Helsinki, Finland, 2014-03-13 15:00 CET (GLOBE NEWSWIRE) --
Lassila & Tikanoja plc Stock exchange release 13 March 2014 4.00 pm
Lassila & Tikanoja plc’s divestment of Latvian business operations, initially announced on 3 March 2014, has been successfully completed today.
On 3 March 2014 the company announced the following: Lassila & Tikanoja and Bioinvest SIA have signed an agreement on the sale of L&T’s business operations in Latvia to Bioinvest SIA.
The total net sales of the divested business operations amount to about EUR 16 million, most of which is allocated to the Environmental Services division. As a result of the divestment, about 950 employees will transfer to Bioinvest’s payroll. The transaction is expected to be finalised in March 2014.
The parties have agreed that the transaction price will not be made public. In accordance with IFRS accounting practices, Lassila & Tikanoja will recognise a capital gain of approximately EUR 1-2 million on the divestment in its first-quarter interim report for 2014.
“The divestment of Latvian business operations is one of the steps we are taking to streamline L&T’s business portfolio and implement our strategy of profitable growth. The Latvian market for environmental services is undergoing a great transition, and thus it would not have been the right time to invest there. The Environmental Services division is the market leader in Finland – and we will now focus on further consolidating our position,” says Pekka Ojanpää, President and CEO of Lassila & Tikanoja.
LASSILA & TIKANOJA PLC
Pekka Ojanpää
President and CEO
For additional information, please contact
Timo Leinonen, CFO, tel. +358 400 793.
Lassila & Tikanoja is a service company that is transforming the consumer society into an efficient recycling society. In co-operation with our customers we are reducing waste volumes, extending the useful lives of properties, recovering materials and decreasing the use of raw materials and energy. We help our customers to focus on their core business and to save the environment. Together, we create well-being and jobs. With operations in Finland, Sweden and Russia, L&T employs 8,000 persons. Net sales in 2013 amounted to EUR 668.2 million. L&T is listed on NASDAQ OMX Helsinki.
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NASDAQ OMX Helsinki
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www.lassila-tikanoja.com