Latest news with #Sampo
Time of India
7 days ago
- Business
- Time of India
M&M puts Finnish company Sampo on the block
Mahindra & Mahindra (M&M) has put Finnish combine harvester maker Sampo Rosenlew Oy on the block, people aware of the developments said, as India's largest tractor manufacturer continues to sharpen focus on core businesses and redeploy capital from underperforming assets. The step is in line with Mahindra Group 's broader capital allocation strategy which prioritises high-growth, high-return businesses, while exiting non-core and non-performing ones, said the people cited above. Since Anish Shah took charge as Group MD and CEO in April 2021, M&M has pruned its portfolio, exiting several overseas and domestic ventures outside its core utility vehicle and tractor segments. The latest comes barely three years after M&M took full control of Sampo, having acquired a 35% stake in 2016, raising it to 74.97 per cent in 2020, and completed a 100 percent buyout in 2022. Confirming the plan, an M&M spokesperson said, "As advised in our earnings calls in Q4FY25 and Q1FY26, we have had to take some actions on our subsidiary in Finland. These include rightsizing operations and impairing assets to reflect fundamental shifts in these markets." "At the moment our focus is around these actions," the spokesperson said. Sampo, headquartered in Pori, supplies mid-sized combine harvesters to Europe, Eurasia, and North Africa. It is also a joint venture partner for combine harvesters in Algeria. The Finnish company has struggled to deliver the returns M&M was seeking. Sapo's business has been hit by weak demand in key markets while it incurred costs on product development for emerging markets and specialty crops.
Business Upturn
02-07-2025
- Business
- Business Upturn
Sampo has filed an application to extend the Group's Partial Internal Model
Sampo plc, stock exchange release, 2 July 2025 at 12:00 pm EEST Sampo has filed an application to extend the Group's Partial Internal Model Advertisement Following the legal merger of If and Topdanmark on 1 July 2025, Sampo has filed an application to the Swedish FSA (Finansinspektionen) to extend the Group's Partial Internal Model to include the operations formerly under Topdanmark. Sampo expects that the application process will be completed in late 2025 or early 2026 at the latest. Sampo estimates that the extended model could reduce the group-level solvency capital requirement by around EUR 60-90 million. SAMPO PLC Investor Relations and Group Communications For further information, please contact: Sami Taipalus Head of Investor Relations tel. +358 10 516 0030 Distribution: Nasdaq Helsinki Nasdaq Stockholm Nasdaq Copenhagen London Stock Exchange FIN-FSA The principal media Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Bloomberg
18-06-2025
- Business
- Bloomberg
Finnish Insurer Sampo Picks Thorsrud as CEO to Succeed Magnusson
Finland's Sampo Oyj appointed Morten Thorsrud to succeed retiring Torbjorn Magnusson as chief executive officer, in a sign of continuity at the helm of the property and casualty insurer. Thorsrud, who currently runs the If P&C unit within the group, will take the top job at Sampo on Oct. 1, Helsinki-based Sampo said in a statement Wednesday, adding he was chosen from among a group of internal candidates. Magnusson will stay as a senior adviser until the end of the year.
