Business Services Industry
European Commission clears Swedish paper group SCA's acquisition of Procter & Gamble's European tissue operations
Nordic Business Report, Sept 6, 2007
NORDIC BUSINESS REPORT-6 September 2007-European Commission clears Swedish paper group SCA's acquisition of Procter & Gamble's European tissue operations(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Swedish paper and wood products group Svenska Cellulosa Aktiebolaget (SCA) said on Wednesday (5 September) that the European Commission has approved its acquisition of the European tissue operations of Procter & Gamble.
The EUR512m deal is conditional on SCA divesting its current operations within handkerchiefs under the Softis brand in Germany and Austria. These operations represent annual sales of over EUR20m.
SCA is taking over a business with approximately 1,100 employees and five production facilities in the UK, Germany, France and Italy.
SCA, headquartered in Stockholm, Sweden, develops, produces and markets personal care products, tissue, packaging solutions, publication papers and solid-wood products. The company has 51,000 employees worldwide, and has annual sales of approximately EUR11bn. SCA is listed on the Nordic Exchange in Stockholm, the London Stock Exchange and the NYSE.
One British pound (GBP) is worth approximately 1.48 euros (EUR).
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