Ahlstrom to Sell Its Shares in Jujo Thermal to Nippon Paper Industries for EUR 2.75 Million
Dec. 23, 2013 - Ahlstrom has signed an agreement to sell its shares in Jujo Thermal Ltd to Nippon Paper Industries Co., Ltd.
Jujo Thermal Ltd, a company manufacturing thermal paper in Kauttua, was established in 1992 by Ahlstrom Corporation, Nippon Paper Industries Co., Ltd and Mitsui & Co., Ltd.
Under the agreement, Ahlstrom will sell its shares in Jujo Thermal to Nippon Paper Industries for a purchase price of EUR 2.75 million.
The transaction is subject to certain closing conditions and is expected to be completed by the end of 2013.
Ahlstrom's decision to sell its stake is in line with strategy to focus on high performance fiber-based product offering for a clean and healthy environment.
"We have had very good collaboration with Nippon Paper over the 20 years we have worked together at Kauttua. We have grown the business together and we are pleased with our achievements in the thermal paper business," said Jan Lång, President & CEO, Ahlstrom.
Jujo Thermal is one of the world's leading suppliers of durable direct thermal papers for labels, tickets and tags and point-of-sales use. Since March 2012 when Mitsui & Co., Ltd. sold its shares, Ahlstrom and Nippon Paper Industries have both owned 50% of Jujo Thermal. Jujo Thermal's annual net sales are approximately EUR 90 million and it employs about 200 people.
Ahlstrom will continue to produce crepe papers in Kauttua, employing approximately 20 people in Kauttua.