UPM-Kymmene Corporation and J D Stenqvist AB have signed an agreement, whereby Rosenlew, which belongs to UPM-Kymmene's converting materials division, will sell its plastic carrier bag and other retail products' business to Stenqvist.
The deal includes business in Merikarvia in Finland, Norrköping in Sweden and Geithus in Norway. The turnover of the business in question was in 1999 about 250 million FIM, and the 360 employees concerned will all move to be employed by the buyer as old personnel. The deal requires the approval of competition authorities. The parties aim to complete the deal during August.
The converting materials division of UPM-Kymmene thus continues to concentrate on fast growing businesses based on proprietary knowhow and product development. These include self-adhesive label papers and siliconized papers, self-adhesive labelstock and flexible packaging for the food industry. The division's core competencies also include packaging papers and various industrial wrappings where it holds a strong market position.
J D Stenqvist AB is a Swedish Packaging company owned by Equity Partners AB. Stenqvist manufactures a wide range of packaging products for the retail business and for industrial packaging.
For further information please contact:
Pentti Kallio, President, UPM Converting, tel. +358 204 150015
Tapio Wartiovaara, Managing Director, Rosenlew, tel. +358 204 164700
13 June, 2000