Helsinki, Finland, 2012-02-09 08:00 CET (GLOBE NEWSWIRE) --
Lassila & Tikanoja plc has redeemed the remaining 30 percent of share capital of L&T Biowatti Oy as agreed in an agreement signed 18 December 2006.
Lassila & Tikanoja acquired the majority of the share capital of Biowatti Oy from the acting management of the company in 2006. L&T also made a commitment to redeem the remaining shares by 28 February 2012.
In the consolidated financial statements the whole acquisition price (100%) was recognised as acquisition cost at the time of the agreement. No minority interest was separated from the profit or equity, but the estimated acquisition price of the remaining 30 percent was recognised as interest-bearing non-current liability.
LASSILA & TIKANOJA PLC
Ville Rantala
CFO
For additional information please contact
Ville Rantala, CFO, Vice President, Renewable Energy Sources, tel. +358 50 385 1442 or
Keijo Keränen, Head of Treasury and IR, tel. +358 50 385 6957.
Lassila & Tikanoja specialises in environmental management and property and plant support services and is a leading supplier of wood-based biofuels, recovered fuels and recycled raw materials. With operations in Finland, Sweden, Latvia and Russia, L&T employs 9,500 persons. Net sales in 2011 amounted to EUR 652 million. L&T is listed on NASDAQ OMX Helsinki.
Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com