Partek Oy Ab, a listed Finnish multi-branch firm and Sisu, a Finnish government-owned firm mainly producing tractors, terminal systems, and forest machines, are to merge. The result of the merger will be a large international producer of cargo-handling machines and equipment. The merger will take place in stages so that by the end of the year Sisu will be fully owned by Partek. Its biggest single shareholder will be the Finnish Government 30.4 per cent of the shares. The total price for Sisu will be around 350 million US$.
The new company will have a turnover of around 2.4 billion US$ and will employ more than 13,000 people, 5000 of whom will be working in Finland. Its balance sheet total will be around 1.8 billion US$.
The company will be the world's market leader in general cargo cranes, terminal tractors and mobile gantry cranes. Partek is already the market leader in Europe for timber cranes and demountable load-handling systems. In cut-to-length based forest machines, Sisu is the world's second largest producer, and its Valmet tractors are the market leader in Scandinavia.
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ARTICLE
6 February 1997