Terminal services in Hamina divested

Posted on Oct. 30, 2009

Telko has divested the business operations of the Hamina-based Hamina Terminal Services Ltd to North European Oil Trade Ltd (NEOT) under a deed of sale signed on August 26, 2009. The cash flow from the transaction before tax will be approximately EUR 11 million, and the sales gain to be booked in the third quarter result is expected to be EUR 3.2 million. As a result of the deal, goodwill in Telko will be dissolved. The transaction was completed on August 31, 2009.

The operations in Hamina were transferred to Aspo in a corporate acquisition carried out in 2008. The terminal operations have mainly focused on logistics services concerning liquid chemical products originating from Russia. The business of the Hamina Terminal involves terminal storage and related services provided for external customers. After the divestment of the Hamina Terminal, Telko will still have the Rauma Terminal in Finland, which operates as a terminal for industrial raw materials forwarded by Telko.

Topics: Terminals