Wood processing plant for sale in Ida-Virumaa, 50 people lose their jobs

Wood processing plant for sale in Ida-Virumaa, 50 people lose their jobs
The factory complex of the wood processing company Teamwood OÜ is for sale in Sonda, Ida-Virumaa, reports Rus. Postman.

  • Illustrative photo. Photo: Oleksandr Yakoniuk

Teamwood OÜ has been operating in Sonda in Ida-Virumaa since 2005, with a production capacity of 3,000 m3 wooden products per month.

The company’s owner, Pierre Guidon, told Postimees that, as he was already 74 years old, he had decided to retire from business and put the company up for sale: “Unfortunately, due to the geopolitical situation, I was not able to find a buyer immediately and I regretfully had to fire my entire staff of 50 people, who were very understanding about the situation.”

“I set up the company in 2005 as a subsidiary of the French company Adibois, it was not always easy, especially because of the very discriminatory policies of the banks, which never helped me as a foreigner; fortunately, the parent company Adibois was able to finance local projects,” he added.

The company did not present its annual financial report for 2023, but in 2022, the company made a profit of 1,021 million euros on sales revenue of 20.1 million euros. Despite the decent result, the company stated in its annual report that 2022 was a very difficult year in the company’s business, as the European timber market faced extreme uncertainty due to the war initiated by Russia.

Related articles

One failure after another: Baltika is once again on the brink of survival
Clothing retailer Baltika has successfully completed the reorganization process, but is now facing difficulties again, writes Business paper.
More people were laid off in August than in previous months

According to the Unemployment Insurance Fund, eight companies announced plans to cut 361 jobs, which is more than in previous months and a year earlier.

A famous nightclub in Tartu is closing
The Vabank nightclub, which closed for the summer holidays before Midsummer Day, promised that the doors of the establishment would reopen in September. However, this will not happen – next week the club’s manager will hand over the keys to the owner of the building, and the club will officially cease its activities, writes Postman.
5 Reasons Why You Need Branded Perfumes

Perfume is the same element of the image as a bag or shoes. It gives self-confidence, lifts the mood and inspires. But it so happened that many save on perfume and instead of original products buy replicas or goods of unknown brands. And in vain.

Most read

Latest news

Now in focus

Source: www.dv.ee