• Sun. Dec 3rd, 2023

News Eyeo

All Important News

Bankruptcy of the Company behind Stora Enso and Supercell Headquarters


Nov 21, 2023

Puurakentajat, a company that specializes in solid wood construction, has filed for bankruptcy. This news comes after the company worked on high-profile construction sites such as the headquarters for gaming company Supercell and the ongoing construction of the new headquarters for forestry company Stora Enso.

The company filed for bankruptcy at the Helsinki District Court, according to the insolvency register of the Judicial Register Center. Puurakentajat is considered a medium-sized builder in terms of turnover, with a reported turnover of 26.3 million euros last year.

Specializing in large solid wood construction projects, Puurakentajat’s most notable projects include public buildings, apartment buildings, and offices constructed from solid wood. The company’s solid wood elements are manufactured by Timberpoint, which was acquired by the group in 2020.

The bankruptcy filing comes after the company’s operations experienced rapid growth, with a turnover of less than 6 million euros in 2021. Additionally, the company reported a loss of almost 4 million euros last year.

In early 2021, the majority ownership of Puurakentajat was acquired by the Toivanen family’s investment company Onvest. This occurred when the company’s founder, Jyrki Huttunen, sold his holdings. Notably, the company’s other owners were the state capital investment company Tesi at the beginning of the year, and the CEO of Puurakentajat, Mikko Leino, who resigned from his position in August.

The bankruptcy filing from Puurakentajat reflects a broader trend in the construction industry, as several companies have faced financial challenges in recent months. For example, Siklatilat, a company with a turnover of almost 110 million euros in 2021, was put into bankruptcy by the Oulu District Court at the beginning of September.

By Editor

Leave a Reply