Saudi Paper to Take Majority in Cellulose du Maroc, Possibly Add Tissue Machine
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Saudi Paper Manufacturing (SPM) Co., Saudi Arabia, is expected to take a majority stake in Cellulose du Maroc, Morocco, by the end of July, according to several news reports this week. The agreement will transfer a portion of Moroccan state-owned fund CDG Development's 62.7% of shares to SPM at an estimated value of $64 million - $79 million. Reportedly, a new tissue machine could be built at the mill with a production capacity up to 50,000 metric tpy. Cellulose du Maroc currently produces some 150,000 metric tpy of pulp.
Based in Morocco's western Gharb region, Cellulose du Maroc was created about 60 years ago. It wholly owns Eucaforest, a firm that cultivates eucalyptus forests covering around 24,000 hectares.
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