Four years ago the Finnish window manufacturer Fenestra took over the window plants of Paloheimo and Puolimatka. The Merita unit PMA Yhtyma inherited a 50% share in the company from Puolimatka“s owne…
Four years ago the Finnish window manufacturer Fenestra took over the window plants of Paloheimo and Puolimatka. The Merita unit PMA Yhtyma inherited a 50% share in the company from Puolimatka“s owner Kansallis Osake Pankki as part of a temporary arrangement whereby Merita was hoping to secure its receivables. The temporary arrangement will end at the turn of the year. Eero Raitio, the managing director of Paloheimo and the chairman of Fenestra, said the company would honour the original agreement by exercising its purchase option before the end of the year. He said the parties would now try to establish the right price for the 50% stake in Fenestra. Fenestra, which is the largest company in its field in the Nordic region, has been a considerable burden for its owners. Because of the recession in the building industry, the company has undergone a radical rationalisation programme, but its results are still not satisfactory.