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Combiwood acquired in the transaction 60% of Baros AS, which in turn owns 100 percent of Barkevik Bruk AS and Olaf Olsen Joinery Factory AS, Barkevik said in a press release.

Barkevik is Norway's second largest mouldings producer with annual sales in excess of 255 mln Norwegian kroner. The company has three production plants and exports its products worldwide.

The company's marketing director Thor Linberg praised Combi Group's efficient corporate culture and production setup. With Combiwood's ownership stake, Barkevik will be able to provide its customers with the best service and product range in the future, he said in a statement.

Combiwood posted a profit of 5.4 miln euros on sales of 30.3 mln euros in 2015. The consolidation group includes the parent company, Combiwood OU, and subsidiaries Combilink OU and Combiwood Invest OU.

The parent company's core activity is production of skirting boards and mouldings mostly from pinewood. Combiwood's principal export markets are Scandinavia and other European countries.