SCA acquires 10 000 hectares of forest land in Estonia
Sweden-headed forest industry major SCA has revealed that it has acquired Forestum Group AB, a Swedish company which owns forest and land assets in Estonia, totaling approximately 10 000 hectares (ha). The purchase price is SEK 420 million (≈ EUR 39 million) on a debt-free basis.
On June 3, 2019, SCA acquired 93 percent of the shares in Forestum Group AB from the major owners of the company and will now offer to buy the remaining shares from the minority owners. The sum SEK 420 million refers to the purchase price on a debt-free basis for 100 percent of the shares.
Forestum has an Estonian subsidiary which owns 10 300 ha of land on the islands of Dagö and Ösel. Of this, 8 800 ha is forest land with a standing volume of 1.3 million m3.
In April 2019, SCA acquired 10 000 ha of forest land in Latvia.
We have the intention to grow as a forest owner in the Baltics. The Baltic states are a natural part of our raw material supply base and we have been present in the market for a long time as a buyer of timber. Having our own forest resource strengthens our operations in the region, said Jonas Mårtensson, President Forest.