UPM Completes sale of RFID Business to SMARTRAC
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UPM, Helsinki, Finland, reports that the sale of its RFID business to SMARTRAC N.V., the Netherlands, was completed on March 31, following clearance by all competent authorities. The RFID business, consisting of three companies in Finland, the U.S., and China, has been transferred to the new owner.
UPM will become an indirect shareholder of SMARTRAC with a 10.6% economic interest through the company OEP Technologie B.V., a holding company controlled by One Equity Partners and one of the major shareholders of SMARTRAC.
"We are pleased that our pioneering RFID team and their excellence have a new home at SMARTRAC, making it the undisputable leader in the RFID industry. I want to thank the RFID team for the great work and wish all the best for the future. As a shareholder of SMARTRAC, UPM keeps a keen interest on the rapidly developing RFID market," said Jussi Vanhanen, president Engineered Materials Group, UPM.
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