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Aspo Group’s Leipurin Acquires Vulganus


Leipurin Ltd, part of Aspo Group, has acquired the entire share capital of Vulganus Oy, a manufacturer of bakery machinery. Vulganus is particularly specialized in manufacturing spiral systems for cooling, freezing and leavening processes. Their advantages include reliability, energy-efficiency and a high level of hygiene.

The estimated net sales for Vulganus in 2011 are more than EUR 7 million, and the company has 30 employees. The production facilities of Vulganus are based in Nastola, Finland. The transaction does not have a significant effect on Aspo’s earnings.

As part of the transaction arrangements, the sellers will purchase a total of 217,691 company-held shares from Aspo. The share transaction is implemented upon a decision by Aspo Plc’s Board of Directors as a directed share issue under the authorization granted by the Annual Shareholders’ Meeting on April 5, 2011. The transfer price is EUR 6.8905 per share. After the transfer Aspo Plc will possess 326,779 company-held shares.

“The transaction will significantly strengthen our position as a machinery and manufacturing line provider in Finland, the Baltic countries and Russia. The transaction will also open up new markets for us in Central Europe,” says Matti Väänänen, Managing Director of Leipurin Ltd.

Leipurin Ltd is one of only a few companies in Europe that can supply businesses with both machinery and raw materials for the bakery industry. The net sales of Leipurin business in 2010 were EUR 108.7 million, of which the share of machinery was more than 10%.

“The transaction will further strengthen Aspo’s rapid growth in the Russian growth market. Expectations concerning total deliveries of bakery machinery to the Russian bakery market require more diverse solutions that do well in terms of price competition. This acquisition is a vital additional step for the development of Leipurin,” says Aki Ojanen, CEO of Aspo Group.

Leipurin supplies machinery and full manufacturing lines for all stages of the production process, from dough making to product packaging. The machinery is either manufactured by Leipurin, or by significant international principals. The product development of our own machines is often carried out in close cooperation with our customers.

“The Vulganus product range is a perfect supplement to our existing range on offer. In addition to bakery customers, we will also have the opportunity to deliver machinery to the meat and processed food industry,” says Mr Väänänen.


Leipurin serves the baking and food industry by supplying ingredients, production machinery, and production lines, as well as related expertise. Leipurin operates in Finland, Russia, Poland, the Baltic countries, Ukraine, Belarus, and Kazakhstan. In Russia, Leipurin has operations in several large cities in addition to St Petersburg and Moscow.

Aspo is a conglomerate that owns and develops business operations in northern Europe and growth markets, focusing on demanding B-to-B customers. Our strong company brands - ESL Shipping, Leipurin, Telko and Kaukomarkkinat - aim to be the market leaders in their sectors. They are responsible for their own operations, and building and developing their own customer relationships. Together they generate Aspo’s goodwill. Aspo’s Group structure and business operations are continually developed without any predefined schedule.


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