Establishment of Harvestia
In 2008, Powerflute entered into a partnership with Myllykoski Corporation to establish a wood procurement business in Finland to supply the needs of both companies. Harvestia was the first genuinely new entrant into the Finnish wood market in many years and was able to successfully establish a position for itself in a market dominated by a number of much larger, long-established players.
In 2011, Powerflute and Myllykoski were joined as shareholders and industrial partners in Harvestia by Vapo, a large forest products group in which the Finnish government is a majority shareholder. Following the acquisition of Myllykoski by UPM-Kymmene, Powerflute and Vapo are now the principal shareholders of Harvestia, each with an interest of 47.5%.
Since it was established in 2008, Harvestia has grown to be an influential participant in the Finnish wood market with annual purchases of some four million cubic metres of wood and revenues of over €200 million.