Kiiruna Talot sells stake to workers and plans 60 jobs

Kiiruna Talot, a house factory in Tornio, has sold a 20 percent stake to six employees and plans to expand production, with up to 60 new jobs expected over the next three to five years, Yle reports.

The stake was sold to Kiiruna Jr, a company owned by the six employees that is now Kiiruna Talot’s largest individual shareholder. The arrangement is intended to secure the company’s future and prepare for a generational change in ownership.

Atte Miettunen, a factory supervisor who has worked at the company for about five years, said he was pleased to receive the trust of the current owners. Some of the new co-owners, who are aged between 28 and 40, are related to existing owners. Marketing manager Alina Korteniemi is the daughter of company founder Pentti Sutinen.

Kiiruna Talot is also expanding its factory by nearly 4,000 square metres. Groundwork is due to begin this autumn. Once the expansion is complete, the factory will be able to build about 240 houses a year, compared with a current maximum of 130.

Managing director Ismo Säily said the company expects to recruit about 50 to 60 workers over the next three to five years. The factory currently employs 85 people.

Sales director Pentti Sutinen said the expansion had become necessary because the company’s order book was strong and its production capacity was nearing its limit. Korteniemi said the company wanted to keep its operations in Lapland, where it is a significant local employer.

Petri Malinen, chief economist at the Federation of Finnish Enterprises, described the ownership arrangement as sensible. He said broadening ownership to include employees can help secure a company’s future, support growth and bring in new ideas. He also welcomed the company’s early preparations for a generational change.