November 5, 2019

Adven acquires the energy production of forest industry company Pankaboard

Pankaboard, a manufacturer of special cartonboards in Eastern Finland, is selling its existing energy production equipment to Adven. Adven will supply the steam Pankaboard requires for its board production as a service. Pankaboard’s energy plant, which utilises renewable energy and has a capacity of approximately 33 megawatts, will represent one of Adven’s largest sites.

Pankaboard is one of the most important companies in the Lieksa area of North Karelia and the biggest employer in the area, with roughly 160 employees. The company has global operations and exports most of the cartonboard it produces – to more than 500 customers in 65 countries. Selling its energy production to Adven is part of the company’s growth strategy. The transaction will not entail any personnel changes.

“Our core strategy is to develop, manufacture and sell special cartonboards worldwide. We want world-class energy experts to look after our energy production so that we can focus on our core business. This arrangement also allows us to free up resources for further growth. We selected Adven as our partner because of the company’s energy know-how and forest industry expertise,” says Pankaboard’s CEO, Lauri Junnila.

The transaction will see Adven take ownership of an energy centre whose fuel consumption consists of approximately 80% solid, domestic biomass and which is also equipped with reserve and peak production capacity. In addition, more than 20 per cent of the fuel used in energy production is based on circular economy, i.e. it comes from the residual materials generated in the board production process, for instance, from tree bark and sludge from wastewater processing.

Specialisation has propelled the Lieksa-based company to the global markets

Over 10 years ago, the company strongly believed that growth in the competitive forest industry could be achieved through specialisation. Pankaboard is today a world-leading manufacturer of high-thickness folding boxboards and uncoated special cartonboards.

In addition to its employment impacts, the company also holds an important role locally through the subcontracting chain, since, for example, roundwood is sourced from the nearby forests.

“Pankaboard is a company of bold pioneers: the company has decided that they will be able to grow and succeed in a competitive market even better by focusing on their core business with even greater intensity. This plant marks a significant step for Adven. It is one of Adven’s largest single energy plants, and an important new reference in the forest industry,” stresses Adven’s Sales Manager, Leo Toivonen.

Adven will make some investments in the energy centre right from the start, such as improving efficiency and renewing the centre’s automation system.

Additional information:

Pankaboard, CEO and Chairman of the Board, Lauri Junnila, tel. +358 50 598 8050

Adven, Sales Manager Leo Toivonen,, tel. +358 40 708 4194


Pankaboard offers high-quality cartonboard solutions for packaging, various graphical and industrial applications and food service products. We are the world leader in high-thickness folding boxboards and uncoated speciality cartonboards. Our flexible operating model, special assets and skilled personnel enable us to satisfy our customers’ specific needs.

We run our operations in a sustainable manner. All of our boards are virgin fibre-based and approved for food contact. With efficient local wood sourcing and our biofuel steam plant, environmental impacts and our carbon footprint are reduced to a minimum. Through our own sales offices and sales agent network we have a global reach: more than 500 customers in 65 countries. We employ around 160 people.

Share content