*Operating profit for January–June totalled SEK 1 271 million, an increase of SEK 119 million from the same period last year. The improvement is attributable to higher profit from wood products and energy, and to the sale of a forest property. *Compared with the first quarter, profit for the second quarter decreased by SEK 35 million to SEK 618 million. Paperboard production was strong and selling prices for wood products increased. Hydro power production decreased seasonally. Income for the first quarter included SEK 70 million from the sale of a forest property. Click Read More below for additional information.
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.