Industry Investment gives substantial financing for Finlux

19.11.2002

The ownership arrangement and the related financial negotiations concerning Finlux Ltd - formerly Turku TV Operations Ltd - have been completed. The arrangement aims at securing the company's growth and the essential restructuring measures required.¨

Finnish Industry Investment Ltd has been a major financier of the company since fall 2000, and has now increased its commitment considerably. Finnvera Plc and Veritas Group have also participated in the financing arrangement. In connection to the ownership arrangement, Helmet Business Mentors Oy and investors represented by it became the majority shareholder of Finlux. The acting management of Finlux continues its commitment to the company with a significant minority holding.

At the same time a new Board has been appointed with Helmet partners Kalevi Puonti as Chairman, and Pentti Kulmala and Heikki Koivisto as standing members. Additional Board members will be appointed later on.

- Over the past year Finlux has focused on systematic implementation of the adopted growth strategy. I believe that the strong industrial expertise and experience contributed by Helmet will bring in significant value to the company, says Managing Director Jouni T. Laine.

Thanks to the renewed nonflammable wide-screen series and new retail contracts, sales are expected to grow briskly in the future.


Further information:

http://www.turkutv.com

Managing Director Juha Marjosola
Finnish Industry Investement Ltd
telephone +358 9 680 3680