Papyrus' Czech subsidiary Papyrus Bohemia and Ospap will merge in the future but continue to operate as separate entities for the time being.
Papyrus has finalised the acquisition of Czech paper merchant Ospap, a subsidiary of Paperlinx Netherlands Holdings. The transaction was completed following approval from the Czech competition authority, the company announced. The value of the transaction has not been revealed.
With the acquisition of Ospap Papyrus aims at improving its geographical footprint in Czech Republic and Eastern Europe. According to Papyrus, Ospap has some 100 employees and posted net sales of EUR 49 million in 2014.
Papyrus has maintained a presence in the Czech Republic in the last ten years by its subsidiary Papyrus Bohemia. Ospap and Papyrus Bohemia are meant to merge but will continue to operate as separate entities for the time being, Czech competition authority UOHS announced.