Ruukki Group completes the sale of Finnish sawmill business

Jun 24, 2011. /Lesprom Network/. Ruukki Group Plc has completed the sale of its 51% holding in Junnikkala Oy to Junnikkala Oy’s minority shareholders. The total consideration of Euro 6 million will be paid in cash in two parts: Euro 4.5 million has been paid on completion and Euro 1.5 million on 31 August 2011, as the company said in a press release received by Lesprom Network. All the conditions of the agreement have been fulfilled, including the approval of the Extraordinary General Meeting, to complete the transaction. This now concludes the sale of Ruukki's wood processing business and transforms the Company into an integrated chrome producer focused on growth, with a FerroAlloys business in southern Africa and a Speciality Alloys in Europe. Junnikkala Oy is a producer of high quality timber. The revenue for the year ended 31 December 2010 was Euro 59.6 million and the company had 111 employees.