SWEDEN - Pervanovo, the parent company of Bjelin industries in Croatia and Välinge Group in Sweden, has through its subsidiary Välinge Croatia signed an agreement to acquire 85% of the shares in the Croatian furniture company Spin Valis.

The intention is to acquire 100% of the shares. The acquisition means that large-scale production and marketing of furniture with Välinge's click technology can be achieved faster than originally planned and the availability of oak material will increase. The acquisition requires approval from the antitrust authorities. Spin Valis will be renamed Bjelin Spinvalis.

Spin Valis is one of Croatia's largest manufacturers of solid oak furniture. Production also includes elements, glued solid boards and electricity based on bioenergy and solar panels. Spin Valis in Požega, Croatia, has 420 employees.

"Our goal is to commercialize our patented technologies through our own production and sales. We believe that we can greatly expand the Spin Valis company's furniture production by implementing Välinge's click-furniture technology. Further we will introduce our Woodura® hardened wood technology into furniture applications as well. We believe that our international sales staff and our online sales can greatly contribute to the growth of Spin Valis furniture sales. In addition to the new production of high-capacity floors based on Woodura technology in Ogulin, we plan to invest in a new core material factory that will make our future production of floors and furniture even more integrated and cost efficient" said Niclas Håkansson, CEO of Välinge.