ruukki Yhtiöt Oy have taken to streamline the wood processing business and am confident in their ability to deliver growth for the segment. This transaction is a step towards listing Ruukki's Wood Processing business on the Helsinki Stock Exchange as an independent company.” Ruukki Group Plc Alwyn Smit Chief Executive Officer Ruukki Group is an industrial group focusing minerals and wood processing businesses. Ruukki Group Plc's shares are listed on NASDAQ OMX Helsinki and traded in the mid cap segment, in the industrials sector. For additional information, please contact: Thomas Hoyer Chief Executive Officer Ruukki Yhtiöt Oy Telephone +358 45 670 0491 www.ruukkigroup.fi This stock exchange release is based on a translation into English of a document written in Finnish. In case of any discrepancies, inconsistencies or inaccuracies, the Finnish version of the release shall prevail. |
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