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South Korea's Hansol signs MOU to take over EN Paper
Write 한솔제지 Date 2018-07-09

SINGAPORE, 5 September 2008 (RISI) - Hansol Paper has signed a memorandum of understanding (MOU) with fellow South Korean firm EN Paper Manufacturing to acquire the latter's printing/writing paper operations. The deal is expected to be finalized in October.

Under the MOU, which was inked on September 1, Hansol Paper aims to take over EN Paper's three printing/writing paper mills in South Korea, which have a combined capacity of around 500,000 tonnes/yr.

These include the Osan plant in Onsan city, Gyeonggi province, the Jinju No 2 facility in Jinju city, Gyeongsangnam province, and the Sintanjin mill in Daejeon city, according to contacts at both firms.

Meanwhile, EN Paper's remaining two paper mills in the country, which produce kraft paper and specialty grades and have a combined capacity of 150,000 tonnes/yr, are expected to be spun off to EN Paper's largest shareholder, Kukil Paper.

The printing/writing paper operations account for 84% of EN Paper's total asset value, while the kraft and specialty paper business makes up the remaining 16%, according to an EN Paper source.

As part of the deal, Hansol Paper will buy Kukil Paper's 27.5% stake in EN Paper for Won 30 billion ($26 million). A company spokesman said Hansol Paper is looking at buying more EN Paper shares, and having 45-50% of the firm eventually.

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Hansol Paper snaps up shares of EN Paper