SUOMINEN CORPORATION, CHANGES IN ACQUIRING BRAZILIAN OPERATIONS
Tampere, Finland, 2012-09-27 12:00 CEST (GLOBE NEWSWIRE) --
Changes in acquiring Brazilian operations
Suominen Corporation has anticipated in June that the transfer of the Home and Personal Brazilian operation from Ahlstrom Corporation would have taken place in the third quarter of 2012.
The transfer of business operation has been delayed due to the delays in different operating permits although approvals from the competition authorities have been received. Because of the delay in the permission process Suominen and Ahlstrom have concluded that the transfer cannot be completed in planned schedule. The parties are negotiating the prerequisites for completing the transaction in the manner originally intended and are looking together into opportunities to transfer the Brazilian part of the Home and Personal business to Suominen through alternative interim solutions within the scope of permits needed. The goal is to finalize the transfer of the business as soon as possible.
The financing of Brazil business was part of the Suominen’s financing package last autumn. Suominen will use these funds to reduce the amount of debt and the financing of Brazil unit will be part of later arrangement.
Helsinki, 27 September 2012
President and CEO
For additional information, please contact
Mrs. Nina Kopola, tel. +358 (0)10 214 300
Suominen supplies industry and retailers with nonwovens, wet wipes and flexible packaging for use in consumer products that people use every day – through two business areas: Wiping and Flexibles.
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