Raflatac has signed a letter of intent with Australian Consolidated Paper Industries Group (CPI) to acquire full ownership of the joint venture operations in Australia. The letter of intent was signed on 4 July 2000.
According to the plan, Raflatac will acquire 100 % ownership of Raflatac Oceania Pty. Ltd. The acquisition includes the operations of the factory in Melbourne and the slitting terminal in Sydney. The turnover of Raflatac Oceania Pty. Ltd in 1999 was AUD 36 million and the company has about 60 employees.
By taking over the operations in Australia, Raflatac will be able to integrate its Australian operations into the Asia Pacific infrastructure.
The joint venture agreement with share holding divided 50-50 between Raflatac and CPI was signed in 1998. By giving up its ownership, CPI Group will concentrate on their core business.
For further information, please contact Communications Director Elisa Nilsson, tel. +358 204 16 7806.
UPM ConvertingRaflatac Group/Communications5 June 2000