Rautaruukki Corporation (Ruukki) and funds managed by CapMan (CapMan) agreed in October to combine units of Komas and units of Ruukki Engineering division to form a new company, Fortaco. The arrangement has now been finalised. As announced in a release in October, Ruukki's ownership in the new company is 19 per cent.
Fortaco will be a leading manufacturing partner for the engineering industry and Europe's largest actor in its field. Fortaco is expected to generate pro-forma net sales of approximately EUR 270 million in 2012 and will have a total of approximately 2,600 employees. The company has been formed from the compatible and complementary units of Ruukki and Komas. Ruukki Engineering units in Jaszbereny (Hungary), Wroclaw (Poland) and Holic (Slovakia) as well as Kurikka, Sepänkylä and the Kalajoki component business (Finland) have been transferred to the new company. Employees of the units concerned have transferred to the new company on their current employment terms and conditions as "old employees". Komas has contributed its units in Janow Lubelski (Poland), Narva (Estonia) and Sastamala, Kurikka, Parkano and Härmä (Finland) to the new company.
Fortaco's Board of Directors comprises representatives designated by CapMan, Peter Augustsson (Chairman), Jan Mattlin and Lars Hellberg, members designated by Ruukki, Mikko Hietanen and Marko Somerma and in addition Jukka-Pekka Nikula. Mika Kari, MSc (Industrial Engineering and Management) has been appointed Fortaco's CEO.
Ruukki Engineering's businesses excluded from the transaction will be reported as a part of Ruukki Metals division from the beginning of year 2013 onwards.