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Hansol Paper to acquire German thermal paper converter R+S
Write 한솔제지 Date 2018-07-09

BRUSSELS, 27 August 2015 (PPI Europe) - Korea's largest paper manufacturer has set its sights on further growth in Europe.

Hansol Paper recently entered into a share purchase agreement to acquire all shares of R+S Group (R+S), a thermal paper converting specialist in Germany, in a move to expand its thermal paper converting footprint in Europe. The price tag of the deal, which is expected to close in late August, was not disclosed.

Founded in 1948, R+S is a family-owned business based in Sarstedt, northern Germany. The company converts and markets thermal paper for receipts, coupon and ticket applications as well as labels. According to Hansol Paper, R+S is the fastest growing thermal paper converter in Europe. The firm reportedly generated sales of Euro 31 million ($34.4 million) last year and has some 90 employees.

Following the closure of the deal, R+S is expected to remain a separate company. However, the current CEO of Schades, another thermal paper converting company based in Denmark that was acquired by Hansol Paper in 2013, Jun Park, will become the CEO of both R+S and Schades. The previous CEO of R+S, Marcel Bergmann, will be in charge of sales and marketing for both companies.

After the acquisition of R+S, the entire thermal paper converting group at Hansol Paper, which apart from Schades also comprises Telrol, based in Almere, the Netherlands, one of the market leaders in self-adhesive labels in the Benelux, will generate annual sales of around Euro 170 million, convert more than 1.4 billion m²/yr of paper, employ some 500 people and have offices in Germany, Denmark, the UK, Belgium, the Netherlands, France, Switzerland, Finland and Sweden.

Schades and R+S CEO Park commented: "This acquisition will enable both companies to further strengthen their competitive positions and become a significant pan-European group. We will focus on implementing a smooth transition to make sure that this acquisition will be beneficial for all parties including customers, suppliers, employees and shareholders."

Sang-Hun Lee, CEO of Hansol Paper, said: "The objective of this acquisition is to improve operational efficiency of our converting business in Europe through scale of economy and optimal product mix between Schades and R+S. With the newly acquired machines and facilities of R+S, we will [...] achieve operational excellence throughout our European businesses and maximize synergies among them so that we can better serve our customers with more reliable products and services."

Hansol Paper is the largest subsidiary of the Hansol Group, which was spun out of the Samsung family in 1991. It is Korea's largest paper manufacturer with annual sales of $1.4 billion. The group can produce some 1.4 million tonnes/yr of printing and writing paper, board, a variety of specialty papers and thermal paper.

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