Uusioaines sells major share package to Tesi and Partnera for €19.8M.
Uusioaines Oy, a Forssa, Finland-based manufacturer of foam glass and recycled glass, announced getting into an agreement with new investors which will acquire the company.
The investors are Partnera, which will own 58% and Tesi, with 30%. The debt-free purchase price is 19.8 million euros ($22.8M). Current owner Jarkir Oy of Uusimaa and current President and CEO Jussi Parkkali will remain minority investors in the company.
Uusioaines Oy is Finland's largest recycling glass handler, operating about 70% of Finland's recycled glass, which is about 80,000 tonnes of recycled glass every year. The company is a manufacturer of foam glass in Forssa and Jokio, with net sales in 2010 of EUR 14 million and 35 employees.