New owner for Kaitos

The entire shareholding of Kaitos Oy has transferred from Algol Technics to
the companys Managing Director Olli Böök. The transaction was made in the name
of a family-owned company established by Böök. All employees of Kaitos will
transfer to the service of the new owner as so-called long-service
employees. The company will continue to operate from its current Algol
facilities in Espoo, and will also continue to purchase warehousing and
administrative services from the Algol Group.

Established in 1989, Kaitos is a specialist in technologies and products for
earth and water construction, environmental construction, and bridge and
concrete construction. The company has been part of the Algol Group since
December 2000, when Algol acquired the entire shareholding in the company and
merged its operations with those of the Building Technology unit of its former
Technical Division. Following the Group´s restructuring in 2004, all Kaitos
shares were owned by Algol Technics Oy.

Managing Director of Algol Technics Pekka Järvinen states that the construction
branch has rapidly developed towards demand for increasingly broad projects and
comprehensive contracting. According to Järvinen, this new situation is not
compatible with Algol Technics core operations. At the same time he sees lots
of potential for Kaitos developing its own operations.

Kaitos Managing Director Olli Böök agrees that the changed circumstances
within the construction industry are both inspiring and challenging for his
company. The goal is to develop as a professional contracting organisation
alongside traditional product sales.

An example of the scale of new projects is the Talvivaara Mine project in
Sotkamo, Finland, which has the largest sulphide nickel deposits in Europe and
340 million tonnes of classified ore reserves. Kaitos has signed a multiyear
contract for supplying and installing geotechnical products at the mine, which
refines metallic ore by using bio-soaking technologies.

Algol Technics continues to supply the construction industry with a range of
products from lifting and conveyor equipment to metals and metal alloys.

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