A separate company, Piikkio Works Oy, has been established under Kvaerner Masa-Yards Inc. as a result of transfer of assets. The new company continues as of January 1, 2002, the operations of Kvaerner Masa-Yards Piikkio Works, which previously was a separate business unit within Kvaerner Masa-Yards Inc. The reason for incorporating the company is the independent and different nature of Piikkio Works business activities as a builder of prefabricated cabin and bathroom modules. Kari Ruusunen, previously manager of the business unit, has been appointed president of Piikkio Works Oy. Jorma Wloranta, president and CEO of Kvaerner Masa-Yards Inc., is named as chairman of the board of the new company.