Loparex Group has signed a
Share Purchase Agreement with Mondi Coating BV (part of Mondi Group listed at
London and Johannesburg stock exchanges) concerning the sale of Loparex Oy
(Lohja plant), Loparex Ltd (Glossop plant), as well as Loparex's printing and
slitting terminals located in Poland and Thailand.
"The
decision to exit these operations was made as part of Loparex Group's strategy
to create sustainable growth by focusing on certain value-added products and
expansion in emerging markets", states Pentti Kallio, Loparex Group CEO.
The
Loparex Group going forward will consist of Loparex LLC with operations in Iowa
City, IA, Hammond, WI, Eden, NC, Cullman, AL, and the Willowbrook, IL, head
office; Loparex BV in the Netherlands; Loparex Asia Pacific in Guangzhou, China,
and Hong Kong; and Kaygee-Loparex in India, a 50% joint venture.
Loparex's
proforma 2008 revenue is estimated to be 270 Mio Euros, and the group will
employ 1100 people. Eighty percent of Loparex's business will come from North
America.
The sale will be closed
after the necessary approvals have been obtained from competition authorities.
The estimated timetable for this is July 1, 2008.
For more information, visitwww.loparex.comorwww.mondi.com.
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