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FinanceEU approves Saica's acquisition of Thimm's corrugated plants in four countries
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The European Commission has approved Saica Group's acquisition of Thimm Group's corrugated board plants in Germany, Poland, the Czech Republic, and Romania. The deal includes nine corrugated board plants and one preprint facility in Ilsenburg, Germany. Saica stated the acquisition will increase its corrugated cardboard production capacity by 1,200 million square metres and add approximately 2,500 employees. The move supports Saica's strategy to develop local markets and get closer to customers in Central and Eastern Europe. Saica Group president and CEO Susana Alejandro expressed enthusiasm about integrating Thimm's team, emphasizing the value of their skills and knowledge. The acquisition is part of Saica's 2025 strategic growth plan. The Thimm family decided to sell the company to Saica in May.
Source report
Source: Packaging Gateway Author: Vidhya Edwards Munnangi
The European Commission (EC) has approved Saica Group’s acquisition of Thimm Group plants in Germany, Poland, the Czech Republic, and Romania.
The deal covers all activities in those four countries, including:
- Nine corrugated board plants
- One preprint facility in Ilsenburg, Germany
Saica stated that the operation will increase its corrugated cardboard production capacity by 1,200 million square metres and add approximately 2,500 employees.
The acquisition is intended to support Saica’s objective of developing local markets and getting closer to customers.
Susana Alejandro, President and CEO of Saica Group, said:
“We are very happy to integrate Thimm’s team within Saica Group; its knowledge and skills are highly appreciated in the sector. At Saica Group, people make the difference: they are what drives our organisation. We are convinced they will contribute to Saica’s future and its success.
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“This operation is a very important milestone for us; it is a step forward in Saica’s business growth strategy with the aim of further developing our infrastructures and services in Central and Eastern Europe. It is part of the development plans of the company defined by Saica 2025, the strategic plan of the company.”
In May, the owning family of Thimm Group decided to sell the company to Saica Group.
This article was originally created and published by Packaging Gateway, a GlobalData owned brand.
Source
Yahoo FinanceNeutral / independent
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EU approves Saica’s acquisition of Thimm plants in four countries