Mint of Finland sells its decorations operation to Kultakeskus Oy

The output from this Mint of Finland operation includes decorations and badges of honour as well as jewellery. Under the terms of the agreement, all the staff in the Mint’s decorations operations will be relocated to work at Kultakeskus Oy. In total there are 5 administrative staff and 13 other employees.

‘This agreement allows us to focus on our core competence, the production and marketing of metal coinage. Producing decorations relies heavily on manual processes and this differs greatly from the business of manufacturing coins which is at least fifty percent mechanized. Our fundamental business is the manufacture of circulation coinage and that involves mass production. We could not hope to find a more suitable company to buy our operation than Kultakeskus Oy. They are a Finnish company, with an excellent tradition in the manufacturing and marketing of precious metal goods,’ states Mr Paul Gustafsson, CEO of Mint of Finland.

‘The purchase of this business significantly strengthens Kultakeskus Oy’s position as a manufacturer and retailer of precious metal goods, watches and decorations. The manufacturing aspect of the decorations operation suits Kultakeskus Oy’s product concept superbly. We are proud of the opportunity to manufacture and supply high quality decorations to the most notable and renowned customers in the business. We are convinced that this operation, and its personnel, has found a new, warm home with us,’ says Mr Ilkka Ruohola, CEO of Kultakeskus Oy.

Additional information:

Mint of Finland Ltd
Paul Gustafsson CEO
050 4617 744
paul.gustafsson@mint.fi

Kultakeskus Oy
Ilkka Ruohola
CEO
0500 494 257
ilkka.ruohola@kultakeskus.fi

Mint of Finland is the largest mint in Scandinavia and the Baltic and is the sole owner of AB Myntverket, the Mint of Sweden, and it has a 50 percent shareholding in the Norwegian Mint, Det Norske Myntverket. Mint of Finland is dedicated to designing, marketing and minting coins. The company is owned by the Finnish state. It encompasses two business units: Circulation Coins and Collector Items. Mint of Finland produces metal circulation coins, collector and special coins, coins sets and medal. The group employs some 133 people and exports to nearly 40 countries. The year 2010 marks the 150th anniversary of the founding of the Mint by the order of Tsar Alexander II. During the jubilee year, Mint of Finland has issued five new collector coins. In April, it opened an online boutique, and since October, Finns have had an opportunity to discover how coins are minted at an exhibition at the Finnish Science Centre Heureka. For further details about the jubilee year events, see our website at www.suomenrahapaja.fi

Kultakeskus Oy is Finland’s largest precious metals company. Its share of the country’s silver goods production is close to 85% and a significant proportion of the jewellery as well that is sold in Finland is made by Kultakeskus. Around half of the country’s engaged couples do so with Kohinoor engagement rings made by Kultakeskus. The company has more than 500 retail outlets in Finland, 80 in Sweden and 30 in Norway. In addition, the company exports to countries such as Russia and Estonia. The watch brands imported to Finland by Kultakeskus Oy include Candino, Festina, Oris, Frederique Constant and Police. For more information go to www.kultakeskus.fi