Foreign acquisition Lithuanian cardboard maker Grigeo has finalised its takoever of a Polish paper mill, owned by local tissue paper and paperboard specialist Głuchołaskie Zakłady Papiernicze sp. z o.o (GZP).
"In compliance with the terms of the preliminary agreement, Grigeo Hygiene UAB, controlled by Grigeo AB, acquired 100 % of the shares of a GZP's subsidiary Niedomickie Zakłady Papiernicze sp. z o.o, which is the operator of a tissue paper business in Niedomice, Poland. The acquisition was financed from funds raised by Grigeo AB," the Lithuanian business said in a statement.
"This transaction will allow us to strengthen our position in the fast-growing Eastern and Central European market. Optimization of logistics costs will also open up wider opportunities for sales of top-quality products in Germany and other Western European markets," said Tomas Jozonis, the CEO of Grigeo AB, as quoted in the statement.