Stora Enso to become sole owner of RETS Timber
Stora Enso Building and Living has acquired UPM Kymmene’s 50% shareholding in the sawn timber trading company RETS Timber. The acquisition makes Stora Enso Building and Living the sole owner of RETS Timber.
RETS Timber is a leading European softwood sawn products supplier to the Middle East and North Africa. The companies did not comment on the financial details of the transaction that is effective immediately.
“The Middle East and North Africa are very important markets for us due to increasing construction activity, and the acquisition of RETS shows our commitment to these markets. Being the sole owner will enable us to further develop the RETS business together with our Central European trading business, focusing on the same markets,” Hannu Kasurinen, Executive Vice President of Stora Enso Building and Living said in a release.
The transaction is to increase the annual sales of Stora Enso Building and Living by approximately €70m but is not supposed to have a material impact on the operating profit of Stora Enso Building and Living. RETS Timber has about 20 employees.
UPM Timber said in a statement it would remain an active player in Middle East and North African markets cooperating with its re-organized sales network.
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