Vema Lift Oy
9 December 2022
Vema Lift files for bankruptcy
Vema Lift Oy has filed for bankruptcy in the District Court of Southwest Finland. The underlying reasons for the bankruptcy filing are Vema Lift’s prolonged financial difficulties, the difficult market situation in the company’s former main market of China, the shortage of chassis and components and inflation developments. There are no signs of a rapid improvement in these external challenges. Vema Lift is part of the Nordic Rescue Group.
“Vema Lift’s management and entire personnel have done a very good and uncompromising job in the exceptional operating environment. Unfortunately, there are no signs of improvement in the market situation. Together with our advisors, we have also looked for a new owner for Vema Lift as we estimated that the company would have benefitted from the broader shoulders and more extensive networks of a globally operating industrial owner. Unfortunately, we have not found such a solution, which left filing for bankruptcy as the only option,” says Esa Peltola, CEO for NRG.
The administrator of the bankruptcy estate will become responsible for the operations of Vema Lift immediately after the District Court of Southwest Finland declares Vema Lift as bankrupt. The largest creditor of Vema Lift’s bankruptcy estate is Nordic Rescue Group.
“We are extremely sorry for the situation and for the inconvenience and uncertainty caused by the bankruptcy for both employees and all our stakeholders. We hope that the bankruptcy estate will find a buyer for Vema Lift’s business as part of the bankruptcy process,” CEO Esa Peltola says.
Nordic Rescue Group’s other Group companies Saurus Oy and Sala Brand AB will continue their business operations as before. Both companies have conducted their business independently. Both Saurus and Sala Brand have profitable business operations and strong market positions.
Esa Peltola, CEO, Nordic Rescue Group and Vema Lift Oy
Nordic Rescue Group is specialised in rescue vehicles. The group companies operating in Finland are Vema Lift Oy and Saurus Oy, and Sala Brand AB operates in Sweden. Nordic Rescue Group is a leading Nordic company in its field. Vema Lift focuses on the manufacture of rescue lifts. The company operates in Kaarina and employs 62 people.v
Press Release 23 November 2021 at 2.00 pm EET
Esa Peltola appointed as CEO of Nordic Rescue Group
Nordic Rescue Group’s CEO Matti Huttunen is leaving the company. Nordic Rescue Group’s Board of Directors has appointed Esa Peltola as the new CEO. Peltola has extensive industry experience. Among other things, Peltola has previously worked as the CEO of Bronto Skylift, and is also one of the founders of Vema Lift.
“Esa Peltola is extremely competent in successful business development. I am happy to be appointing Esa to lead the organisation and implement the company’s strategy,” says Carl Haglund, Chair of the Board of Directors at Nordic Rescue Group.
“Esa Peltola will be an excellent CEO for Nordic Rescue Group. He has strong industry expertise, diverse work experience and excellent track record of world-class business development,” says Sievi Capital’s CEO Jussi Majamaa.
“I am very motivated by the new position. Highly skilled personnel and competitive products form an excellent foundation on which to build our future,” says new CEO Esa Peltola.
Nordic Rescue Group’s Board of Directors thanks Matti Huttunen for his contribution to the company. During his term as CEO, Nordic Rescue Group has, among other things, laid the groundwork for future growth and expanded to Sweden through an acquisition.
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