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Share 2016-09-26 17:29 RATOS B 39.60 SEK

Ratos's associated company Haendig acquires Finnish Penope

2001-06-07

Ratos's associated company Haendig is to acquire the Finnish company Penope - a leading player in wood processing machines and electric hand tools. Penope has annual sales of approximately FIM 100m and 50 employees. Following this acquisition, Haendig will have operations in all the Nordic countries.

"Haendig sees Finland as a strategically attractive market. Penope suits our strategy extremely well. A profitable company with products in common such as Hitachi electric hand tools," comments Thomas Holmgren President of Haendig AB as well as the new chairman of Penope.

"Penope will continue to be operated as before but we see clear synergies in the Hitachi product area for which the Group has the agency in Sweden, Norway, Denmark and Finland. We also see opportunities to provide Penope with attractive products from Haendig's strong program such as fastenings," Holmgren continues.

Penope with its president Jarmo Kivistö will be placed within the Markt Group in Norway. The former principal owner, Arto Jokinen, will remain on Penope's board.