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1999-08-31

Partek Insulation transaction completed

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Partek has today finalised the sale of its majority holding in its insulation business to the Industri Kapital 1997 fund and to the management of Partek Insulation. The concerned competition authorities have approved the transaction. Partek is left with a 40 percent holding in the insulation business. The investors in Industri Kapital 1997 and management are holding the remaining 60% of Partek Insulation. The aim is to expand the company’s ownership base in the future. Partek Insulation will change its name to Paroc Group Oy Ab in accordance with its Paroc brand name.

The debt-free value of Partek Insulation in the transaction was FIM 841 million (EUR 141 million).

Partek Insulation is the leading producer of rock-wool-based insulation in the Baltic region. It’s net sales were FIM 1.4 billion (EUR 235 million) in 1998 and it employs 1,600 people. The operating profit was FIM 114 million (EUR 19 million). The main markets are Finland and Sweden.

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