ASPO Plc STOCK EXCHANGE RELEASE February 23, 2015 at 14:30
KAUKOMARKKINAT TO SELL ITS INDUSTRIAL BUSINESS
On February 23, 2015, Kaukomarkkinat, part of Aspo Group, signed an agreement on the sale of its Industrial business line specializing in machine and equipment sales for paper, process and energy industries to NiJuPe Oy, in which the management of the business to be sold holds significant ownership. Business operations have been carried out in Finland, China, Vietnam, Russia, Poland, Latvia and Kazakhstan.
The annual net sales of the divested business is approximately EUR 4 million, of which commission income makes up a significant part. Through the transaction, 23 employees will be transferred to the service of the buyer. Of the international operations of Kaukomarkkinat, project operations in Beijing and an affiliate in Kunshan, China, will not be included in the transaction.
The transaction will be completed by the end of March 2015.
The parties have agreed to complete specific unfinished projects in cooperation, with Kaukomarkkinat receiving part of project income. Any guarantee liabilities associated with the projects will remain in effect throughout the projects.
The parties will not disclose the transaction price. In connection with the transaction, Aspo has evaluated the goodwill of the Kaukomarkkinat segment and will reduce it. As a result, the negative profit effect of the transaction on the Aspo Group is EUR 1.3 million, however resulting in a positive cash flow.
"Kaukomarkkinat will focus on its key operations following its strategy," says Aki Ojanen, Chairman of the Kaukomarkkinat Board of Directors.
Ojanen states that the transaction will clarify the structure of Kaukomarkkinat and improve its opportunity to further develop profitable functions in Finland.
Aspo Plc
Aki Ojanen
CEO
For further information, please contact:
Aki Ojanen, CEO of Aspo Plc, Chairman of Kaukomarkkinat Board of Directors, phone +358 9 5211, +358 9 521 4010, email aki.ojanen (a)aspo.com.
Aspo is a conglomerate that owns and develops business operations in Northern Europe and growth markets focusing on demanding B-to-B customers. Our strong company brands - ESL Shipping, Leipurin, Telko and Kaukomarkkinat - aim to be the market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these. Together they generate Aspo's goodwill. Aspo's Group structure and business operations are continually developed without any predefined schedules. www.aspo.com
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Nasdaq Helsinki
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