Swedish-Finnish company SSAB’s subsidiary Ruukki Construction has agreed to acquire a majority holding of 67% in the Finnish company Piristeel.
Piristeel primarily conducts business in Finland and is said to be the country’s leading manufacturer of roof safety products and rainwater systems. The company’s sales were roughly SEK 200 million (€18.85 million) in 2018.
Ruukki Construction’s sales in 2018 amounted to around SEK 6.1 billion (€574 million). The company deals in residential roofing, building components and structural frames. It was said that purchasing Piristeel would support Ruukki’s growth strategy for the roofing business, at the same time improving SAAB, its parent company’s, position in the Nordic home market.
Piristeel will continue to trade under its own brand as part of Ruukki Construction. Under the transaction, the current owners will, for the time being, retain a minority stake of 33% and continue to work for the company.
Piristeel has around 70 permanent employees at three production facilities in Finland at Kauhava and Lapua that will be added to the SSAB portfolio. Currently employing people in over 50 countries, SSAB has production facilities in Sweden, Finland and the US.
President of Ruukki Construction, Sami Eronen, said, “The Piristeel transaction complements our product offering roof safety products and rainwater systems.
“Ruukki Construction’s international sales and service network provide good potential to expand Piristeel’s existing business. Piristeel is an excellent company whose production and products are well aligned to our own goals.”