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Mustaniemi will oversee the Säkylä factory and contract farming as Apetit pursues its 2028 earnings targets
Timo Mustaniemi, most recently factory manager at Huhtahyvät Oy, will join Apetit Plc as production director on Sept. 1, 2026, taking responsibility for the food company's Säkylä factory and contract farming operations as it works through a factory restructuring, integrates a recent acquisition and pursues a multi-year profitability plan.
Mustaniemi will report to CEO Esa Mäki and join Apetit's corporate management team, the Finnish producer of plant-based food products and oilseed products, announced on July 13. He succeeds Ari Kulmala, who announced his resignation in March after serving on the management team since 2019. Kulmala will remain with Apetit through the end of 2026 in project-based assignments to support the transition.
Mustaniemi brings more than two decades of operational and manufacturing leadership in the food industry. Before joining Huhtahyvät in 2023, he served as chief operating officer at Landeli Group, CEO of Maalaistuote Vataja, operated a K-Supermarket in Ikaalinen, and held production director and factory manager roles at HK Ruokatalo. He holds a Bachelor of Engineering in Bio and Food Technology and a Master of Engineering in Bioeconomy and Energy Production Management.
"I warmly welcome Timo to Apetit to develop Apetit's Food Solutions further," CEO Esa Mäki said. Apetit said Mustaniemi will oversee production at its Säkylä facility in southwestern Finland together with contract farming, including the Räpi experimental farm.
Mustaniemi joins Apetit following a series of leadership and operational changes. Since late 2025, the company has refreshed its management team, appointed a new board chair and three new directors, completed the Foodhills acquisition, announced the closure of its Pudasjärvi frozen pizza factory and sold its Kantvik biosteam plant.
Financial backdrop
The production leadership change comes after a series of weaker financial updates.
In April, Apetit lowered its 2026 earnings guidance, saying operating results are expected to clearly decline from the comparable 2025 operating result of EUR 5.9 million, excluding the Foodhills acquisition accounting gain. The company cited Foodhills' integration costs and around EUR 2.3 million of one-off expenses related to closing the Pudasjärvi factory.
A week later, Apetit reported a first-quarter operating loss of EUR 1.4 million compared with an operating profit of EUR 2.3 million a year earlier, while net sales increased over 5% to EUR 46.1 million. Management attributed the weaker result to integration costs, higher electricity prices, and continued pressure in its Oilseed Products business.
What Apetit is trying to accomplish
Apetit's 2026-2028 strategy, "A Season of Growth," targets operating profit of more than EUR 10 million and return on capital employed above 7% by 2028. The plan focuses on expanding higher-growth businesses, particularly frozen peas, strengthening the company's Swedish operations following the Foodhills acquisition, and growing BlackGrain, its rapeseed-derived protein ingredient sold under the Yellow Fields brand.
Management has said earnings will come under pressure early in the strategy period as the company invests before profitability improves later in the plan. Several recent operational moves support that objective. The closure of the Pudasjärvi frozen pizza factory is expected to reduce future investment needs by about EUR 3 million while generating annual savings of around EUR 0.7 million from 2027. Meanwhile, selling the Kantvik biosteam plant allows Apetit to retain a long-term energy supply agreement while directing more capital toward its core food and oilseed businesses.
Mustaniemi's appointment places him at the center of that execution effort. He takes responsibility for manufacturing and contract farming as Apetit seeks to improve operational performance, integrate Foodhills, and return to earnings growth while navigating a more challenging near-term environment.
Investor watchpoints
Whether Mustaniemi's appointment brings stability to production leadership as Apetit completes the Pudasjärvi factory transition within its guided EUR 2.3 million one-off cost envelope.
Whether Foodhills integration and the Swedish business begin improving profitability during the second half of 2026 after management said it expects a rapid turnaround.
Whether the company can move toward its 2028 targets of operating profit above EUR 10 million and return on capital employed above 7% following a reduced 2026 outlook and first-quarter operating loss.
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