Stora Enso buys UPM’s share in Rets Timber
4 September 2012Stora Enso has become the sole owner of timber export company Rets Timber after buying out UPM’s 50% stake.
The Finnish-based sawmiller said the move showed its commitment to the Middle East/North African timber markets which Rets supplies.
Stora Enso already owned 50% of Rets. UPM said it would remain an active player in the Middle East/North Africa timber market, selling through its own re-organised sales network.
"The Middle East and North Africa are very important markets for us due to increasing construction activity, and the acquisition of Rets shows our commitment to these markets," said Hannu Kasurinen.
He said Rets would continue to be the "most cost-efficient marketing tool" for Nordic sawn timber producers.
"What will change is that being the sole owner will enable us to further develop the Rets business together with our central European trading business, focusing on the same markets."
The transaction will increase the annual sales of Stora Enso's Building and Living division by approximately €70m.
