Boreo Oyj Investor News 30 May 2022 at 15:00 EET
Boreo expands its operations at Vantaa headquarters and Machinery Oy has acquired the GT Motor machining business
Boreo has signed a new long-term lease agreement with OP Life Insurance regarding the group’s main premises located in address Ansatie 5, Vantaa. As a result of the new agreement Machinery Oy, part of Boreo, expands its Power and Construction equipment business operations at Ansatie. The expansion enables the development of Machinery’s existing workshop operations and the expansion of other Boreo companies located in Ansatie.
In connection with the expansion and the development plan of Machinery’s Power business, Machinery Oy has on May 1, 2022 acquired the machining business operations of Moottorikoneistus Ojala Oy (“GT Motor”). GT Motor will operate during a transition period in its current facilities in Helsinki and the business will be transferred to Machinery’s facilities in Vantaa during autumn 2022. As part of the completed transaction, two employees of GT Motor have transferred to Machinery.
Boreo will renovate new premises to GT Motor next to the existing engine repair workshop. This will enable GT Motor to serve its existing customers with a broader service offering and the future growth of the business. For Machinery, the acquisition enables a broader and quicker service of its industrial customers and locally conducted machining decreases the total lifecycle costs of large industrial engines.
Net sales of GT Motor in 2021 was approximately 0,2m€.
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Boreo in brief:
Boreo is a company listed on Nasdaq Helsinki that creates value by owning, acquiring and developing small and medium sized companies in Northern Europe. Boreo's business operations are organized into three business areas: Electronics, Technical Trade and Heavy Machines.
Boreo’s main objective is to create shareholder value in the long-term. It aims to achieve this with an acquisition-driven strategy, creating optimal conditions for its businesses to increase sales and improve profitability, and by being a best-in-class home for its companies and personnel.
The Group's net sales in 2021 were EUR 146.5 million and it employs some 400 people in six countries. The company’s headquarter is in Vantaa.