Partnera's transformation into an industrial player is progressing, Foamit Corporation proposed as the new name

Partnera Corporation
Press release 28 August 2025

Unofficial translation of the press release on 28 August 2025. In case the document differs from the original, the Finnish version prevails.

Partnera's transformation into an industrial player is progressing, Foamit Corporation proposed as the new name

Partnera’s strategic transformation into an industrial player focused on Foamit Group’s business has progressed according to plan. In recent years Partnera has divested its other businesses and, for the most part, its significant shareholdings. In the summer of 2025, Partnera completed the acquisition of the minority shareholders’ stake in Foamit Group, resulting in its 100 percent ownership of the company. These strategic actions will allow Partnera to fully support the development and growth of Foamit Group.

As the next step in this process, Partnera’s Board of Directors proposes to the Extraordinary General Meeting on 1 October 2025 to change the name of the company to Foamit Corporation. The name change clarifies the company’s purpose and objectives for its owners and the market, communicating its focus on glass recycling and foam glass business.

Foamit Group is a glass recycling and foam glass manufacturing company operating in Finland, Sweden and Norway. Partnera has held a majority stake in Foamit Group since 2018, during which time the company has increased in net sales from EUR 14 million to EUR 42 million. A significant part of this growth has been the consolidation of Nordic foam glass manufacturers into a single entity. Foamit Group is one of the world's leading manufacturers of foam glass aggregates.

There are significant potential growth opportunities in the glass recycling market, for instance in the Nordic countries and elsewhere in Europe. Foamit Group’s strong operational presence in the Nordic countries provides a solid foundation for future growth initiatives. Foamit Group aims to reach a revenue of EUR 100 million and an EBITDA level of over 20 percent by the end of 2028.

Significant investments to boost growth

To achieve its growth targets, the company is investing heavily in its production plants in Norway and Finland and strengthening its expertise and resources. In Norway, an investment in the foam glass production capacity of the Onsøy plant doubled the plant's production. The new production lines commenced operation at the end of June 2025.

In Finland, the Forssa foam glass factory is currently investing in doubling its production capacity of small foam glass fractions. The additional capacity will create new opportunities to provide foam glass solutions for customer applications.

The capacities of the production plants in both Norway and Finland will increase significantly over the coming years. The introduction of new, more efficient technologies and equipment will make production almost emission-free. The total investment amounts to approximately EUR 12 million.

Foamit Group seeks growth not only through investments and development activities, but also through corporate arrangements that support its business operations. The company is making progress in expanding its activities into new potential customer segments, including the first foam glass deliveries to concrete construction and water treatment applications. The concrete construction industry is considered to be a promising customer segment due to its high overall volumes and the need to develop lightweight construction solutions and reduce its carbon footprint.

Sales through distribution channels such as hardware stores will be increased, especially for small foam glass fractions. An interesting potential application is the use of foam glass in defence material solutions.

Furthermore, the development of the business value chain, for example by diversifying the sources of raw materials for foam glass, will contribute to achieving the growth targets. Foamit Group’s Norwegian subsidiary has launched a promising pilot project in collaboration with partners, exploring the use of recycled glass wool as raw material for foam glass. The company is aiming to develop the use of recycled glass wool also in Finland and Sweden.

“Less than a year ago, we made the decision to position Foamit Group at the core of our strategy. Our transformation into an industrial player has progressed rapidly and according to plan, so the next natural step is a name change,” says Jussi Lappalainen, who acts as the Interim CEO of Partnera until the end of August. The new CEO, Erja Sankari, will commence her role on 1 September 2025 and will strengthen the company’s international industrial expertise to achieve the set goals. Jussi Lappalainen will continue in his role as CFO and will also serve as COO and Deputy CEO from 1 September 2025.

 

More information

Partnera Corporation
Jussi Lappalainen, Interim CEO
tel. +358 40 530 6446
e-mail: jussi.lappalainen@partnera.fi