Investments in companies - 8.2.2010
Finnish Industry Investment, llmarinen Mutual Pension Insurance Company and the companys principal owner have invested altogether MEUR 14.5 in Pekkaniska Oy, a company that rents and sells cranes and platform hoists.
Growth depends on continuous investments. Well use the new financing to expand and develop Pekkaniskas operations in Russia and the Ukraine, where we see considerable potential for growth, explains Board Chairman Janne Niska.
Pekkaniska has consistently done everything possible to avoid laying off or sacking any employees because of the recession in Finland. Pekka Niska gave this promise in the early days of the recession in late 2008. The promise has been and will continue to be honoured. As a Finnish family-owned company, we want to preserve Finnish jobs in any feasible way, even though labour outside Finland would be cheaper, emphasises Janne Niska.
Despite the recession, Pekkaniska is a profitable and internationalised business services company. The company ranks among the five biggest providers of rented cranes in the Nordic and Baltic region, and it aims to be the market leader, says Investment Manager Miikka Salminen from Industry Investment.
Pekkaniska is a well-known Finnish brand that represents quality and invests strongly in continuous technical development, says Ilmarinens Finance Manager Simo Mattinen.
The company has a broad base of customers. Pekkaniskas heavy-duty cranes, solid expertise and special skills are needed, for instance, at the Olkiluoto nuclear power plant construction site in Finland and for erecting wind power plants at the Ajos wind park in Kemi, northern Finland. Pekkaniska was also in the limelight in December when it moved a 24-metre, 185-tonne statue dating from the Soviet era in Russia to its historical site in Moscow. The companys platform hoists are used for all kinds of installation work on construction sites.
Pekkaniska Oy rents and sells platform hoists and cranes in Finland, Russia, Estonia, Latvia, Lithuania, the Ukraine and Sweden. The company has 35 outlets, of which 17 are in Finland. Pekkaniska employs over 300 people, offering customers more than 7,000 platform hoists and cranes. Pekkaniska also offers weather protection and haulage services, in addition to lifting equipment.
Ilmarinen Mutual Pension Insurance Companys mission is to safeguard the statutory pension provision of those employees and self-employed persons it insures and to manage the investment assets that cover future pensions. Ilmarinen provides pension coverage for some 480,000 employees and 53,000 self-employed persons. Altogether Ilmarinen is responsible for the pension coverage of over 800,000 people. Ilmarinen is also a major shareholder in numerous Finnish companies, a financier and a property owner. In providing finance, Ilmarinen wants to be actively involved in improving the operational framework for Finnish companies by offering alternatives to investments and other financing needs.
Finnish Industry Investment Ltd is a government-owned investment company whose mission is to promote and stimulate Finnish business, employment and economic growth through capital investment. Finnish Industry Investment invests in growth companies, directly and through funds, together with private co-investors. Capital investments are needed for financing the growth of investee companies, internationalisation, spin-offs, major industrial investments, and sector and corporate restructurings. The targets are in all sectors. The investments of Finnish Industry Investment amount to some MEUR 620.
- Kaisa Leppänen, Communications Manager, Pekkaniska Oy,
tel. +358 40 846 1420, kaisa.leppanen (at) pekkaniska.com
- Simo Mattinen, Finance Manager, llmarinen Mutual Pension Insurance Company,
tel. +358 50 337 5827, simo.mattinen (at) ilmarinen.fi
- Miikka Salminen, Investment Manager, Finnish Industry Investment Ltd,
tel. +358 40 535 4758, miikka.salminen (at) industryinvestment.com