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Italian paper producer Sofidel Group, buys US-based tissue manufacturer Cellynne Holdings
In a press statement issued yesterday, Italian paper producer, Sofidel (Regina paper towels) announced that on 31st of August 2012, it sealed the deal to buy the US company, Cellynne Holdings. This acquisition raises Sofidel's production capacity to 1,000,000 metric tpy and gives it access to the US market.
Founded in 1988, Cellynne Holdings is a producer of tissue paper (for hygienic and domestic use) in the Away From Home and Consumer sector. It has over 300 employees and three production sites strategically located in the US: its head office is located at its Haines City site (Florida), with two additional converting sites located in Green Bay (Wisconsin) and Henderson (Nevada). It has an overall production capacity of 70,000 metric tpy.
With this acquisition, Sofidel, Europe's second biggest paper tissue producer, now has access both to a new continent and the particularly challenging US market. The decision is consistent with its policy aiming at international growth and innovation; a strategy that began at the end of the 1990s.
"This is an important step in the Group's international growth strategy," says Sofidel's CEO, Luigi Lazzareschi. "It raises the Group's overall production capacity to over 1,000,000 metric tpy and marks its entry into the US market.
"Cellynne is a great company. We have full confidence in the expertise and professionalism of its staff and in the efficiency of the factories acquired. This is a strategic investment that we hope will further strengthen our competitiveness and growth, by entering such a market that is full of opportunities.
"Its use of recycled fibre and cellulose sourced from sustainably-managed forests and its attention both to water- and energy-reduction technologies and CO2 emissions, not only bear testimony to Cellynne's commitment to making environmentally-sustainable products, but the attention it pays to its environmental footprint is also perfectly in line with Sofidel's sustainability policies.
"We are now entering the integration and development phase so as to ensure sustainable growth capable of generating value for its personnel, clients and the communities in which the company operates."
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6th September 2012