Ensto Finland Oy ("Ensto") and Casemet Oy ("Casemet") have signed an agreement on March 14, 2016, according to which Ensto sells its metallic enclosure business to Casemet. Casemet is a Mikkeli-based family business focusing on the manufacture of enclosures, electromechanical components, and sheet-metal structures in Finland.
The business transaction is to take effect on March 17, 2016, when the transfer of ownership and the tenure of the business operations will take place. The transaction is scheduled for completion by the end of March 2016. In connection with the transaction, Ensto and Casemet also sign a subcontracting agreement that covers the manufacturing of panel boards and cable distribution cabinets.
"As Ensto's strategic priorities are being sharpened, the company is selling its traditional metallic enclosure business manufactured in Mikkeli. Casemet will provide more volume from more product sectors than Ensto could offer. Also, as a local entrepreneur will be investing in the development of operations and improvement of profitability from a local perspective, which is important for manufacturing operations such as these. Casemet is able to provide an excellent starting point for the further development of the metallic enclosure business," says Timo Luukkainen, President and CEO of Ensto Group.
"Casemet's strategic targets include profitable growth and a focus on the manufacture of enclosures, electromechanical components, and sheet-metal structures. The ac-quisition of Ensto's metal enclosure business operations will strengthen our competence in metal enclosures and new production techniques, and it will enable our company to grow," states Jukka Kokkonen, Chairman of the Casement Board of Directors.
The personnel working at Ensto's Mikkeli factory will be transferred to the employment of Casemet as of March 17, 2016 as so called former employees.
Casemet will inform its stakeholders its future plans after the transaction has been concluded.
After the business acquisition, the estimated turnover of Ensto Group for 2016 is approximately EUR 270 million, and it employs approximately 1,550 persons in 20 countries. Ensto's strong financial position enables the further development of business operations, along with investments in new business opportunities in areas such as the improvement of energy-efficiency. Ensto's owners are strongly committed to develop the company further, both now and in the years to come.
Mikkeli, March 14th, 2016.
Chairman of the Board
Timo Luukkainen, President and CEO of Ensto Group, tel. +358 40 514 3040
Jukka Kokkonen, Chairman of the Board of Directors of Casemet Oy, tel. +358 44 321 1710
Ensto in brief
Ensto is a family business and international cleantech company specializing in the development, manufacture and marketing of electrical systems and supplies for the distribution of electrical power as well as electrical applications. We are committed to lasting sustainable development and our goal is to be the world's leading company in green energy efficiency and distribution. Our products, manufactured in seven different countries, are environmentally friendly, energy efficient and leave a minimum carbon footprint.
Established by Ensio Miettinen in 1958, we are a family business with 1,700 employees in Europe and Asia. The company's turnover is 280 million euros. Ensto has three key business units: Ensto Electrification, Ensto Lighting and Ensto Utility Networks.
Casemet in brief
Casemet Oy is a family business that was established on February 2, 2016, for the purpose of continuing the operations of Ensto's Mikkeli factory.
The company's turnover consists of the manufacturing of metal enclosures and the company also acts as a contract manufacturer of electromechanical and sheet-metal structures. The target is to retain the current market position and clientele while also forming new customer relationships. In the future, Casemet will seek growth especially in international markets.
Casemet employs approximately 120 people, of whom approximately 15 are office personnel. The company's managing director is Jukka Pesonen. Casemet's strategy is to establish profitable business operations in order to secure a solid future for the region's jobs in the metal industry. Casemet will also be a significant subcontractor for other small and medium-sized enterprises in the region.