12:00 London, 14:00 Helsinki, 24 May 2011 – Ruukki Group Plc, Stock Exchange Release
RUUKKI GROUP SELLS FINNISH SAWMILL BUSINESS
Ruukki Group Plc (“Ruukki” or the “Company”) (LSE: RKKI, OMX: RUG1V) is pleased to announce that it has signed a definitive agreement to sell its 51 percent holding in Junnikkala Oy to Junnikkala Oy’s minority shareholders. The total consideration of EUR 6 million will be paid in cash in two parts: EUR 4.5 million on completion and EUR 1.5 million on 31 August 2011. The letter of intent to sell the Finnish sawmill business was announced on 31 January 2011.
The transaction is expected to be completed by the end of June 2011 and is, inter alia, subject to approval at Ruukki’s Extraordinary General Meeting. The invitation to the Extraordinary General Meeting will be announced separately.
Junnikkala Oy is a producer of high quality timber. The revenue for the year ended 31 December 2010 was EUR 59.6 million and the profit before tax EUR 2.6 million. On 31 December 2010, the value of the gross assets was EUR 41.5 million and the company had 111 employees.
Completion of the transaction is not expected to have a material effect on Ruukki’s second quarter 2011 profit and will conclude the sale of Ruukki's wood processing business. The proceeds will be used in the Company’s mining and minerals processing business.
RUUKKI GROUP PLC
Thomas Hoyer
CEO
For additional information, please contact:
Ruukki Group Plc
Thomas Hoyer, CEO, +358 (0)45 6700 491, thomas.hoyer@ruukkigroup.fi
Markus Kivimäki, General Manager, Corporate Affairs, +358 (0)50 3495 687, markus.kivimaki@ruukkigroup.fi
Investec Bank Plc
Stephen Cooper, +44 (0)20 7597 5104, stephen.cooper@investec.co.uk
RBC Capital Markets
Martin Eales, +44 (0)20 7653 4000, martin.eales@rbccm.com
Peter Barrett-Lennard, +44 (0)20 7653 4000, peter.barrett-lennard@rbccm.com
Ruukki Group is a natural resources company with a mining and minerals business in southern Europe and southern Africa. The Company is listed on NASDAQ OMX Helsinki (RUG1V) and the Main Market of the London Stock Exchange (RKKI).
www.ruukkigroup.fi
Distribution:
NASDAQ OMX Helsinki
London Stock Exchange
main media
www.ruukkigroup.fi