Ahlstrom receives a Statement of Objections from the European Commission related to the proposed combination of Label and Processing and Munksjö
Ahlstrom Corporation STOCK EXCHANGE RELEASE February 22, 2013 at 9.45
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Ahlstrom and Munksjö have today received a Statement of Objections from the European Commission. The document issued by the EU addresses the competitive effects of the proposed combination of Ahlstrom's Label and Processing Business and Munksjö with respect to abrasive backings and pre-impregnated decor paper.
Ahlstrom and Munksjö are working closely with the EU Commission in order to resolve the competition issues identified by the Commission. No final decisions have been taken yet with regard to potential remedies. The potential effect of any remedies on the previously identified synergies will be communicated in due course.
As a consequence of the negotiations with the EU Commission, Ahlstrom now expects to complete the demerger of the company's Label and Processing business in Europe and other related measures forming the first phase of the planned transaction during the second quarter of 2013 instead of the previously targeted first quarter of 2013. The demerger of Ahlstrom's Label and Processing business in Brazil is still expected to be completed in the second quarter of 2013.
The EU commission opened a second phase investigation into the proposed combination in December 2012 with respect to abrasive backings and pre-impregnated décor papers. Following the investigation, the Commission will take a final decision on whether the combination would significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
On November 27, 2012, Ahlstrom's Extraordinary General Meeting approved the demerger concerning Ahlstrom's Label and Processing business in Europe and the demerger concerning Ahlstrom's Label and Processing business in Brazil in accordance with the demerger plans.
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Ahlstrom in brief
Ahlstrom is a high performance fiber-based materials company, partnering with leading businesses around the world to help them stay ahead. Our products are used in a large variety of everyday applications, such as filters, medical gowns and drapes, diagnostics, wallcoverings, flooring and food packaging. We have a leading market position in the businesses in which we operate. In 2012, Ahlstrom's net sales from the continuing operations (excluding Label and Processing business) amounted to EUR 1 billion. Our 3,800 employees serve customers in 28 countries on six continents. Ahlstrom's share is quoted on the NASDAQ OMX Helsinki. More information available at www.ahlstrom.com.