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New managing director for Ponsse’s subsidiary in Russia

Ponsse Plc, stock exchange release, 16 September 2022 at 4:30 pm EEST

 

New managing director for Ponsse’s subsidiary in Russia

A new managing director has been appointed for OOO Ponsse, Ponsse’s subsidiary in Russia. Jaakko Laurila, the company’s current managing director, will transfer to another position in Ponsse Group, and Mihail Menshikov will start as the new managing director.

In its release issued on 28 June 2022, Ponsse announced that it has signed a deed of sale regarding the sale of all shares in OOO Ponsse to the Russian company OOO Bison. While the process to complete the transaction is continuing, it has not yet been approved by the Russian authorities. The delay is caused by a regulation entered into force in Russia on 8 September 2022, relating to the approval of sales of companies owned by foreign parties.

Ponsse aims to complete the sale as soon as possible, depending on the approval process of the Russian authorities, The company has previously announced that it will complete the sale of its Russian subsidiary by the end of the third quarter of this financial period. Ponsse’s export and service operations in Russia have been suspended since 2 March 2022.

Mihail Menshikov, OOO Ponsse’s new managing director, has previously worked as the deputy managing director of OOO Ponsse and been a member of OOO Ponsse’s management team.

Vieremä, 16 September 2022
 

PONSSE PLC

Juho Nummela
President and CEO

FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 400 495 690
 

DISTRIBUTION
Nasdaq OMX Helsinki Ltd
Principal media
www.ponsse.com

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.