“In connection with the review of strategy conducted at Vapo last year we concluded that waste management is no longer a core activity. We began negotiations with several potential buyers of Mustankorkea and I am satisfied that, based on an overall evaluation of the bids, the buyer is our long-term shareholder partner, the City of Jyväskylä, which following our negotiations is ready to propose acceptance of the share transaction to the city council”, says Tomi Yli-Kyyny, CEO of Vapo Oy.
“This arrangement clarifies our ownership basis and our position in the waste management sector. The entire waste management sector is currently in the midst of change, and outside Finland the trend has been towards strong regional municipal-owned waste companies. We want to be part of this trend and ensure that the waste management of our shareholders and municipal customers operates cost-effectively and in accordance with tightening environmental requirements. The arrangement also means that if necessary, the company will be able to take on future waste management service tasks under the municipalities’ responsibility”, says Esko Martikainen, Managing Director of Mustankorkea Oy.
Finnish Vapo is one of Europe’s biggest companies in professional growing and the largest producer of horticultural peat. Vapo Group is a EUR 420 million company that employs about 700 people in Finland, Sweden and Estonia (2018).
Mustankorkea Oy specializes in waste management and composting etc., since the company was founded in 1997. The company had turnover of EUR 10.8 million in 2011 and just under 20 employees.
Back to transactions