LASSILA & TIKANOJA PLC Stock exchange release 1 October 2010 9.00 am
REORGANISATION OF THE BUSINESS OF LUBRICATING OIL RE-REFINING TO BE CANCELLED
On 29 April 2010, Lassila & Tikanoja plc announced that Lassila & Tikanoja and
EcoStream Oy have signed a preliminary agreement on a business arrangement based
on which Lassila & Tikanoja will sell its 50 percent holding in the joint
venture L&T Recoil Oy to EcoStream, a co-owner. On 22 June 2010, Lassila &
Tikanoja plc announced that the deadline given to the transaction was extended
until 30 September 2010.
However, financing needed for the transaction by EcoStream could not be
completed as agreed in the preliminary agreement. Therefore, the preliminary
agreement expires. L&T Recoil's assets are no longer recognised as held for-sale
assets and related liabilities.
Lassila & Tikanoja and EcoStream will continue to develop the business of
lubricating oil re-refining together.
Despite the cancellation, the earnings guidance for 2010 remains unchanged:
full-year net sales and operating profit excluding non-recurring items are
expected to remain at the 2009 level.
LASSILA & TIKANOJA PLC
Jari Sarjo
President and CEO
For additional information, please contact Jari Sarjo, President and CEO, tel.
+358 10 636 2810, or Ville Rantala, CFO, tel. +358 50 385 1442.
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 8,700 persons. Net sales in 2009 amounted to EUR
582 million. L&T is listed on NASDAQ OMX Helsinki.
Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com