Honkarakenne Oyj Stock Exchange Release 21 December 2009 at 16.00 hours
HONKARAKENNE LIQUIDATES ITS HOLDINGS IN OY TIMBERHEART LTD
On 21 December 2009, Honkarakenne completed an agreement to sell its 38% holding
in the Lahti-based provider of wooden buildings, Oy TimberHeart Ltd, to the
company's private shareholder, Mr. Risto Kontinen. He will continue as
TimberHeart's principal shareholder and Managing Director. The parties in the
transaction have agreed that the sale price will remain undisclosed.
TimberHear Oy will continue its operations as an independent company
specialising in timber frame buildings, and the Honkarakenne factories in
Alajärvi and Karstula will keep providing the frame sections and wooden parts of
the TimberHeart buildings, as before.
Honkarakenne relinquishes its holding in TimberHeart Oy as part of its on-going
measures to streamline the entire group's structure. Honkarakenne's own
marketing and sales activities are focused on the promotion of the Honka brand
in the premium customer segments of selected target markets.
Oy TimberHeart Ltd is a Lahti-based company which was established in 2002. The
company provides timber frame buildings for both domestic and international
markets. TimberHeart buildings have been on display, for example, at the Heinola
Housing Fair in 2004 and the Espoo Housing Fair in 2006.
HONKARAKENNE OYJ
Board of Directors
For further information, please contact:
CEO Esa Rautalinko, gsm +358 400 740997, Esa.Rautalinko@honka.com
Distribution:
NASDAQ OMX Helsinki
Key Media
Financial Supervisory Authority
www.honka.com