FINLAND – Valmet, a developer and supplier of technologies, automation systems and services for pulp, has agreed to acquire Körber Group’s Business Area Tissue for an enterprise value of €380 million (US$414.93m).
Körber offers process technologies and related services for converting the jumbo reels of tissue paper into final tissue products.
Business Area Tissue provides a diverse range of products in the tissue-converting industry with converting lines for tissue rolls and for folded tissue including product packaging.
The business has approximately 1,170 total employees across Italy, Brazil, the US, China, and Japan. It generated €305m in sales in 2022.
Valmet aims to combine its complementary offerings with the acquired business to offer a wider range of technology, automation, and services for the growing tissue industry.
Valmet will integrate the acquired business into its Paper business line as a separate business unit. The deal is subject to competition authority approvals and is expected to be completed by 2 November this year.
The company expects its move to bring sales, service, and cost synergies worth €8m by the end of 2026.
Valmet president and CEO Pasi Laine said: “Valmet benefits from the growing demand for biobased products globally. With this acquisition, Valmet takes a new step forward again and strengthens its Process Technologies and Services segments.
“The combination of Valmet’s current tissue-making technologies, services and automation offering and the acquired tissue-converting offering and competencies is a good strategic fit complementing each other and forms a strong basis to create new business opportunities and better serve our customers.
“We are happy and proud to warmly welcome all the new colleagues from Körber’s Business Area Tissue to become part of Valmet.”
Imperial Dade acquires Atlantis Packaging
Imperial Dade, a distributor of foodservice packaging and janitorial sanitation products, has announced completed the acquisition of Atlantis Packaging.
This transaction signifies Imperial Dade’s 67th acquisition, led by Chairman Robert Tillis and CEO Jason Tillis. The financial details of the private transaction have not been disclosed.
Founded more than 50 years ago, Atlantis Packaging is a renowned distributor of industrial products in Southern California and across the US.
By joining forces with Imperial Dade, Atlantis customers throughout North America can expect an enhanced range of products and solutions while still receiving the same level of customized service they have come to rely on.
Robert Tillis expressed enthusiasm about the acquisition, highlighting Atlantis Packaging’s leading position in the Southern California industrial distribution market and its dedication to customer satisfaction.
This acquisition is expected to provide Atlantis Packaging with access to a broader range of resources, enabling them to further enhance their offerings and meet the evolving needs of their customers.
Allspring ups its stake in Graphic Packaging holdings
Meanwhile, Allspring Global Investments Holdings has significantly increased its stake in Graphic Packaging Holding during the first quarter, according to its recent filing with the Securities and Exchange Commission (SEC).
The fund now owns 83,012 shares of Graphic Packaging’s stock, representing a 423.2% increase from the previous period. The total value of Allspring Global Investments’ holdings in Graphic Packaging is US$2.11 million
In addition to Allspring Global Investments, several other hedge funds have made changes to their positions in Graphic Packaging.
Assetmark. grew its stake in the company by 22.3% during the fourth quarter, owning 2,810 shares worth US$63,000.
Captrust Financial Advisors also boosted its holdings by 5.3% in the third quarter, now owning 11,662 shares worth US$230,000.
Private Trust NA increased its holdings by 177.3% during the first quarter, owning 1,109 shares worth US$28,000.
American International Group also saw a 21.6% increase in its holdings during the second quarter, owning 4,414 shares worth US$90,000.
Great West Life Assurance Can raised its holdings by 3.2% during the first quarter, owning 25,660 shares worth US$547,000. Overall, institutional investors and hedge funds now own 92.86% of Graphic Packaging’s stock.
CFO sells shares
Graphic Packaging chief financial officer Stephen R. Scherger recently sold 160,492 shares of the company’s stock in a transaction on 9 May.
The shares were sold at an average price of US$25.81, resulting in a total transaction value of US$4.14 million.
Following the sale, Scherger now owns 427,548 shares of Graphic Packaging, valued at US$11.04 million. The sale was disclosed in a filing with the Securities & Exchange Commission.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
