KEY HIGHLIGHTS *All-time high sales, EBITDA and operating cash flow *First quarter where Verso was included – net sales growth 75% *Strong organic growth, both in Europe 17% and North America 19% *Price and mix improvements more than offset the cost inflation *Excellent cash delivery and strong balance sheet position. QUARTERLY DATA *Net sales grew by 75% to SEK 11 408 million (6 504), whereof Billerud North America accounted for SEK 3 738 million *Operating profit was SEK 1 609 million (404) *Net profit was SEK 1 419 million (311)
Bain Capital Private Equity, a leading global private equity firm, through Fedrigoni Holding Ltd, has entered into a definitive agreement to acquire Gruppo Cordenons, a leading international manufacturer of high end specialty papers for luxury packaging and premium publishing applications. The transaction remains subject to customary regulatory approvals, as the company says in the press release received by Lesprom Network.
Gruppo Cordenons will be acquired and managed as an independent company. However, over time, Fedrigoni Group shareholders see a significant opportunity to share best practices, increase operations know-how and improve service and innovation by strengthening its range of high value-added special papers and key relationships with customers, supplemented by a brand that is widely recognized on international markets, where Gruppo Cordenons generates almost 70% of its turnover.
Ferruccio Gilberti, Gruppo Cordenon Chairman and CEO, stated, “Bain Capital’s goal to create a first-class global player in high-end specialty paper will allow Gruppo Cordenons to face, with even more determination, an increasingly global and competitive market while maintaining independence of the “Cordenons” brand.”
Gruppo Cordenons is a leading Italian paper mill producing fine and technical papers.