Is it the same model as featured on this site (at the very end of the page)? This was the only image reference I could find.
If it is, it's most likely made by KJ Eriksson of Mora, Sweden. Normark has been exporting several models of their knives, some under the Rapala brand. I have seen models which are not featured in the Eriksson catalogue.
The handle and how it is attached to the head seems identical to Eriksson's Camp Axe, model no. 1991, which is sometimes bundled with the Mora 2000 knife. The shape of the head and the sheath are different though, as is the color of the plastic handle. Also, the head is not epoxy coated in the Normark as it is on the Eriksson. I see no reason why these couldn't have been made exclusively as such to a major exporter. It wouldn't have been uncommon. The blade (of the KJ E. 1991) is boron steel. If the Normark's is stainless (should be stamped on the head) it's most likely 12c27.
If the axe doesn't look like the one on that aforementioned page, I can't help you much. A picture of your friends tool would be useful - or description of markings on the head.
Hope this helps.