ASPO CHEMICALS EXPANDS THROUGH ACQUISITION IN ESTONIA

Aspokem Eesti AS, a company belonging to the Aspo Chemicals division, has acquired two Estonian companies from Kemirol on 29 March, 2001.

Kemirol, established in 1993, is the leading producer and distributor of automotive chemicals in Estonia. The company operates also on the Latvian and Lithuanian market. Kemirol has its production and packaging plant in Pärnu, Estonia.

The net sales of Kemirol companies totalled EUR one million in 2000, while the net sales of Aspokem Eesti AS totalled EUR 7 million for the same period.

Through incorporation of the operations Aspo has the objective to achieve leading position in the production, packaging and marketing of automotive chemicals in the Baltic countries. Last year the automotive chemicals unit's performance fell short of targets and its result remained unsatisfactory. This acquisition is part of a reorganizing program to strengthen the automotive chemicals unit as part of the operations of the Chemicals division.