JSE-listed Sappi has completed the acquisition of Cham Paper Group (CPG).
The transaction includes the acquisition of CPG’s Carmignano and Condino mills, in Italy, as well as its digital imaging business in Cham, Switzerland.
“I am very pleased that we have been able to finalise this acquisition so quickly. We are now able to move with speed to combine Cham’s strong brands, employees and assets with Sappi’s global presence,” Sappi CEO Steve Binnie said in a statement.
He added that the acquisition supported Sappi’s diversification strategy and 2020 Vision to grow in higher-margin growth segments and would improve near-term profitability and serve as a platform for organic growth and further acquisitions.
He further said it would add €183-million of sales and would strengthen Sappi Europe specialities and packaging paper business’ footprint and skills.
“It also adds 160 000 t of speciality paper to our capacity and increases Sappi’s relevance in specialities and packaging papers, opening up new customers and markets to Sappi’s existing products,” he said.