Finnish paper and packaging company Powerflute has acquired core and coreboard manufacturer Corenso in a €102.3m deal.
Corenso, which is fully owned by paper and board manufacturer Stora Enso, produces cores and coreboards from recycled paper, which are used in the paper, packaging, textiles, steel, aluminium and other industries. It is capable of producing 290,000t of coreboard and 265,000t of cores, tubes and edge protectors annually.
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The acquisition will also include Corenso North America.
Powerflute had previously announced that it would invest around €81m in the acquisition.
However, the company later said that after taking into account the preliminary valuation attributed to minorities of €8.1m and the initial estimate of net cash acquired and adjustments required to net working capital of €20.4m, Corenso was valued at €102.3m.
Corenso currently employs about 920 people across ten countries.
The Wisconsin Rapids Tribune quoted Corenso North America operation president Tom Janke as saying that the acquisition will not affect the employment numbers.
Powerflute chairman Dermot Smurfit said: "The acquisition of Corenso is a major step for Powerflute and is consistent with our strategy of pursuing opportunities for growth and development in attractive, specialty paper and packaging markets."
