Ahlstrom acquires Shandong Puri Filter & Paper Products Limited in China as part of its growth strategy in Asia
Ahlstrom Corporation STOCK EXCHANGE RELEASE 11.8.2010 at 08.45
Ahlstrom, a global leader in nonwovens and specialty papers, takes a further step in implementing its growth strategy in Asia through the acquisition of Shandong Puri Filter & Paper Products Limited in China from Purico Group. The parties have today signed the share sale and purchase agreement. Value of the transaction is EUR 22.5 million.
Shandong Puri Filter & Paper Products Limited is a producer of transportation filtration media and operates a plant in Binzhou in the province of Shandong in northeastern China. The site currently employs 170 persons.
Jan Lång, Ahlstrom's President & CEO, comments the acquisition:
"This acquisition is an integral part of our expansion in Asia, as it enables us to serve our global customers based in China and at the same time to build a platform in the country for further growth. Together with our plant in Hyun Poong, South Korea, the acquisition enables us to grow our market share in the Asian transportation filtration market", Jan Lång states.
The new site will be part of Ahlstrom's Filtration Business Area, which accounts for approximately one fifth of the Group's net sales. Ahlstrom currently generates about 10 percent of its annual net sales from Asia.
The acquisition is expected to be completed by the end of September and is subject to necessary approvals from the authorities.
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Ahlstrom in brief
Ahlstrom is a global leader in the development, manufacture and marketing of high performance nonwovens and specialty papers. Ahlstrom´s products are used in a large variety of everyday applications, such as filters, wipes, flooring, labels, and tapes. Based upon its unique fiber expertise and innovative approach, the company has a strong market position in several business areas in which it operates. Ahlstrom's 5,800 employees serve customers via sales offices and production facilities in more than 20 countries on six continents. In 2009, Ahlstrom's net sales amounted to EUR 1.6 billion. Ahlstrom's share is quoted on the NASDAQ OMX Helsinki. The company website is at www.ahlstrom.com.