Palm Paper Acquires German Corrugated Board Producer Seyfert
Seyfert has corrugated operations in Germany and France, as well as a paper mill for recycled corrugated case material.
June 5, 2014 (Press Release) - Palm Paper Group announced that on June 1 it acquired the operations of Seyfert — a corrugated board producer based in Germany.
Terms of the deal were not disclosed.
Seyfert, with its head office in Reichenbach a. d. Fils, Germany, has been in the ownership of the Seyfert family for 102 years. The deal will allow the Seyfert to "develop further under the Seyfert name" and the company "will remain a reliable and competent supplier and partner for its existing customers."
The Seyfert Group has 3 corrugated plants in Germany. In France, it has 3 corrugated plants and 2 sheet feeding plants, as well as a paper mill for recycled corrugated case material. In 2013, the company had a turnover of EUR280 million and employed 1,200 people.
The Palm Group consists of 4 paper mills, with 7 paper machines and produces newsprint and corrugated case material. It runs 17 convertor plants for corrugated base material. In 2013, Palm's turnover was EUR1.15 billion and it employed 3,000 people.
In a press statement, Palm Paper said, "The merger between Seyfert and Palm is an ideal addition to Palm's existing business. It strengthens Palm's market position in Germany and enhances its presence on the French packaging market."
SOURCE: Palm Paper