Bergs Timber AB has signed an agreement with Bergs Timber’s principal owner, Icelandic Norvik hf, with respect to the acquisition of a number of companies within the Norvik group with operations in Latvia, Estonia and the United Kingdom.
The purchase price will be made up of 170 million newly issued shares in Bergs Timber as well as a cash payment of SEK 270 million ($32.5 million).
“We have now, for a couple of months, had the opportunity to get to know and evaluate Norvik’s timber operations. These companies are well managed and profitable with an engaged staff and quality products. I am convinced that the companies strengthen each other and that the acquisition is good both for our staff and our owners,” says Peter Nilsson, CEO of Bergs Timber.
