UNIVERSAL MUSIC FINLAND BECOMES MAJORITY SHAREHOLDER IN SPIN-FARM OY
HELSINKI, 8 APRIL 2002 -- Universal Music Finland has become the majority shareholder in Spin-Farm Oy, Finland's biggest independent record company, with effect from March 22, 2002. The company will operate as an independent business unit under MD Riku Pääkkönen.
Gugi Kokljuschkin, Managing Director of Universal Music Finland said: "Our deal with Spin-Farm means we access a significantly larger proportion of local repertoire. I also believe that Universal Music has the potential to help Spin-Farm artists to break internationally. I know that Spin-Farm is a company in which creativity and courage are combined with a comprehensive business vision."
Riku Pääkkönen, Managing Director of Spin-Farm Oy said: "The deal with Universal delivers many synergies between our two companies. It makes our operations outside Finland more effective, which in turn gives our artists a better chance to break internationally. The world's largest record company, Universal Music, is an ideal partner for us."
Theo Roos, Senior VP, Universal Music International Nordic Countries said: "Spin-Farm has developed as a very prominent and independent label, concentrating on specific repertoire. Riku Pääkkönen is a creative and very down-to-earth manager, who has built up a terrific company."
Spin-Farm Oy consists of record labels Spinefarm Records, Ranka Recordings, Odor, Freeride and Hawaii Sounds. The most important local artists are Nightwish, Children of Bodom, Sonata Arctica and Timo Rautiainen & Trio Niskalaukaus. Through licenses, Spin-Farm represents a variety of acts in Finland, including Sentenced, Stratovarius, Tom Waits, Manowar, Rancid and Motörhead.
The turnover of the company in 2001 was approximately € 4.5 million and it employs thirteen people, all of whom will continue to work for the company.