Ahlstrom-Munksjö completes the reorganization of the Decor business ownership


Ahlstrom-Munksjö Holding 3 Oy has completed the ownership arrangement of its Decor business in accordance with the plan announced in May 2022. As of today, Ahlstrom-Munksjö will start operating under the business name of Ahlstrom. The divested Decor business continues as an independent company under the Munksjö name.

In the ownership reorganization, the Decor business has been divested from Ahlstrom-Munksjö Holding to a newly formed Swedish company named Munksjö AB. The new Munksjö is owned by Ahlstrom-Munksjö Holding with an approximate 25% share, and Ahlstrom Capital Group with a share of approximately 60% and Nidoco AB with a share of approximately 15%, both of which are affiliates of the current minority owners of Ahlstrom-Munksjö Holding.

The reorganization of the ownership of the Decor business will generate cash in excess of EUR 200 million, supporting the Group’s liquidity and strategy execution. The transaction will only have a limited impact on net indebtedness to adjusted EBITDA ratio.

As of the Q2 2022 report, the Decor business has been classified as assets held for sale and a discontinued operation. Financials of the discontinued operation are presented in the Q2 2022 report, appendix 1, note 5. Final financial details of the transaction will be disclosed in the Financial Statements 2022.

As separate companies, the increased management and board focus will support the separate companies Ahlstrom and Munksjö in achieving further sustainable growth and profitability through a more focused and ambitious agenda on a global basis. Both companies offer distinctive characteristics that are expected to attract investors, provide access to new capital and drive increased value.

Ahlstrom-Munksjö has actively developed its Decor business over the years, by establishing a strong growth platform in South America through the acquisition of Caieiras’s specialty paper mill in Brazil, and more recently by entering the world's largest and fastest growing decor paper market in China through the acquisition of the decor paper manufacturer Minglian New Materials Technology in Xingtai, Hebei Province. Through these strategic acquisitions, the Decor business has become a leading international player, well positioned to serve its customers in all essential decor paper markets globally. As a standalone company the Decor business will accelerate its growth, strengthen its competitiveness and global leadership in innovation. The Decor business has operated under the Munksjö brand for more than 25 years, and although lately under the Ahlstrom-Munksjö brand, the business is most commonly known as simply “Munksjö”, a brand recognized for outstanding quality and service across the decor industry.

About Decor business area

The Decor business offers the broadest assortment of high-quality decor papers in its industry. Decor papers are primarily used as the decorative surface material in laminated wood-panel based furniture, flooring and other interior and exterior building material applications. Key markets are Europe, North and South America, China and selected export markets. The production takes place at six plants: Unterkochen and Dettingen in Germany, Tolosa in Spain, Arches in France, as well as Caieiras in Brazil and Xingtai in China. Including Xingtai, acquired in January 2022, annual net sales is approximately EUR 500 million and production capacity around 250,000 tons. Currently the combined businesses employ 1,200 people.

About Ahlström Capital

Ahlström Capital is a family-owned investment company that focuses its investment activity on industrial companies, real estate and forestry. In 2021, the annual revenue of Ahlström Capital groups portfolio companies was approximately EUR 4.4 billion and the portfolio companies employed approximately 13,500 people in 33 countries. Ahlström Capital Oy and Ahlstrom-Munksjö share almost 170 years of common history.

About Nidoco

Nidoco AB is a Swedish investment company whose strategy is to create long-term value through active ownership of public and private companies. Nidoco is currently a leading shareholder of three listed companies with head offices in the Nordic region, and has direct and indirect investments in more than 300 unlisted companies globally. Nidoco is an independent part of the Virala Group.

For further information, please contact:


Johan Lindh, Vice President, Group Investor Relations, johan.lindh@ahlstrom-munksjo.com, tel. + 358 10 888 4994

Ahlström Capital

Camilla Sågbom, Director, Corporate Communications and Responsibility, +358 10 888 4172, camilla.sagbom@ahlstromcapital.com


Patrick Castrén, CEO, patrick.castren@nidoco.se

Ahlstrom-Munksjö in brief
Ahlstrom-Munksjö is a global leader in combining fibers into sustainable and technical advanced specialty materials. Our purpose is to Purify and Protect, with Every Fiber, for a Sustainable World. Our vision is to be the Preferred Sustainable Specialty Materials Company for all our stakeholders. We serve five growing and distinctive end markets, which form the basis for our five divisions: Filtration, Food & Consumer Packaging, Healthcare, Building Materials, and Technical Materials. Our annual net sales 2021 amounted to EUR 3.1 billion and we employ some 8,000 people. Read more at www.ahlstrom-munksjo.com