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2009-12-21 15:02:00 CET 2009-12-21 15:02:35 CET REGULATED INFORMATION Honkarakenne Oyj - Company AnnouncementHONKARAKENNE LIQUIDATES ITS HOLDINGS IN OY TIMBERHEART LTDHonkarakenne Oyj Stock Exchange Release 21 December 2009 at 16.00 hours HONKARAKENNE LIQUIDATES ITS HOLDINGS IN OY TIMBERHEART LTD On 21 December 2009, Honkarakenne completed an agreement to sell its 38% holding in the Lahti-based provider of wooden buildings, Oy TimberHeart Ltd, to the company's private shareholder, Mr. Risto Kontinen. He will continue as TimberHeart's principal shareholder and Managing Director. The parties in the transaction have agreed that the sale price will remain undisclosed. TimberHear Oy will continue its operations as an independent company specialising in timber frame buildings, and the Honkarakenne factories in Alajärvi and Karstula will keep providing the frame sections and wooden parts of the TimberHeart buildings, as before. Honkarakenne relinquishes its holding in TimberHeart Oy as part of its on-going measures to streamline the entire group's structure. Honkarakenne's own marketing and sales activities are focused on the promotion of the Honka brand in the premium customer segments of selected target markets. Oy TimberHeart Ltd is a Lahti-based company which was established in 2002. The company provides timber frame buildings for both domestic and international markets. TimberHeart buildings have been on display, for example, at the Heinola Housing Fair in 2004 and the Espoo Housing Fair in 2006. HONKARAKENNE OYJ Board of Directors For further information, please contact: CEO Esa Rautalinko, gsm +358 400 740997, Esa.Rautalinko@honka.com Distribution: NASDAQ OMX Helsinki Key Media Financial Supervisory Authority www.honka.com |
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