FINLAND (News release) -- Metsä Group's parent company Metsäliitto Cooperative will sell its wood supply business in Estonia to Combiwood Forest OÜ, an Estonian company owned by Combiwood Grupp OÜ. The seller is Metsä Forest Eesti AS, a subsidiary fully owned by Metsäliitto Cooperative. The parties have also agreed long-term deliveries of pulpwood and chips to Metsä Group.

The arrangement aims to further increase the flexibility of Metsä Group's wood supply. All Metsä Forest Eesti AS employees will transfer to the new owner's service as existing employees.

The arrangement requires approval by the Estonian Competition Authority, which is expected to be received in the first half of 2024. The divestment of the Estonian wood supply operations will not have a material financial impact on Metsä Group's wood supply and forest services business.

Metsä Group's Wood Supply and Forest Services provides and develops the services offered to the members of Metsä Group's parent company, Metsäliitto Cooperative. The cooperative consists of more than 90,000 Finnish forest owners who together own about half of Finland's private forests.