The Swedish industrial group Lifco AB is selling the Estonian mechanical engineering company Hekotek to the management of the company, who owned 17.5% of the shares before the transaction. Hekotek develops and delivers sawmill equipment mainly to the Russian market.
The agreement has been signed and the plan is to complete the transaction during May 2022. No major restructuring of the company is planned upon the entry into force of the transaction, operations will continue as usual.
Heiki Einpaul, CEO of the company, said: “Lifco has been purely a financial investor for Hekotek. We have managed the operations ourselves, Lifco has not been involved in the sales or other operational activities of Hekotek. At the time, when acting on half of Hekotek’s markets (Russia and Belarus) is for some time disturbed, the other markets are performing.”
Hekotek has 130 employees and reported net sales of Euro 40 million in 2021. The company is based in Tallin, Estonia and has been consolidated in Business Area Systems Solutions, division Forest.
