World News | 9
HS Timber Group acquires Vika Wood SIA from Bergs Timber AB
Above: HS Timber Group CEO Juergen Bergner talks to the management of Vika Wood
The Austrian HS Timber Group has signed an agreement to acquire 100% of the shares in the Latvian wood processing company Vika Wood SIA from the Swedish owner Bergs Timber AB.
The transaction is still subject to approval by the competition authority, with closing expected within the first quarter of 2025. HS Timber Group said the acquisition of a leading
Stora Enso pre-close Q4 2024 update outlines non-cash impairments of €724m
Stora Enso has signalled that it will record non-cash impairments of approximately €724m in its IFRS operating result in the fourth quarter of 2024.
Stora Enso’s pre-close Q4 2024 update says that including the estimated positive tax effect of €56m, the net result impact will be approximately €668m negative. Demand for classic sawn products, and pellets especially for heating, is expected to rise sequentially in the fourth quarter due to seasonal factors. The European construction confidence indicator continued to be negative and has been negative since January 2023. Continued elevated wood costs impacts margins.
The company said wood
markets in the Baltic Rim remain tight. General cost inflation, especially in logistics and harvesting, will also impact on the fourth quarter. In October 2024, Stora Enso announced its plan to sell approximately 12% of its forest assets in Sweden. This sale is intended to reduce debt and demonstrate the financial value of the company’s forest holdings.
Stora Enso also entered into an agreement to acquire Finnish sawmill company Junnikkala Oy to secure cost- efficient wood supply for its Oulu packaging board site and enhance its wood products business. The transaction, valued up to €137m is subject to regulatory approvals and expected to close in H1, 2025.
□ Accsys Technologies plc, the producer of Accoya modified wood has recorded improved interim financial results and confirmed the closure of the Hull Tricoya plant.
sawmill in Latvia strengthened its sustainable operations portfolio, with Vika being a “renowned brand”. The sawmill is located near Talsi in western Latvia. Terms of the transaction are to remain confidential. Brand, management, and business activities of Vika Wood will remain unchanged. Haralds Kronberg, CEO, together with his management team at site will continue to develop Vika Wood into the future.
Upon signing, HS Timber Group announced that investment projects and development plans will be further developed. Vika Wood has an annual
production capacity of up to 300,000m3 of kiln dried sawn timber.
It has a workforce of around 140 employees.
“This acquisition aligns seamlessly with our strategy to strengthen our operations and grow sustainably,” said Jürgen Bergner, CEO of the HS Timber Group.
“By having access to high- quality raw materials and entering the attractive Baltic market, we can serve our customers even better.” “The divestment of Vika
Wood follows Bergs Timber’s strategy to concentrate on more consumer-oriented products,” said Peter Nilsson, CEO of Bergs Timber.
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www.ttjonline.com | January/February 2025 | TTJ
World News
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