Nordic Paper has completed the acquisition of Glassine Canada. Based on preliminary performance parameters up until year end 2021, the preliminary purchase price on a cash and debt free basis is SEK 654m. Net sales for 2021 for Glassine Canada are estimated to SEK 273m and EBIT to SEK 58m. The final purchase price will be determined during the first half year of 2022 when the final performance of the company as per 31 December 2021 has been established. The transaction is financed by Nordic Paper using cash and SEK 400m of an existing credit facility.
“We are very glad to close this transaction today. The acquisition of Glassine Canada is an important step for Nordic Paper and shows our commitment to our customers in North American markets who we will be able to serve even better offering a broader product range and closer proximity”, says Anita Sjölander, CEO of Nordic Paper.
Glassine Canada is a specialized manufacturer of demanding greaseproof paper grades primarily for food applications. The company supplies its specialty products mainly to North American markets from its manufacturing base in Québec, Canada.