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Hansol Paper snaps up shares of EN Paper
Write 한솔제지 Date 2018-07-09

SINGAPORE, 17 November 2008 (PPI Asia) - Hansol Paper has acquired a 39.2% stake in fellow South Korean firm EN Paper Manufacturing for around Won 54 billion ($41 million).

Under the deal, finalized on November 13, Hansol bought Kukil Paper’s 27.4% and Shinhan Bank’s 11.8% share in EN Paper. This followed the signing of a memorandum of understanding on September 1.

With completion of the acquisition, Hansol has taken 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 Osan city, Gyeonggi province, the Jinju facility in Jinju city, Gyeongsangnam province, and the Sintanjin mill in Daejeon metropolis.

The deal has boosted Hansol’s printing/writing paper capacity from 750,000 tonnes/yr to 1.25 million tonnes/yr, strengthening its top spot in the South Korean market.

The country’s second largest producer of the grade, Moorim Paper, plans to install a 500,000 tonne/yr printing/writing paper machine and an online coater at its subsidiary Donghae Pulp’s Onsan mill in Ulsan city. The PM is scheduled to come online in mid-2010, which will take Moorim’s total printing/writing paper capacity from 550,000 tonnes/yr to 1.05 million tonnes/yr.

EN Paper’s other two mills in South Korea, which have a combined capacity of 150,000 tonnes/yr of kraft and specialty papers, have been spun off to 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%.

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