Pakenso Oy, a member of the Stora Enso Group, has confirmed a letter of intent published on 4 May 1999, under which JOT Automation Group Oyj is to acquire a 49% interest in Pakenso’s subsidiary Formeca Oy as of 1 July 1999. JOT Automation Group has an option to increase its stake into a majority interest over the next two years. Cooperation with JOT Automation Group will strengthen Pakenso’s packaging business.
Pakenso offers customers total solutions comprising packaging machines and corrugated board packagings designed to reduce the costs of product packaging, protection and distribution. The cooperation will enable both Pakenso and Formeca to benefit from the latest advances in the electronics industry.
Formeca Oy is a manufacturer of packaging machines based in Lahti. The company had sales of FIM 13 million in 1998, and employs 22 persons. As a result of the agreed cooperation, sales are estimated to treble this year.
For more information, contact:
Markku Pentikäinen, Pakenso Oy, tel. +358 20 46 27403
Irma Korhonen, JOT Automation Group Oyj, tel. +358 20 56820
