Raute’s fully owned Hiottu Oy to be merged into Raute Corporation
RAUTE CORPORATION PRESS RELEASE 16 AUGUST 2024 AT 9 A.M.
Raute’s fully owned Hiottu Oy to be merged into Raute Corporation
Raute's Board of Directors has approved a merger plan according to which the company's fully owned subsidiary Hiottu Oy will be merged into Raute Corporation.
The merger is expected to take place on 31 December 2024.
Raute Corporation acquired 80 percent of the shares of Hiottu Oy in 2020 and redeemed the remaining 20 percent in 2023. Hiottu Oy has brought strong digitalization expertise to Raute, especially in machine vision and AI solutions. The objective of the merger is to simplify the Group structure to increase business efficiency.
FURTHER INFORMATION:
Mr. Mika Saariaho, President and CEO, tel. +358 40 154 9393
DISTRIBUTION:
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers’ efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute’s head office and main production is located in Lahti, Finland. The company’s other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute’s net sales in 2023 were EUR 145.4 million. The Group’s headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.
