Sofidel to acquire US tissue producer Cellynne Paper
Tissue paper manufacturer Sofidel prepares to enter the US market. Acquistition of Cellynne Paper will raise the group's production capacity above 1 million tpy.
Italian tissue paper and products manufacturer Gruppo Sofidel will acquire the US tissue paper company Cellynne Paper. According to Sofidel, it has already entered into an agreement with Cellynne Corporation for the acquisition of all shares in Cellynne Paper held by Cellynne Holding Inc.
With the acquisition of Cellynne Paper, Sofidel will enter the US tissue market. The deal is still subject to approval by antitrust authorities in the US. Sofidel did not reveal the purchase price.
Cellynne Corporation is fully integrated tissue and towel products manufacturer supplying to the consumer tissue and away-from-home markets. The company runs three facilities in the US and one in China and employs more than 300 people.
The agreement with Cellynne Corporation covers only the three facilities in the US. China is not part of the deal, Sofidel said. Once the deal was completed Sofidel's annual production capacity would rise by 70,000 tpy to 1.02 million tpy of tissue.
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