Stock exchange release
October 27, 2021, at 9 a.m.
Aspo Group subsidiary Telko Ltd has agreed to acquire shares of Estonian company Mentum AS
Aspo group subsidiary Telko Ltd has signed an agreement on the 26thof October 2021, by which Telko Ltd will acquire shares of Estonian company Mentum AS.
Mentum is a strategic distribution partner of Castrol in Baltic countries. It operates in the premium lubricants business in automotive, industrial and marine business. Mentum will complement perfectly Telko’s lubricant business in the Baltic Sea region. After the acquisition, Telko’s and Castrol’s cooperation, which has started in 1958, will cover Finland, Scandinavia and the Baltic countries.
The acquisition will increase Telko’s sales by 10 million euros. The transaction will not significantly affect Telko's profitability in 2022.
The acquisition is subject to the approval of the competition authorities. The transaction is expected to close during 2021.
“Telko continues to develop its business according its strategy in higher value-added products. This acquisition strengthens the weight of our lubricant business in Telko's business portfolio”, says Mikko Pasanen, CEO of Telko.
Telko Ltd is an international leading expert in and supplier of plastic raw materials, industrial chemicals and lubricants. Telko’s operations are based on representing the best international principals, the expertise of personnel and long-standing customer relationships. Company’s competitive advantage comes from technical support, efficient logistics and local professional service. Telko operates in 15 countries and has sales to more than 30 countries.
Aspo is a conglomerate that owns and develops business operations in Northern Europe and growth markets focusing on demanding b-to-b customers. Our strong company brands - ESL Shipping, Leipurin, Telko and Kauko - aim to be the market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these. Together they generate Aspo's goodwill. Aspo's Group structure and business operations are continually developed without any predefined schedules.