"That Setra gets a clear majority owner with industrial ownership as an important part of its long-term strategy is very positive. It creates good conditions for us to grow and develop. The ownership change does not entail any operational change in Setra as the company will continue to be run as an independent industrial company," says Setra's CEO Marcus Westdahl.
Below is the announcement from Sveaskog AB and Mellanskog in its entirety.
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December 12, 2024, at 10:00
Sveaskog Sells its Shareholding in Setra Group to Mellanskog
Sveaskog AB and Mellanskog today announce a letter of intent regarding the sale of Sveaskog's holding in Setra Group AB to Mellanskog. The ownership change is planned to be executed during the first quarter of 2025.
The limited company Setra Group is 50 percent owned by Sveaskog and 49.5 percent by the forest owners' association Mellanskog. The remaining 0.5 percent is owned by approximately 1,400 smaller shareholders. The sale means that Mellanskog acquires Sveaskog's total stake in Setra Group.
Setra Group is one of Sweden's largest wood industry companies and contributes to Swedish exports of wood products. The company's production facilities process forest raw materials into sawn and planed wood products, glulam, CLT, and components for construction and housing. Additionally, the by-products are used for domestic energy production. Products from Swedish sawmills have great potential to contribute to the green transition, create value from Swedish forest raw materials for society, and as an employer in a future-oriented industry. Setra thus plays an important role for Sweden.
Sveaskog is Sweden's largest forest owner with 14 percent of Sweden's forest land. The company is owned by the Swedish state and is an independent player without its own major interests as an end-user of forest raw materials. The ownership change is in line with Sveaskog's strategy to be a responsible forest owner and a previous parliamentary decision from 2009.
"As an owner, it is our task to create optimal conditions for the company's future as a competitive and profitable company. I am therefore pleased that we have now reached an agreement with Mellanskog for them to take over our shareholding. Through the deal, the company can develop and create long-term value for its owners. We have proudly been an owner in Setra and I look forward to continued good cooperation," says Sveaskog's CEO Erik Brandsma.
Mellanskog is a forest owners' association with an operational area from Gotland in the south to Härjedalen in the north and is owned by approximately 28,200 members. The association's main task is to create as much value as possible for the association's members.
"Mellanskog believes in wood as a material and looks forward to continuing to develop Setra as one of Sweden's largest wood industry companies. The acquisition is well in line with our long-term business strategy and will strengthen Mellanskog's members," says Mellanskog's CEO Fredrik Munter.
About Setra Group:
- Setra is one of Sweden's largest wood industry companies. In Setra's productions units, forest raw materials are processed into climate-friendly, high-value products such as glulam, planed wood, components, and CLT for construction and housing on a global market.
- Setra's timber originates from responsibly managed forests in some of the world's best raw material areas for coniferous wood. Setra also sells by-products such as bark, chips, and sawdust to customers in the paper and pulp industry as well as for energy production.
- The group also includes the subsidiaries Setra Trävaror and the operations in England, Setra Wood Products, as well as Pyrocell, co-owned with Preem.
- Setra is a limited company that is 50 percent owned by Sveaskog and 49.5 percent by the forest owners' association Mellanskog. The remaining 0.5 percent is owned by approximately 1,400 smaller shareholders.
- Setra has approximately 860 employees and a turnover of approximately SEK 5.5 billion.
- About 70 percent of the turnover consists of exports to Europe, North America, Asia, North Africa, and the Middle East.
For more information, contact:
Erik Brandsma, CEO and Group President Sveaskog, +46 8-655 90 50
Sveaskog's press service, +46 8-655 90 50, press@sveaskog.se
Fredrik Munter, CEO Mellanskog, +46 10-482 80 01
Mellanskog's press service, +46 10-424 15 00, presskontakt@mellanskog.se
Sveaskog is Sweden's largest forest owner and is owned by the Swedish state. Our mission is to create value from our forest and land through responsible and long-term management, while contributing to Sweden's national environmental and climate goals and the global goals in Agenda 2030. Every day, our more than 800 employees work to balance the ecological, economic, and social values of the forest and land to ensure viable forests for the future.
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