SURPRISING 2020 AND A RENEWED BOARD
In the year 2020 forest machine manufacturer Logset Oy had a turnover of 37.5 million euros (2019: 48.0 million euros) and an operating profit of 0.9 million euros (2019: 2.5 million euros).
2020 was abnormal and challenging in many ways. After a strong start the market momentarily collapsed due to the global Corona pandemic. Logset reacted fast and made measures to tackle the dramatic changes in market conditions. With good planning, team work and swift execution Logset turned a difficult start of the year into a year of strong development in many business areas.
- Now afterwards I can say that using the different scenario models at an early stage was the right choice. The result of 2020 is a great achievement and I’m very proud of our personnel. Thanks to the size of our company and great team work, we were able to act quickly and respond to the rapidly changed market conditions, tells CEO Tommi Ekman.
During the summer of 2020, the demand for forest machines started to grow. The fourth quarter was strong for Logset. The plan to develop company financials was achieved and Logset is stronger than ever to start the year 2021. The market conditions in the year 2021 are looking good regardless of the Corona pandemic limiting business travel.
In 2020 Logset started a company wide quality improvement focus. The work is ongoing and Logset will continue this project also in the coming years by training and encouraging workplace culture where high quality is one of the key value drivers besides customer focus, constant innovation and product development.
During the Logset general assembly meeting on 16th of April 2021 the shareholders elected a new board of directors. Board member Mikko Lehikoinen was selected as the new chairman of the board. The company’s majority shareholder Ilkka Brotherus will continue as a member of the board. Kari Mikkilä and Esa Rantala were welcomed as new members. Mikkilä will also continue working as Logset’s Vice President, Supply management until a successor for him is found. Rantala worked as Logset’s CEO from 2012 till 2014.