Austrian wood products giant Pfeifer has successfully completed the acquisition of the largest private wood processing company in northern Finland, Pölkky Oy.

After signing the contract at the end of December 2022, the competition authority has now given green light for the merger. It was agreed not to disclose the purchase price.

The takeover in Finland strengthens Pfeifer's position as one of the leading companies in the European timber industry and, says the company, equips it for global competition.

The brand, management and business activities of Pölkky will be preserved, with Petteri Virranniemi remaining as CEO and Josef Dringel (chairman), Ewald Franzoi, Esko Nenola and Peter Nygård sitting on the newly organized Board of Directors.

With the takeover, the number of employees of the Pfeifer Group increases to around 2,600 employees in four countries. The projected annual turnover will rise to €1.4bn in 2023.

Pfeifer produces sawn timber and planed goods, concrete formwork panels, formwork girders, cross laminated timber (CLT), glued laminated timber, glued solid wood panels as well as pallet blocks, briquettes and pellets.