Ahlstrom Corporation STOCK EXCHANGE RELEASE 01.02.2008
Ahlstrom, a global leader in high performance fiber-based materials, announced today that it has signed an agreement to acquire Friend Group Inc., which consists of West Carrollton Parchment Company and West Carrollton Converting Company. The Group is a producer of vegetable parchment and has parchmentizing and converting operations located in West Carrollton, Ohio, the USA. The transaction is expected to be closed during the first quarter of 2008.
The parties have agreed not to disclose the acquisition price. Friend Group employs 162 people and has two sites in West Carrollton serving mainly the food packaging market in the USA. Net sales of the acquired entity in 2007 were USD 47 million.
The new entity will be integrated into Ahlstrom's vegetable parchment product line, which is part of the Technical Papers business area currently operating two sites manufacturing vegetable parchment in France and serving customers globally.
This acquisition enables Ahlstrom to build a global platform for its vegetable parchment business, develop new applications for the product as well as improve its customer service worldwide.
Ahlstrom's CEO Jukka Moisio comments on the deal:
"With the acquisition Ahlstrom becomes the leading global supplier of vegetable parchment and the acquisition strengthens our North America position by combining Ahlstrom's technical know-how with West Carrollton's strong customer relations and excellent converting capabilities."
Vegetable parchment is a specialty paper made from cellulose fibers and it has numerous applications in packaging, food, textile, furniture, graphic and other industries. Vegetable parchment has unique properties such as excellent greaseproof and strength characteristics and high water and heat resistance. The global market demand for vegetable parchment is growing in various new applications.
For further information, please contact:
Jukka Moisio, President & CEO, Ahlstrom Corporation, tel. +358 (0)10 888 4700
Patrick Jeambar, Senior Vice President, Technical Papers, tel. + 33 4 7645 3507
OMX Nordic Exchange Helsinki
OMX Nordic Exchange Helsinki
Ahlstrom in brief
Ahlstrom is a global leader in the development, manufacture and marketing of high performance fiber-based materials. Nonwovens and specialty papers, made by Ahlstrom, are used in a large variety of everyday products, such as filters, wipes, flooring, labels, and tapes. Based upon its unique fiber expertise and innovative approach, the company has a strong market position in several business areas in which it operates. Ahlstrom's 6,500 employees serve customers via sales offices and production facilities in more than 20 countries on six continents. In 2007, Ahlstrom's net sales amounted to EUR 1.8 billion. Ahlstrom's share is listed on the OMX Nordic Exchange Helsinki. The company website is www.ahlstrom.com.