CapMan Plc: 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 Finalize Formation of New Company Fortaco
Rautaruukki Oyj announced that Rautaruukki Corporation (Ruukki) and the funds managed by CapMan Oyj (CapMan) agreed in October 2012 to combine the units of Komas and the units of Ruukki Engineering division to form a new company, Fortaco. The arrangement has now been finalized. As announced earlier, Ruukki's ownership in the new company is 19%. Fortaco will be a manufacturing partner for the engineering industry. 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. Ruukki Engineering units in Jaszbereny (Hungary), Wroclaw (Poland) and Holic (Slovakia), as well as Kurikka, Sepankyla 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 Harma (Finland) to the new company. 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.
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