Binderholz group agrees to buy Finnish sawmill Kuhmo Oy

Austrian Binderholz Group has agreed to acquire Finnish sawmill company Kuhmo Oy, Yle reports. The deal also includes Juntinsalo Oy, a property company owned by the Kuhmo Group.

Shareholders decided on July 31 to sell the entire share capital to Binder Beteiligungs AG, which belongs to the Binderholz Group.

The transaction will not affect employment terms, according to the announcement. Kuhmo Oy employees will transfer to the new owner under their current conditions. The company employs 180 people.

The acquisition still requires approval from the competition authorities.

The stated aim of the deal is to strengthen the long-term competitiveness of Kuhmo’s sawmill operations and secure the continuity of jobs in Kuhmo.

Kuhmo Oy processes more than one million solid cubic metres of logs each year. Its annual output of around 500,000 cubic metres of sawn timber consists of approximately 80 per cent pine and 20 per cent spruce. The company’s annual revenue is about 150 million euros.