Fortum

Infobox Company
company_name = Fortum
company_
company_type = Public (OMX|HEX24271|FUM1V)
foundation = 1998
location_city = Flagicon|Finland Espoo
location_country = Finland
key_people = Peter Fagernäs (Chairman of the board), Mikael Lilius (President and CEO)
industry = Energy
products = Energy generation and distribution
revenue = € 4.479 billion (2007)cite web |url=http://www.fortum.com/gallery/Investors2008/Annual_Report_2007/Fortum_Financials_07_eng.pdf |title=Annual Report 2007 |accessdate=2008-04-11 |publisher=Fortum]
net_income = profit €1.552 billion (2007)
num_employees= 8,300 (2007)
homepage = [http://www.fortum.com/ www.fortum.com]

Fortum Oyj is a Finnish public listed energy company, which focuses on the Nordic and Baltic countries, Poland and the north-west of Russia. The head of the company is Mikael Lilius, President and CEO. Fortum operations cover the generation, distribution and sale of electricity and heat. It also operates and maintains power plants as well as does other energy related services. The main products of the company are electricity, heat and steam.

History

Fortum Oyj was created in 1998 by merger of the electricity company Imatran Voima Oy (IVO - founded in 1921) and the oil company Neste Oyj. In 2005, the oil business was separated again from Fortum and it was transferred to re-established Neste Oil company. Majority of Fortum's shares (51.1%) is owned by Finnish Government. The market capitalization of company is around €19 billion.

Operations

In Norway Fortum has bought several power companies and set up a base in Sarpsborg. Through subsidiaries it operates the power grid in most of Østfold, as well as owning the district heating system in Bærum. Fortum also holds partial ownership of Fredrikstad Energi (49%) and Hafslund (34%).

References

External links

* [http://www.fortum.com Fortum.com]
* [http://www.fortumar.com Fortum financial statements]