Arctic Paper Moves Headquarters to Poland
Jan. 8, 2009 - Artic Paper recently announced that it has moved its corporate headquarters from Gothenburg, Sweden to Kostrzyn in Western Poland.
In addition, Artic Paper AB has created a new corporate identity, Arctic Paper S.A., and is preparing to have the new company listed on the Warsaw Stock Exchange.
All operations of Arctic Paper AB—the mills in Munkedal, Kostrzyn and Mochenwangen, as well as the sales companies—have been transferred to the new company, which is registered in Poland.
Michal Jarczynski, who has served as manager of the Kostrzyn mill since 2003, is the company's CEO.
Central functions such as sales and marketing will remain in Gothenburg, Arctic Paper said.
The company said that it has successfully implemented a full long term refinancing of the newly established group and renegotiated its loans with the banks for total amount of about EUR 90 million in preparation for its 2009 share market listing.
Arctic Paper is in the process of finalizing the acquisition of Grycksbo Paper AB, a 260,000 tpy fine paper mill in the Dalecarlia region of Sweden. When the deal is complete, production capacity of the group will reach 805,000 tpy of coated and uncoated fine papers.
SOURCE: Arctic Paper S.A.