P.H. Glatfelter completed the sale of its Ecusta Division to Purico Ltd., a privately held company.
The transaction involves the sale of the assets of Glatfelter’s Ecusta mill, which produces tobacco papers and lightweight printing papers, together with the stock of the Ecusta operating subsidiaries in Australia and Canada and certain company receivables.
The Ecusta Division was sold for around $24 million, plus the assumption of certain liabilities related to the business. The cash price is $15 million lower than the amount announced on May 16, 2001 due to changes in certain segments of Ecusta's business.
Related to the transaction, Glatfelter said its Papierfabrik Schoeller & Hoesch GmbH & Co. subsidiary in Germany entered into a three-year agreement to manufacture and supply tobacco papers to PURICO GmbH, also located in Germany.
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