Sale of Ponsse’s subsidiary in Russia completed
Ponsse Plc, other information published based on stock exchange rules, 18 September 2023 at 5:40 pm (EEST)
Ponsse Plc has today completed the sale of all shares in OOO Ponsse, its subsidiary that provided PONSSE services in Russia and Belarus. After the conditions of the transaction were met, Ponsse’s business operations in Russia transferred to OOO Bison, a Russian company, and the trade received the approval of the local authorities.
All facilities of OOO Ponsse, including spare parts warehouses and maintenance vehicles, as well as its personnel have been transferred to OOO Bison. Ponsse’s export and service operations in Russia have been suspended since 2 March 2022.
Ponsse will classify the traded functions as asset items available for sale and report them as discontinued operations. The company has reported continuing operations since its mid-year report published on 9 August 2022 to correspond to the new business structure.
The impact of the business arrangement will be reported in the Q3 interim report to be published on October 24, 2023. The impact of the arrangement on the results of discontinued operations is expected to be negative, but it does not affect the company's performance guidance.
Ponsse announced its intention to divest its operations in Russia on 15 June 2022 and that it has signed a deed of sale regarding all shares in OOO Ponsse on 28 June 2022. The sale was completed today.
Vieremä, 18 September 2023
President and CEO
Juho Nummela, President and CEO, tel. +358 400 495 690
Nasdaq OMX Helsinki Ltd
Ponsse Plc specialises in the sale, production, maintenance and technology of cut-to-length method forest machines, and is driven by a genuine interest in its customers and their business operations. Ponsse develops and manufactures sustainable and innovative harvesting solutions based on customer needs.
The company was established by forest machine entrepreneur Einari Vidgrén in 1970 and has been a leader in timber harvesting solutions based on the cut-to-length method ever since. Ponsse is headquartered in Vieremä, Finland. The company’s shares are quoted on the NASDAQ OMX Nordic List.