Peikko Group starts composite beam production in Montreal

Lahti-based Peikko Group has begun its own composite beam production in Canada by acquiring the operations of its long-term partner Nova Steel Products in Montreal, Yle reported.

Nova Steel sold Peikko the production equipment for Deltabeam composite beams and leased its production premises to the company. The deal took effect on July 26, 2026. Its price was not disclosed.

Twenty-five employees transferred to Peikko’s Canadian company as part of the transaction, bringing the group’s workforce in Canada to about 50. Chief Executive Officer Topi Paananen said the company is likely to hire more staff.

Paananen said starting its own production in North America was a significant step for Peikko’s future growth. Having direct control over production would make it easier for the company to decide on expansions and to move more quickly, he said.

The arrangement could also support a possible move into its own production in the United States. However, Peikko’s products exported from Canada to the US currently face tariffs of 50 percent.

“Most of our approximately 20 million euro turnover in North America comes from Canada, so the impact of the tariffs is reasonably limited at the moment,” Paananen said.

Data centres support growth

Paananen said Peikko Group had recovered from the weaker years of a couple of years ago. Most of its growth is coming from non-residential construction, including hospitals and schools, while residential construction has yet to pick up.

The company has also won work on data centre projects and construction for the defence industry.

Peikko Group’s turnover was 261 million euros in 2025. Paananen expects it to approach 300 million euros this year, with the company also reporting a strong order book.

About 50 new employees have been hired at Peikko’s Lahti factory during the spring, including both temporary and permanent staff. Paananen said labour-market reforms by the Finnish government had lowered the threshold for companies to hire workers.

“From an entrepreneur’s point of view, the risk is now lower if the work were to run out and the number of employees had to be reduced,” he said.