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Nokia and UPM-Kymmene Agreed to Sell Finnish Chemicals
December 13, 1996
Nokia Corporation and UPM-Kymmene Corporation have agreed to sell the entire share capital of their joint venture Finnish Chemicals to Erikem Oy for around FIM 550 million. Nokia and Kymmene own each 50% of the share capital of Finnish Chemicals.
The major owners of Erikem Oy are MB Equity Fund Ky of Helsinki, Tianguis Limited, a company operating in the chemical industry, Prudential Venture Managers Ltd and HSBC Private Equite Europe Limited, the last three based in the United Kingdom.
Finnish Chemicals produces mainly bleaching chemicals for the wood processing industry in its facilities located in Äetsä, Joutseno and Kuusankoski in Finland. The company employs about 330 persons. In 1995, the turnover of Finnish Chemicals was FIM 829 million.
The share of Finnish Peroxides is not included in the deal. Finnish Peroxides' present owners, Solvay S.A. (50%), Nokia Corporation (25%) and UPM-Kymmene Corporation (25%) continue their ownership. Finnish Peroxide produces hydrogen peroxide in Kuusankoski in Finland.
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