Finnish sawmill industry technology provider, Jartek, filed for bankruptcy last week, according the Finnish website yrittajat.fi. Russia was Jartek's main market. Approximately 80 percent of the company machinery deliveries went to Russia.
The total collapse of trade with Russia was the main reason for bankruptcy, said Jartek's Chairman of the Board, Teemu Uimonen. Our Russian customers cannot find financing, a thing which led the company to a lack of orders, he continued.
Jartek dismissed about 40 employees on Wednesday, last week. Company officials say that they will try to search for solutions, so that operations can continue.
Jartek is one of the largest Finnish sawmill industry technology suppliers. The company specializes in sawmills, sorting and packaging plants, timber drying kilns, wood heat treatment plants and upgrading of technology delivery.
Among other companies, Jartek has delivered services and technology to Metsä Wood, UPM and Stora Enso. Last year, the company's turnover was approximately EUR 15 million.
The family company was established in 1958, under the name Sateko.