Paper manufacturer can acquire Georgia Pacific’s European tissue business, says EU commission.
The European Commission has approved SCA’s acquisition of the European tissue business of Georgia-Pacific (GP). The purchase was made for $1.635 billion (€1.32 billion) for operations with about 4,700 employees.
The acquisition is designed to strengthen Stockholm-based SCA’s position in the European tissue industry, according to an SCA news release in early July.
U.S.-based GP’s European tissue business, which consists of 15 plants in seven countries, will be transferred to SCA´s ownership in connection with the closing of the deal, which is expected July 20, 2012.
EU´s clearance requires the divestment of GP’s consumer tissue business in the U.K.(including production capacity), G-P´s Benelux consumer tissue branded business under the Lotus brand and some of G-P´s and SCA`s retailer branded business in Scandinavia (including production capacity).