Sappi buys speciality paper firm
The wood pulp company concludes its acquisition of Cham Paper Group in a deal that includes two paper mills and a digital imaging business
Sappi, a global producer of dissolving wood pulp, specialty and packaging papers and high-quality printing papers, says all conditions relating to its $149m buyout of speciality paper business Cham Paper Group have been fulfilled. The deal includes the acquisition of the Carmignano and Condino paper mills in Italy, the digital imaging business of Cham located in Switzerland, and all brands, technology and know-how. “This transaction strengthens Sappi’s specialities and packaging papers business both in Europe and globally, improves our profitability and is another significant milestone towards realising our [strategic goal to grow in higher margin growth segments],” Sappi CEO Steve Binnie said on Wednesday. Sappi said the acquisition added 160,000 tonnes of speciality paper to overall production capacity. It also opened up new markets and generated economies of scale and group synergies. This would add €183m of annual sales and about €20m of earnings before interest, tax, depreciati...
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