Machinery purchases Finland’s leading supplier of concrete machinery and equipment
Machinery Group Oy has purchased the entire capital stock of the company Tornokone Oy. The acquisition reached completion on 5 June 2019 and facilitated the expansion of the Machinery Group product range with the concrete machinery and device operations and Putzmeister representation of Tornokone Oy. Managing Director Kari Setälä and the entire staff of Tornokone Oy continue to work for the company. The company continues its commercial activities from the Kerava premises.
The strategy for Machinery Group is to expand organically and through acquisitions, thereby strengthening the company's position as an industrial partner on the Finnish market. Machinery Group has experienced enormous development over recent years and we have successfully supported this development with acquisitions. Tornokone is a distinct market leader in Finland in its sector that has had Putzmeister representation for decades. Therefore, I am extremely pleased Tornokone has joined our Group”, comments Simon Hallqvist, Chairman of the Board of Directors at Machinery Group Oy.
I am happy that the company can welcome new, strong ownership with a company that shares the same values of a business culture focusing on customers, partners and employees. Now that Tornokone is part of the Machinery Group, we have achieved even stronger foundations for expansion and development”, states Kari Setälä, Managing Director of Tornokone Oy.
The task of Machinery Group is to improve the competitiveness of Finnish industry. Thanks to this investment, the range of products and services provided by Machinery Group just got bigger. Putzmeister is the market leader for concrete processing equipment – also in Finland – and we believe that a variety of synergy products can also be found from its range of products that will enable us to expand our construction machinery business. We would like to wish all the employees and customers of Tornokone a very warm welcome to the Machinery Group!”, adds Marjukka Virkki, CEO of Machinery Group Oy.
Tornokone Oy is the market leader in its sector and supplies machinery and equipment for the concrete industry, including concrete pumps, concrete stations, processing and transportation equipment throughout Finland. The company’s turnover for 2018 was 15.9 million euros. In addition to machinery and equipment, their competence also covers sales of used equipment, extensive inspection and servicing services, and training related to operating and general use of machinery and equipment. Cooperation between Managing Director Kari Setälä and Putzmeister dates back to the 1980s. Tornokone’s range of products and services will strengthen the construction business sector of Machinery Group.
Machinery Group is a Finnish company founded in 1911 that has established status as one of Finland’s leading technical wholesalers and service providers. The turnover for 2018 was 45.5 million euros. Machinery Group provides sales and services in three different industrial sectors: metalworking, construction machinery and power generation, including motors, generators and transmissions.
Further information available from:
MACHINERY GROUP OY
tel. +358 44 741 1061