Ahlstrom Signs An Agreement to Divest its Pre-impregnated Décor Paper and Abrasive Businesses to Perusa
Ahlstrom, a global high performance fiber-based materials company, has signed an agreement to divest its pre-impregnated décor papers and abrasive paper backings businesses to Perusa, a German-based private equity group. At completion of the transaction, the ownership base of the divested businesses will be broadened to also include the current management of the sold business.
13 Nov 2013 --- The divestment is made to comply with the commitments made to the European Commission and to the Brazilian competition authority CADE as disclosed in May 2013.
The enterprise value of the transaction is approximately EUR 20 million. Under the agreement, Ahlstrom's pre-impregnated décor paper and abrasive paper backings businesses in Osnabrück, Germany, will be transferred to an entity held by Perusa Partners Fund 2, LP, a private equity firm advised by Munich-based Perusa GmbH. The parties have also formed a joint venture to operate the power plant and the water facilities for the site. Ahlstrom will book a write-down of approximately EUR 6 million in the third quarter of 2013 as a result of the agreement.
Ahlstrom continues to manufacture wallpaper, hybrid wallcover and poster paper materials in Osnabrück and produces release papers as a contract manufacturer to Munksjö Oyj.
The completion of the transaction is subject to certain closing conditions, such as the European Commission's approval of the buyer and the agreements between Ahlstrom and the buyer. The transaction is expected to be completed during the first quarter of 2014, at the latest.
