Solidium Oy is a

Finnish Finnish may refer to: * Something or someone from, or related to Finland * Culture of Finland * Finnish people or Finns, the primary ethnic group in Finland * Finnish language, the national language of the Finnish people * Finnish cuisine See also ...

state-owned

investment company An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under the ...

. Founded in 1991, Solidium's original purpose was to manage the property of SKOP Bank (''Säästöpankkien Keskus-Osake-Pankki''; fi), which went bankrupt in the

early 1990s recession The early 1990s recession describes the period of economic downturn affecting much of the Western world in the early 1990s. The impacts of the recession contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incu ...

. In 2008, the purpose of Solidium was changed to manage the listed minority shareholdings of the

Finnish Government sv, Finlands statsråd , border = , image = File:Finnish Government logo.png , image_size = 250 , caption = , date = , state = Republic of Finland , polity = , coun ...

. Previously, the government directly owned the stock, and transferring them under a single company was the work of

Minister of Trade and Industry A Ministry of Trade and Industry, Ministry of Commerce, Ministry of Commerce and Industry or variations is a ministry that is concerned with a nation's trade, industry and commerce. Notable examples are: List *Algeria: Ministry of Industry and ...

Jyri Häkämies Jyri Jukka Häkämies (born 30 August 1961) is a Finnish politician and the CEO of Confederation of Finnish Industries The Confederation of Finnish Industries (EK, fi, Elinkeinoelämän Keskusliitto, sv, Finlands Näringsliv) is the largest emp ...

. On 1 August 2022, the net asset value of Solidium was EUR 8,968 million. Aside from Solidium, the government still directly owns shares in three listed companies as a majority shareholder.

Holdings

Solidium took over the state owned shares in 2008 of

Kemira Kemira Oyj () is a global chemicals company serving customers in water intensive industries. Kemira has two main segments, Pulp & Paper and Industry & Water. Kemira is headquartered in Helsinki, Finland. In 2019, Kemira had annual revenue of aro ...

Metso Metso Oyj was a Finnish industrial machinery company focusing on providing technology and services for mining, Construction aggregate, aggregates, and Petroleum industry, oil and gas, recycling, pulp and paper and other process industries. On ...

Outokumpu Outokumpu Oyj is a group of international companies headquartered in Helsinki, Finland, employing 10,600 employees in more than 30 countries. Outokumpu is the largest producer of stainless steel in Europe and the second largest producer in the A ...

Rautaruukki Rautaruukki Oyj using the marketing name Ruukki is a Finnish company, headquartered in Helsinki, which manufactures and supplies metal-based components and systems to the construction and engineering industries. In 2014 Swedish SSAB bought Ruukki. ...

Sampo In Finnish mythology, the ''Sampo'' () is a magical device or object described in many different ways that was constructed by the blacksmith Ilmarinen and that brought riches and good fortune to its holder, akin to the horn of plenty (cornucopi ...

, Sponda,

Stora Enso Stora Enso Oyj (from sv, Stora and fi, Enso ) is a manufacturer of pulp, paper and other forest products, headquartered in Helsinki, Finland. The majority of sales takes place in Europe, but there are also significant operations in Asia and S ...

and Telia and in 2009

Elisa The enzyme-linked immunosorbent assay (ELISA) (, ) is a commonly used analytical biochemistry assay, first described by Eva Engvall and Peter Perlmann in 1971. The assay uses a solid-phase type of enzyme immunoassay (EIA) to detect the presence ...

. Solidium acquired over 5% of

Outotec Outotec Oyj (Outokumpu Technology prior to 24 April 2007) was a Finnish company, headquartered in Espoo, aimed at providing technologies and services for the metal and mineral processing industries. In 2020 Outotec merged with Metso Minerals and ...

mining technology company's shares in March 2012 while

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

reduced its ownership to less than 5%. 5% is the limit of obligatory stock information note in Finland. Solidium has bought also

Talvivaara Ahtium (known until 2017 as the Talvivaara Mining Company; fi, Talvivaaran Kaivososakeyhtiö Oyj) was a Finnish mining company that operated the Talvivaara nickel mine from the company's establishment in 2004 until the mining business was sold ...

mining stocks and sold all shares of Sponda. Finnish state also directly owns shares of certain publicly listed companies, deemed to be ″strategically important″, that are not in Solidium's portfolio. These include

Finnair Finnair ( fi, Finnair Oyj, sv, Finnair Abp) is the flag carrier and largest airline of Finland, with its headquarters in Vantaa on the grounds of Helsinki Airport, its hub. Finnair and its subsidiaries dominate both domestic and internationa ...

(55.8%),

Fortum Fortum Oyj is a Finnish state-owned energy company located in Espoo, Finland. In addition to Finland, it focuses on Germany and other countries in Central Europe, Great Britain, Russia and the Nordic region. Fortum operates power plants, inc ...

(50.8%), and

Neste Oil Neste Oyj (international name: Neste Corporation; former names Neste Oil Corporation and Fortum Oil and Gas Oy) is an oil refining and marketing company located in Espoo, Finland. It produces, refines and markets oil products, provides eng ...

(50.1%).

Corporate governance

Solidium Oy managing director is Kari Järvinen. The members of Solidium's Board of Directors are chairman (interim) Heikki Bergholm, Markku Hyvärinen ( Varma, Tradeka), Marketta Kokkonen ( Espoo municipality), Anni Vepsäläinen (Finnish Fair Corporation), and Eero Heliövaara (Ownership steering department of the Prime Minister’s Office).

References

External links

Solidium
{{authority control Financial services companies of Finland Government-owned companies of Finland Sovereign wealth funds