Estonian wood company Combiwood Group will acquire the shares in Swedish company AS Toftan. The transaction’s completion is subject to the competition authority’s approval. AS Toftan will continue to operate under its current name and brand.
“We’re excited to welcome Toftan into the Combiwood family. Toftan has a strong reputation, modern production facilities, and a dedicated team that aligns perfectly with our values and ambitions. With this step, we’re continuing to create added value in export markets through the strengths of our vertically integrated group,” said Janek Antipin, Chairman of the Board at Combiwood.
Combiwood is one of Estonia’s leading woodworking groups, employing approximately 900 people with annual revenues of around € 210 million. The group operates several timber processing factories across Estonia. The acquisition of AS Toftan, a profitable company with modern production capacity in Southern Estonia, is well aligned with Combiwood’s portfolio. The transaction is expected to support the company’s long-term growth and continued investment in sustainable wood processing.
Together, the two companies will have combined revenues of approximately € 276 million and a total of around 990 employees.
Combiwood gains access to Estonia´s most modern sawmills
“I am looking forward to working together with Combiwood. We share the same values and a common view on long-term business development, which provides a solid foundation for collaboration. By exchanging knowledge and resources, we will be able to grow even stronger. Together, we are taking a significant step toward becoming one of the leading woodworking groups in the Baltics,” said Martin Arula, CEO and minority shareholder of AS Toftan.
“Through this acquisition, Combiwood gains access to one of Estonia’s most modern sawmills, creating a strong platform for continued development. Together, the two companies will be able to strengthen their customer offering and continue to grow – both in existing and new markets,” added Karl Hedin, majority owner of AS Toftan.
Source: tradewithestonia.com
