The European Commission has approved UPM-Kymmene’s acquisition of Myllykoski Corporation and Rhein Papier GmbH.
The purchase includes Myllykoski’s seven publication paper mills in Germany, Finland and the US. The total annual paper production capacity is 2.8 million tonnes.
The transaction also includes Myllykoski Corporation’s 0.8 % ownership of the Finnish energy company Pohjolan Voima Oy.
The approximate enterprise value of all businesses acquired is €900m.
”The approval means that the European paper industry has better prerequisites to be competitive in the rapidly evolving world of media and against global industry players,” said UPM president and CEO Jussi Pesonen.
