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Nordic Paper to buy Glassine Canada Inc.

Anita Sjolander, CEO Nordic Paper
Anita Sjolander, CEO Nordic Paper
21 Dec 2021 − 

Nordic Paper Holding AB will acquire Glassine Canada Inc., a manufacturer of greaseproof paper grades primarily for food applications, in order to strengthen its presence in North America, the largest greaseproof paper market in the world.

The preliminary purchase price for Glassine Canada on a cash and debt free basis is between CAD81m and 92m (€55m-€63m).

Glassine Canada Inc. operates a manufacturing base in Québec and has 56 employees. Over the past three years, Glassine Canada Inc. has had average annual net sales of CAD35m (€24m). The EBIT of the last twelve months of the company was CAD7.7m (€5.3m).

Closing of the transaction is expected to take place on 31 December 2021. The acquired business will, after closing, be reported within the Natural Greaseproof segment. The transaction will be financed by Nordic Paper using cash and its existing credit facilities.

"By this strategic acquisition we show our devotion to highly specialised and innovative papers for food service and food packaging, products that are recyclable and based on renewable raw materials. Glassine Canada Inc is a highly profitable company that will fit well into Nordic Paper. The acquisition shows our commitment to our customers in North American markets who we will be able to serve even better offering a broader product range and closer proximity," says Anita Sjölander, CEO of Nordic Paper.

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