The engineering units of CapMan-backed Komas and Rautaruukki Corporation (Ruukki) have combined to create new company Fortaco.
Fortaco, created through an asset deal, is a European system and component manufacturer for the mechanical engineering industry. The newly combined entity is expected to generate turnover of around €270m this year and will employ 2,600 people. Komas units in the Finnish city of Jyväskylä will not be part of the new company and will continue to operate as an independent company in CapMan's portfolio.
CapMan picked up an 82 per cent stake in Finnish Komas in 2007. Since the investment the company has grown from a local business to an international systems supplier. It currently generates turnover of €124m per year and employs around 1,500 people in Finland, Poland and Estonia.
Fortaco's typical clients are engineering OEMs, and its products include high-performing welded and machined components, ready-to-install operator cabins and fully assembled machines and equipment.
Following the transaction CapMan will own a 66.5 per cent stake in Fortaco, with Ruukki holding 19 per cent.