Sappi has announced that it had signed an agreement to acquire the speciality paper business of Cham Paper Group Holding AG for approximately $149 million.
The transaction includes the acquisition of the Carmignano and Condino Mills in Italy, its digital imaging business located in Cham, Switzerland as well as all brands and know how.
The acquisition is expected to be completed during the first calendar quarter of 2018.
Commenting on the transaction Steve Binnie, chief executive officer of Sappi Limited, said: ‘This acquisition further strengthens Sappi’s speciality paper business both in Europe and globally by combining Cham’s strong brands and assets with Sappi’s global reach. This transaction will increase profitability and unlock the significant growth and innovation potential inherent within the speciality paper market. I am very pleased that we have taken another signification step towards realizing our Vision2020 goal.’
Berry Wiersum, CEO Sappi Europe added, ‘We are very excited about the possibilities this transaction opens up for Sappi as well as for Cham’s highly respected business. The products and brands which have been acquired are an excellent complement to our market offering, enabling us to offer our existing, as well as new customers in Europe, North America and globally, a broader range of products coupled with excellent customer service.’
The speciality paper business of CPG will continue to operate separately and independently from Sappi until clearances from the authorities are obtained.