CapMan Oyj: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Rautaruukki Oyj and CapMan Oyj Form New Company Fortaco
Rautaruukki Oyj (Ruukki) announced that Ruukki and funds managed by CapMan Oyj (CapMan) have agreed to combine units of Komas and units of Ruukki Engineering division to form a new company. The name of the company will be Fortaco. Ruukki's ownership in the company to be formed will be 19.0%, and in addition Ruukki will receive a cash payment of around EUR 25 million and equity-linked securities worth around EUR 81 million in the company, totaling around EUR 114 million, which corresponds to the total value of assets which Ruukki will transfer to the new company. Completion of the transaction is subject to approval from the competition authorities and is expected to be finalized by early December 2012. The transaction will not affect Ruukki's financial reporting before the arrangement is finalized. Fortaco is expected to generate pro-forma net sales of approximately EUR 270 million in the fiscal year 2012 and will have a total of approximately 2,600 employees. Ruukki Engineering units in Jaszbereny (Hungary), Wroclaw (Poland) and Holic (Slovakia), as well as Kurikka, Sepankyla and the Kalajoki component business (Finland) will transfer to the new company. Net sales of the units contributed by Ruukki totaled EUR 158 million in 2011. Net sales of the Ruukki Engineering units excluded from the transaction totaled some EUR 100 million in 2011. Komas will contribute with its units in Janow Lubelski (Poland), Narva (Estonia) and Sastamala, Kurikka, Parkano and Harma (Finland).
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