Jan. 6, 2022 - Nordic Paper Holding AB on Dec. 31, 2021 completed the acquisition of Glassine Canada Inc., a specialized manufacturer of demanding greaseproof paper grades primarily for food applications. The company is located in Quebec, Canada.
The deal was first announced on Dec. 20.
Based on preliminary performance parameters up until year end 2021, the preliminary purchase price on a cash and debt free basis is CAD 92 million (SEK 654 million).
Net sales in 2021 for Glassine Canada are estimated to CAD 38 million (SEK 273 million) and EBIT to CAD 8.2 million (SEK 58 million).
The final purchase price will be determined during the first half year of 2022 when the final performance of the company as per 31 December 2021 has been established. The transaction is financed by Nordic Paper using cash and SEK 400 million of an existing credit facility.
"The acquisition of Glassine Canada is an important step for Nordic Paper and shows our commitment to our customers in North American markets who we will be able to serve even better offering a broader product range and closer proximity," said Anita Sjölander, CEO of Nordic Paper.
The acquired business will be reported within the Nordic Paper Natural Greaseproof segment.
Nordic Paper is a Scandinavian specialty paper producer of kraft and natural greaseproof paper. The company has four mills and about 630 employees. To learn more, visit: www.nordic-paper.com.
SOURCE: Nordic Paper
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