Sappi buys specialty paper assets for $149m
By Andries Mahlangu and Tammy Foyn - Dec 5th 2017, 11:18
Paper and pulp group Sappi said on Tuesday it would acquire speciality paper assets from Cham Paper Group, in a $149m deal that will be settled in cash.
Switzerland-based Cham produces coated speciality papers used in a variety of applications including industrial goods, consumer goods and digital imaging.
The company said the transaction, which is expected to close in the first quarter, represented an opportunity to grow its speciality and packaging paper business.
Sappi is a leading global producer of dissolving wood pulp, which is used in the textiles industry, among others.
The company made dissolving wood pulp a key focus area as demand for its traditional mainstay products, such as newsprint and glossy magazine print, was waning.
The new Cham assets include a digital imaging paper business, which uses paper supplied by the two mills included in the deal.
Sappi’s share price was off 0.89% at R95.02 in early trade on the JSE, valuing the company at R53bn. It was among several rand hedges to fall in early trade, as the currency returned to levels last seen before the medium-term budget.
© BusinessLIVE MMXVII
Carrefour franchisee on prowl for acquisitions to grow in Africa
03/04/2019 - 08:42
Majid Al Futtaim Holding, an operator of French retailer Carrefour SA outlets, plans to boost its presence in Kenya as it looks to expand into eastern and southern Africa.
Watches of Switzerland sets its sights on more US acquisitions
25/03/2019 - 09:38
Watches of Switzerland expects to make further acquisitions in the US, which it first entered in 2017 with the purchase of jeweller Mayors, its CEO said.
Long4Life acquires leading footwear and clothing brand, Rage
26/06/2018 - 15:03
Investment company Long4Life is delighted to announce its acquisition of the entire issued share capital of Rage Distribution Proprietary Limited (Rage).
Richemont lifts its game plan with Watchfinder deal
13/06/2018 - 09:14
Richemont, the Swiss luxury brands group run by the Rupert family, has taken another step in its aggressive plan to build a formidable retail network.
Kellogg’s acquires $420 million stake in African joint venture
07/05/2018 - 09:31
Kellogg’s has exercised an option to acquire a stake in packaged food manufacturer Tolaram Africa Foods (TAF), – a subsidiary of Tolaram Group – for $420 million, as the company seeks to expand its presence in the African market.