Finnforest Corporation has bought key Finnish glulam company Kuningaspalkki Oy in a move that effectively makes it a one-stop-shop for structural timber products.
The private sale for an undisclosed sum brings €1.14bn turnover Finnforest a glulam factory employing 52 workers in Hartola and its turnover of €10m. The site produced 20,000m³ in 2000 but heavy investment by Kuningaspalkki’s family owners make it possible for Finnforest to ratchet up production to 80,000m³.
Kuningaspalkki’s managing director, Seppo Nurmi, will continue as managing director. Kim Poulsen, director, building systems Finnforest UK Ltd, told TTJ of the plans to expand into glulam in January (TTJ January 20). He said that the move rounded out its product offer. ‘Now that we have glulam we have all the structural elements for providing a one-stop-shop and being a building solution provider. This shows we have decided to be a major player in building systems,’ he added.
News of the purchase comes on top of a recently announced £25m Finnforest investment in plywood and LVL production. A third line located at Punkaharju will take the com-pany’s LVL capacity to 170,000m³ and birch plywood to 210,000m³.
Chief executive Ari Martonen said the company would be announcing further acquisitions in the European mechanical wood sector ‘very soon’.
