Valga County-based wood industry company Combiwood has acquired Barkevik, a Norwegian manufacturer of moldings.
In the transaction, Combiwood acquired 60 percent of Baros AS, which in turn owns 100 percent of Barkevik Bruk AS and Olaf Olsen Joinery Factory AS, Barkevik announced in a press release.
Barkevik is Norway's second-largest producer of moldings, with annual sales exceeding 255 million Norwegian kroner. The company has three production plants and exports its products worldwide.
Barkevik marketing director Thor Linberg praised Combi Group's efficient corporate culture and production setup. With Combiwood's ownership stake, Barkevik will be able to provide its customers with the best service and product range in the future, he said in a statement.
Combiwood posted €5.4 million in profits on sales of €30.3 million in 2015. The group includes the parent company Combiwood OÜ as well as subsidiaries Combilink OÜ and Combiwood Invest OÜ.
The parent company's core activity is the production of skirting boards and moldings primarily from pinewood. Combiwood's principal export markets include Scandinavia and other European countries.
Editor: Aili Vahtla