Elcoline expands business by acquiring TSG from Fortum in Finland

The Finnish company Elcoline, based in Varkaus, is continuing its business expansion with a recent acquisition. Elcoline announced that it is purchasing the TSG business, which includes turbine and generator services, from the energy company Fortum. The deal was officially signed today.

Elina Engman, CEO of Elcoline, stated in a press release that this acquisition will allow the company to internationalize and expand into crucial sectors such as the energy industry and other areas related to industrial energy producers. Following this acquisition, Elcoline will employ nearly 1,000 people across Finland, Sweden, and now Germany.

Fortum revealed that it is divesting the TSG business as it no longer aligns with the company’s strategic focus. Elcoline offers maintenance, installation, and service solutions for industries, along with the execution of technical projects. TSG is a Nordic provider of maintenance and service solutions, primarily focusing on the upkeep of turbines and generators for power plants and industrial clients, as well as equipment condition monitoring. Last year, TSG had over 170 employees and reported a revenue of 32 million euros.

Elcoline has been seeking to grow its business and has made previous acquisitions, such as the purchase of its competitor SSG Sahalan last year. Additionally, the company has drawn interest from investors. The transaction is expected to be completed by the end of this year, pending fulfillment of its conditions. The purchase price has not been disclosed.