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Company / History

170 years of industrial traditions

Ahlström Capital Oy is one of Finland’s largest investment companies and part of the Ahlström family heritage – one of the most significant industrial families in Finland from the 1850s onwards. Ahlström Capital Oy was established in 2001 as A. Ahlström Osakeyhtiö was divided into Ahlstrom Corporation, Ahlström Capital Oy and A. Ahlström Osakeyhtiö.


Active value creation

We develop our portfolio through active board and strategy work. Our successful investments have resulted in value creation to shareholders. The company’s external fair value has increased from around EUR 200 million (2001) to EUR 1,2 billion (2021).



A. Ahlström Osakeyhtiö becomes one of the first Finnish companies to expand their business abroad – a major milestone for Finnish industry. Starting with an investment in an Italian paper mill in 1963, today Ahlström Capital’s portfolio companies are active in 33 countries. The investment in Cartiere Giacomo Bosso S.p.A was the first significant international corporate acquisition by a Finnish company



Ahlström becomes a forerunner in the paper, glass and engineering industries. A. Ahlström Osakeyhtiö becomes the biggest industrial company in Finland. First steps of internationalisation: Karhula Works begins the manufacturing of pumps for the forest industry, with the licences from the American company Nash, Swiss company Sulzer and Swedish company Laval.



Antti Ahlström starts business in the fields of shipping and sawn goods. In 1870, he acquires the Noormarkku Works, which later becomes his home and the centre of the company’s businesses. He also acquired three other Works: Kauttua in 1873, Leineperi in 1877 and Strömfors in 1886. Along with the acquisition of the Works, Ahlström received significant forest holdings, which still form the basis of the company’s forest assests today


The Beginning

Antti Ahlström starts business in 1851