Helsinki, Finland, 2012-05-08 07:00 CEST (GLOBE NEWSWIRE) --
LASSILA & TIKANOJA PLC STOCK EXCHANGE RELEASE 8 May 2012 8.00 am
Lassila & Tikanoja plc and EcoStream Oy are negotiating on a business transaction in which Lassila & Tikanoja will sell its 50 percent holding in the joint venture L&T Recoil Oy to EcoStream, a co-owner. The selling price would total EUR 10 million paid in cash and slightly under 20% of EcoStream’s share capital. The arrangement’s cash flow effect is about to be some EUR 10 million positive and effect on operating profit is to be neutral in 2012.
Lassila & Tikanoja would still continue as one of the raw material suppliers of the plant.
The transaction is intended to be completed by the end of June 2012. The transaction is conditional to the completion of the share issue decided by the Annual General Meeting of EcoStream, held on 26 April 2012.
LASSILA & TIKANOJA PLC
Ville Rantala
CFO
For additional information please contact
Ville Rantala, CFO, Vice President, Renewable Energy Sources, 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 9,500 persons. Net sales in 2011 amounted to EUR 652 million. L&T is listed on NASDAQ OMX Helsinki.
Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com