Dutch Spliethoff to buy majority of Transfennica Ltd

Archive 7.6.2002 0:00 EEST

Myllykoski Paper



The Finnish forest industry companies UPM-Kymmene, M-real, Metsä-Botnia and Myllykoski Paper have signed an agreement to sell 51% of Transfennica Ltd to the Dutch shipping company Spliethoff. The sale is subject to the Finnish competition authorities' approval.

The parties have also agreed on mutual sales/purchasing options regarding the remaing minority shares.

Transfennica will continue and develop its liner operations independently in its market segment. The selling companies will continue to use Transfennica's services. Transfennica continues providing high quality service to its customers.

In the new ownership structure, Transfennica will also have access to Spliethoff's worldwide fleet consisting of 50 modern multipurpose vessels. Working side by side the companies will be able to offer an integrated and more extensive package of services in the international transport market.

This acquisition requires the approval of the relevant competition authorities.
For further information, please contact:

UPM-Kymmene, Heikki Sara, Executive Vice President, tel. + 358 204 15 0040
M-real, Aarre Metsävirta, Executive Vice President, tel. + 358 10 4694 301
Myllykoski Paper, Sverre Norrgård, Managing Director, tel. + 358 5 8512270
Metsä-Botnia, Jukka Forsström, Senior Vice President, Finance, tel. + 358 10 4694 674
Spliethoff, Gerard Bos, President, tel. + 31 20 44 88 440
Transfennica, Rolf Eriksson, Managing Director, tel. + 358 9 132 6400