Successful closing: Pfeifer Group completes acquisition of Finnish wood processor Pölkky Oy
On January 31st 2023, the Austrian Pfeifer Holding GmbH was able to successfully complete the acquisition of the largest private wood processing company in northern Finland, Pölkky Oy, by closing the transaction. After signing the contract at the end of December 2022, the competition authority has now given green light for the merger. It was agreed not to disclose the purchase price.
The takeover in Finland strengthens Pfeifer’s position as one of the leading companies in the European timber industry and equips the producer for global competition. In the course of the signing, the management had announced that Pölkky’s ambitious investment projects and business activities with full commitment to develop further.
The brand, management and business activities of Pölkky will be preserved. Petteri Virranniemi will remain CEO, Josef Dringel (Chairman), Ewald Franzoi, Esko Nenola and Peter Nygård will sit on the newly organized Board of Directors.
With the takeover, the number of employees of the Pfeifer Group increases to around 2,600 employees in four countries. The projected annual turnover will rise to 1.4 billion euros in 2023.
The expansion is part of a well-considered growth strategy. In addition to the attractive Scandinavian market, the Pfeifer Group is thus also opening up new sources of supply with regard to the high-quality raw material in order to sustainably secure the Group’s security of supply and ability to deliver.
About the Pfeifer Group
The Austrian Pfeifer Holding GmbH was founded in 1948 and is now family-run in the third generation. It employs 2,600 people at thirteen locations in Austria, Germany, the Czech Republic and Finland. The company headquarter is located in Imst (Tyrol/Austria). In the fully integrated sawmills of the Group, around 5.4 million solid meters of wood are cut annually and processed along the entire value chain into sawn timber and planed goods, concrete formwork panels, formwork girders, cross laminated timber (CLT), glued laminated timber, glued solid wood panels as well as pallet blocks, briquettes, pellets and bio electricity.