On 28 June 2022 Ponsse sold all shares in OOO Ponsse, its subsidiary that provided services in Russia and Belarus. Ponsse signed the deed of sale, according to which Ponsse’s operations in Russia will transfer to OOO Bison once the conditions of the transaction have been met. Source: Timberbiz
Ponsse announced its intention to divest its operations in Russia on 15 June 2022. The company had previously divested itself of staff in Russia and also pointed to the fact that it was intending to sell its Russian subsidiary OOO Ponsse.
The buyer, OOO Bison, is owned by Aleksey Voronkevich, whose company Dormashimport has been responsible for the retail sales of Ponsse forest machines in the eastern parts of Russia since 2007.
Ponsse will classify the operations now as sold assets available for sale and report them as discontinued operations. The more detailed financial implications of the transaction are currently being assessed and the comparative figures of 2021 and profit guidance for the current year will be updated to correspond to the new business structure at the latest in connection with the mid-year report.
Ponsse will publish its mid-year report on 9 August 2022.
The transaction is expected to be closed by the end of Q3/2022. The transaction requires the approval of the local competition authorities.
Sales in Russia and Belarus have accounted for roughly 20% of Ponsse’s net sales based on the 2021 financial statements.
Ponsse’s export and service operations in Russia have been suspended since 2 March 2022 when the company announced that it will suspend all exports to Russia and Belarus. At the same time, OOO Ponsse suspended its local spare parts and maintenance services.
