Holmen has entered into an agreement to purchase a large contiguous forest holding in Hälsingland, central Sweden, comprising 5 700 hectares of productive forest land for SEK 285 million. The property is 30 km from Holmen’s sawmill and paperboard mill in Iggesund and complements the company’s forest holdings in the region. “We’re delighted to have the opportunity to acquire a large well-managed forest holding. Having sold a number of forest holdings, including a large property in Jämtland, today’s acquisition is a natural step in our strategy to increase forest holdings next to our production facilities,” said Henrik Sjölund, Holmen President and CEO. Långvind is located along the coast between Hudiksvall and Söderhamn, and comprises a total area of 6 900 hectares, 5 700 of which is productive forest land. The volume of standing timber is just over 700 000 m3 growing stock, solid over bark. Click Read More below for additional information.
Neenah, Inc. (NYSE: NP) announced today that it had completed the previously announced agreement to acquire Global Release Liners, S.L., the parent company of Industrias de Transformacion de Andoain, S.A. (“ITASA”), from Magnum Capital and other minority shareholders.
The Company funded the purchase price of approximately €205 million, inclusive of debt extinguishment and subject to customary closing adjustments, through available cash-on-hand and an upsizing of Neenah’s existing Term Loan B from $200 million to $450 million. Interest rates on the Term Loan B are variable and are currently at 3.5 percent. Neenah will continue to maintain a strong liquidity position, with ample availability under its revolving credit line and a projected debt to EBITDA of approximately three times after closing the transaction.