Uponor and KWH Pipe infrastructure joint venture starts operations

Uponor Corporation                     Stock exchange release                   1 July 2013 11.20 EET

Uponor and KWH Pipe infrastructure joint venture starts operations

The merger plan, announced in September 2012, by Uponor Corporation and the KWH Group, both based in Finland, to combine their infrastructure pipe systems businesses into one jointly held company, has been completed. The new company, Uponor Infra Oy started operations today. Its ownership is divided between Uponor at 55.3% and KWH Group at 44.7%.

The Finnish Market Court approved the plan on 24 May 2013 and there have been no appeals against the court’s decision.

The Market Court’s approval of the merger was subject to certain conditions, as proposed by Uponor and KWH, and the parties are now working actively to meet the conditions as required.

Uponor Infra Oy is consolidated in Uponor Corporation as the Infrastructure Solutions segment, starting from 1 July. The new setup will thus be included in the January–September 2013 interim report for the first time. Uponor will publish pro forma data for the new infrastructure solutions segment prior to the announcement of the Q3 report.

Uponor Infra Oy’s board of directors appointed Sebastian Bondestam as the managing director of Uponor Infra Oy. Bondestam has been a member of Uponor’s Executive Committee since 1 April 2007 and he continues in that role. In April 2013, Bondestam assumed the role of EVP Infrastructure Solutions at Uponor while having served several years as EVP Supply Chain prior to that.

 

Earlier announcements related to the case (available at http://investors.uponor.com/news-downloads/ir-news):
24 May 2013: Finnish Market Court approves joint venture plan between Uponor and KWH Group
28 Feb 2013:The joint venture plan with Uponor and KWH Group will go to the Market Court
25 Feb 2013:The Finnish Competition and Consumer Authority proposes to the Market Court that the joint venture plan between Uponor and KWH Group be not approved
21 Sep 2012: Uponor and KWH Group announce a merger of their infrastructure businesses

 

Further information from:

Uponor: Jyri Luomakoski, President and CEO, tel. +358 20 129 2824
Riitta Palomäki, CFO, tel. +358 20 129 2822

KWH Group: Peter Höglund, President and CEO, tel. +358 20 778 7100, mobile +358 40 860 7001

 

Uponor Corporation

Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852

 

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Uponor is a leading international provider of plumbing and indoor climate solutions for residential and commercial building markets across Europe and North America. In Northern Europe, Uponor is also a prominent supplier of infrastructure pipe systems. The Group employs approx. 3,000 persons, in 30 countries. In 2012, Uponor's net sales exceeded €810 million. Uponor Corporation is listed on NASDAQ OMX Helsinki in Finland. http://www.uponor.com.