Helsinki, Finland, 2012-08-31 08:00 CEST (GLOBE NEWSWIRE) -- Stora Enso Building and Living has today acquired UPM Kymmene’s 50% shareholding in the sawn timber trading company RETS Timber Oy Ltd. The acquisition makes Stora Enso Building and Living the sole owner of RETS Timber. The transaction is effective immediately.
RETS Timber is a leading European softwood sawn products supplier to the Middle East and North Africa.
“The Middle East and North Africa are very important markets for us due to increasing construction activity, and the acquisition of RETS shows our commitment to these markets. RETS customers will continue to have the most attractive product offering, a reliable supply and a specialised sales force, and for Nordic sawn timber producers RETS will continue to be the most cost-efficient marketing channel. What will change is that being the sole owner will enable us to further develop the RETS business together with our Central European trading business, focusing on the same markets,” says Hannu Kasurinen, EVP, Stora Enso Building and Living.
The transaction will increase the annual sales of Stora Enso Building and Living by approximately EUR 70 million but will not have a material impact on the operating profit of Stora Enso Building and Living. RETS Timber has about 20 employees.