Ruukki Construction will be the main shareholder Piristeel Oi
The subsidiary of SSAB Ruukki Construction agreed to buy a majority stake (67%) in the Finnish company Piristeel Oi. Sales of Piristeel Oi in 2018 amounted to SEK 200 million (about EUR 20 million), most of which are Finland. Piristeel Oi is a leading Finnish manufacturer of roof security products and rainwater systems. The agreement supports the development strategy of Ruukki Construction for parent companies, improving the position of SSAB in the northern domestic market. The deal should end in the first quarter of 2019.
Founded by Pentti and Rita Piri in 1989, Piristeel Oi employs about 70 permanent employees in three production plants in Kauhava and Lapu. In 2019, the company will focus its production on the production plant in Kauhava. According to the agreement, the current owners will retain a minority share (33%) and will continue to work for the company. Ruukki Construction has the opportunity to buy the rest of the company. The company will continue to trade under its own brand as part of Ruukki Construction.
"We are trying to support the profitable growth of the roofing business.Priristeel´s transaction is complementary to our products in roof and rainwater security products.This will allow us to provide our customers with more competitive roofing systems, especially in Finland, as well as in other our main sales and service network Ruukki Construction provides good opportunities for the expansion of existing activities Piristeil Piristeel is an excellent company whose production and products are well aligned with our goals, "says Sami Eronen, President of Ruukk Construction.
SSAB is trying to be a market leader in Nordic countries. The SSAB Ruukki Construction subsidiary has an important role in achieving this goal. In addition to residential roofs, Ruukki´s other business areas are construction components, which focus on supplying wall products and construction structures, and Building Sistems, which focuses on the delivery of projects for the construction of buildings and residential buildings. The total sales of Ruukki Construction in 2018 amount to about 6.1 billion kronor.
