“Wood fuels play a key role in the transition from fossil fuels. Through the joint venture, we will be able to serve customers in a geographically wider area and develop our services and operations more efficiently”, says Sirpa Huopalainen, General Counsel at Lassila & Tikanoja.
“The companies have few overlapping activities related to wood procurement. L&T Biowatti will bring solid know-how and existing supply channels for domestic wood and recycled wood to the joint venture. In addition to the Finnish wood supply chain, Neova has ready-made channels for importing fuel wood from Russia and the Baltic countries, as well as its own organisation in Estonia”, says Vesa Tempakka, CEO of Neova Oy.
The joint venture consists of L&T Biowatti Oy, owned by Lassila & Tikanoja Plc, and Neova Oy’s wood energy business of the Vapo Fuels business area. Lassila & Tikanoja Plc owns 55 per cent and Neova Oy 45 per cent of the joint venture. The joint venture’s turnover is approximately EUR 100 million and it employs around 100 people.Back to transactions