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Global producer Sappi Limited has signed an agreement to acquire the speciality paper business of Cham Paper Group Holding AG for CHF146.5 million (approximately $149 million).
The transaction includes the acquisition of the company's Carmignano and Condino Mills in Italy, its digital imaging business located in Cham, Switzerland, as well as all brands and know-how. The acquisition is expected to complete during the first calendar quarter of 2018.
Commenting on the transaction Steve Binnie, chief executive officer, said, 'This acquisition further strengthens our speciality paper business both in Europe and globally by combining strong brands and assets with our global reach. This transaction will increase profitability and unlock the significant growth and innovation potential inherent within the speciality paper market. I am very pleased that we have taken another significant step towards realising our Vision2020 goal.'
The speciality paper business of Cham Paper Group will continue to operate separately and independently until clearances from the authorities are obtained.