Södra, with a 20% stake in Crown Timber, has acquired its remaining shares, according to a company press release.
“The UK is our principal export market. This acquisition gives us valuable control over the entire supply chain – from the forest to the end users – and provides potential for growth,” said Jörgen Lindquist, interim president at Södra Wood.
Crown Timber is a distributor of structural timber products to the UK and Irish timber engineering sector and to timber and builders’ merchants.
Crown Timber will become part of the Södra Wood business area within the Södra Group. It will incorporate all of Södra’s activities in the UK and Irish markets, including those to be conducted by the sales company that Södra was planning to launch in the UK in the 1Q 2016.
“We will gain an organisation in the UK and Ireland that we already have in a number of our other markets, with control over the entire supply chain – from the forest to the customer. We also want to develop the business by adding the remainder of our range, meaning interior wood products, solid and parquet flooring and energy products, such as wood pellets,” said Jörgen Lindquist.
Crown Timber Group’s chief executive and largest shareholder Stuart McIntyre, who will be leaving the company, commented, “We have been a customer of Södra for close to 30 years and we know the company well. We believe that Södra is well placed to take this company forward, and it is inheriting a great workforce and management team who can help it move from strength to strength in the period ahead.”
The acquisition will take immediate effect and Christer Thörn, HR Director at Södra, will serve as Interim President until a permanent replacement has been found.
Source: Lesprom Network