UPM to sell Walki Wisa to Private Equity Group
Feb. 26, 2007 - Finnish paper producer UPM said that it has signed an agreement on the sale of the Walki Wisa Group to funds managed by the Finnish private equity investment company CapMan. Walki Wisa is a business unit of UPM's Converting Division.
The purchase price was not disclosed
UPM estimates the sale of the business will result in a capital gain of around EUR 25 million. The final figure will be determined based on the accounts to be prepared when the deal closes, whicis expected to take place in the second quarter of 2007.
Walki Wisa is one of Europe's leading producers of wrappings and composite materials for industrial applications. The company operates manufacturing facilities in Finland, Sweden, Germany, Great Britain and China.
Walki Wisa employs about 950 people, with some 600 in Finland. The company had sales of EUR 287 million in 2006, UPM said.
The sale is in line with its strategy to divest non-core businesses, UPM added.
CapMan Oyj is a Finland-based private equity investment company that is active in the Nordic countries. The firm manages funds worth approx. EUR 2.9 billion in total capital.