European specialist of indoor and outdoor painted claddings Siparila Oy has signed an agreement with global thermowood producer Thermory. The combination creates a group with more than €100 million in revenues with manufacturing and sales capability in key regions internationally.
This transaction helps Thermory significantly expand its product portfolio from currently focused thermally modified wood for decking, cladding and sauna materials to high quality painted cladding applications. Siparila organisation and products will immediately gain access to the global sales distribution network.
According to the CEO of Thermory, Johann Sulling, both Thermory and Siparila are producers of high quality value-add wood materials, so this acquisition takes place primarily considering the future potential of taking innovative solutions developed by the Nordic wood industry to global customers. “Siparila has long-term experience in development and production of innovative wooden materials as well as history in cooperating with architects and developers in the Finnish and Scandinavian markets. We see a lot of potential to widen the customer base internationally and continue this success story,” said Sulling.
Thermory also owns a thermowood producer Soumen Lämpöpuu in Finland. With this transaction, Thermory, who currently employs 550 people in five production units in Estonia, Finland and Belarus, will increase its production capacity with further four production units of Siparila in Finland, welcoming 130 new employees to the group.
Siparila will continue its activities in Finland based on the current brand and operational model. The owner of the company, Juha Sojakka, will remain closely involved in the company and continue as the CEO of Siparila.
According to Sojakka, joining forces with Thermory will enable Siparila to develop faster to the next level and expand internationally. “Interest towards the Nordic and Scandinavian timber has never been greater than now. We will shake hands with Thermory who brings on board their experience in selling its product globally, while we share our knowledge of product development with highest Nordic quality,” Sojakka added.
The transaction was financed by SEB Estonia and Sorainen Law Firm acted as the legal advisor to Thermory.
