Wednesday, October 2, 2024
Versowood Oy has bolstered its presence in the infrastructure sector with the acquisition of Pinar Oy, a specialist in wooden telephone and electricity poles. The transaction, finalised on September 25 2024, saw Versowood acquire the full share capital of Pinar Oy from Heikki Aura. Pinar Oy, based in Tuohikotti, Kouvola, has an annual turnover of approximately EUR 6 million and employs seven staff members.
This acquisition marks a significant step in Versowood’s growth strategy, particularly in the telephone and electricity pole market. Following the acquisition, the company aims to achieve a turnover of around EUR 20 million within its infrastructure business.
Versowood’s Growth Trajectory
For the fiscal year ending in June 2024, Versowood Group reported a turnover of EUR 483 million, with a target of surpassing EUR 550 million in the current fiscal year. The company employs approximately 900 people and is recognized as Finland’s largest privately-owned wood processing group. Its product portfolio includes a wide range of wood-based products, such as sawn timber, planed and painted wood, strength-graded and impregnated materials, glulam structures, bioenergy products, and wooden bridges.
A Pioneer in the Wood Industry
As an international organisation and leader in the wood processing industry, Versowood procures around 4 million cubic meters of Finnish spruce and pine annually, which is processed into approximately 1.5 million cubic meters of sawn timber. The acquisition of Pinar Oy aligns with Versowood’s ongoing commitment to innovation and expansion in key sectors of the wood industry.
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