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Martela’s P.O. Korhonen files for bankruptcy

POKorhonen wen

P.O. Korhonen Oy, a joint enterprise of Martela Corporation and Artek Oy Ab, is to cease operating, due to the lack of profitability of its operations.

In spite of various development and efficiency improvement measures, the company’s core business has remained unprofitable, and no change is expected in this in the longer term.

P.O. Korhonen Oy’s Board of Directors has today, 3 February 2014, decided to file for bankruptcy.

The company’s principal creditors are its owners, Martela Corporation and Artek Oy Ab. At a future date, Martela will acquire some of the products manufactured by P.O. Korhonen Oy from outside subcontractors.

The revenue of P.O.Korhonen Oy was in 2013 approximately EUR 3 million.

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