Ruukki to Acquire Lithuanian Steel Frame Company
12/11/2008 - Rautaruukki signs agreement to acquire the entire share capital of Lithuanian steel constructor Gensina from its private owners.
Rautaruukki Corp. has signed an agreement to acquire the entire share capital of the Lithuanian steel constructor Gensina from its private owners. The parties have agreed not to disclose the transaction price.
Active in the production and assembly of steel frames, Gensina reported net sales of some EUR 9 million euros in 2007. Established in 1997, the company has some 82 employees and its customers are international and local investors and construction firms in Lithuania.
Active in the production and assembly of steel frames, Gensina reported net sales of some EUR 9 million euros in 2007. Established in 1997, the company has some 82 employees and its customers are international and local investors and construction firms in Lithuania.
"With its strong market presence in Lithuania, the company we are acquiring will strengthen Ruukki's foothold in the Baltic construction market,” said Saku Sipola, President of Ruukki Construction.
"The transaction will not only further Ruukki's frame and envelope project business both in Lithuania and the other two Baltic states, but also strengthen Ruukki's manufacturing network serving the Baltic states,” added Sipola.
The transaction, which is subject to the approval of regulatory authorities, is expected to be finalized by the end of 2008.
Rautaruukki supplies metal-based components, systems and integrated systems to the construction and engineering industries. The company has operations in 26 countries and employs 15,000 people. Net sales in 2007 totaled EUR 3.9 billion. The corporation uses the marketing name Ruukki.
