July 15, 2013
The Cham Paper Group said that it has sold its Italian paper mills located in Carmignano and Condino to Delfort Group. The enterprise value of the deal amounts to approx. EUR 86 million and includes financial liabilities of approx. EUR 45 million, which will be assumed by Delfort. The net purchase price will be paid in cash. Cham said that with completion of the sale, it is exiting base paper production.
Based in Traun, Austria, Delfort Group produces and distributes specialty papers and has about 1,750 employees at five manufacturing plants in Austria, Hungary, the Czech Republic and Finland.
In a press statement, Cham paper said, “During the last few months, the Board of Directors of the Cham Paper Group has been evaluating strategic options which, after the comprehensive restructuring of the last 18 months, bring back sustainable growth to the specialty paper business. To integrate the two complementary Italian mills into the Delfort Group was found to be the promising option.”