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Ponsse Russia appoints new Managing Director

 Tuesday, September 27, 2022

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Mihail Menshikov is appointed as the new Managing Director at Ponsse, Ponsse’s subsidiary in Russia. Jaakko Laurila, the company’s current managing director, will be transferred to another position in Ponsse Group. In a press release dated June 28, 2022, Ponsse disclosed that it has executed a deed of sale transferring all of the company’s shares to the Russian business Bison. The transaction is still being processed, but the Russian Government has not yet given its approval.

The delay is a result of a rule relating to the approval of sales of enterprises controlled by foreign parties that became effective in Russia on September 8, 2022. The aim is to complete the sale as soon as possible, Ponsse said in a statement. But the whole process requires the approval of the Russian authorities. The company has previously announced that it will complete the sale of its Russian subsidiary by the end of the third quarter of this financial period. Ponsse’s export and service operations in Russia have been suspended since March 2, 2022. The new managing director of Ponsse, Mihail Menshikov, was formerly a member of the management team and served as the company’s deputy managing director.

Ponsse Plc, which specialises in the sale, manufacture, upkeep, and technology of cut-to-length technique forest machines, is motivated by a sincere concern in its clients’ commercial endeavours. Based on the requirements of the customer, Ponsse designs and produces sustainable and creative harvesting systems. Since its founding in 1970 by forest machine entrepreneur Einari Vidgrén, the company has been a pioneer in cut-to-length-based timber harvesting solutions. The headquarters of Ponsse are in Vieremä, Finland. Shares of the company are traded on the Nasdaq Nordic List. Logs are normally sawed using the tree-length method in the reverse order that they are taken from the trunk. The result is a slower line and less effectiveness.

Read more news of Ponsse here.

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