OREANDA-NEWS. July 08, 2014. Estonian wood-based fiberboard, interior panel manufacturer Skano Group AS has decided to acquire 100% of the shares of Suomen Tuulileijona Oy (STOY).

STOY is the wholesaler of Skano fiberboard products on the Finnish market since 2013.Skano’s goal with this acquisition is to secure its position on the Finnish market. Skano does not foresee significant growth in the Finnish sales volume with the acquisition of STOY, as the company said in the press release received by Lesprom Network.

The contract for this transaction was signed on June 30 and the transaction will be finalized this year during the month of July. The counterparty to the agreement is Suomen Kuitulevy Oy, who currently owns one hundred percent of the shares of STOY. The purchase price will be based on the results of a legal and financial due diligence and the financial situation as of 30.06.2014 that will be clarified during the month of July. The initial estimated transaction value is approximately Euro 60,000. The payment terms are 10 business days once the financial position of STOY is clarified.

With the ownership transaction the management board of STOY will change and the new members of the management board shall be Martin Kalle, Gregory Devine Grace and Anu Krimm. STOY has no supervisory board. Skano is aware that STOY is not involved in any lawsuits nor does it have any arbitration proceedings or claims against it. Currently Skano and STOY have a valid fiberboard wholesale contract.

Skano Group AS is one of the largest timber processing companies in Estonia with more than 50 years of experience in timber refinement.