Open Gate Capital, the private investment and acquisition company and the owner of Kotkamills Oy, announced that it has sold a 10% minority share of Kotkamills Oy to Powerflute Oyj, the Finnish forest products company operating a semi-chemical fluting mill in Finland.
According to the London Stock Exchange, Kotkamills has issued new shares representing 10% of its enlarged share capital to Powerflute in exchange for a direct cash injection of €1.5 million. The investment was funded from Powerflute's own cash resources.
Commenting on the investment, Powerflute’s Chairman Mr. Dermot Smurfit said, “We are delighted to have become a shareholder in Kotkamills. We regard this as a strategic investment for Powerflute and look forward to supporting the current owners and management in their efforts to improve the performance of the business and help it to realize its full potential.”
Kotkamills is producing laminating papers for use in the manufacture of high pressure laminates for the construction industry. In addition, it produces specialised magazine papers and sawn timber.
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