Sofidel Completes Cellynne Acquisition, Raising Tissue Capacity to Million Metric TPY
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Sofidel, Italy, producer of Regina paper towels, has closed its acquisition of U.S.-based Cellynne Holdings Inc. Founded in 1988, with headquarters in Haines City, Fla., Cellynne is a producer of tissue paper (for hygienic and domestic use) in the away-from-home (AFH) and at-home (AH) consumer sector. It has more than 300 employees and three production sites, strategically located in the U.S., with two additional converting sites in Green Bay, Wis., and Henderson, Nev. It has an overall production capacity of 70,000 metric tpy.
With this acquisition, Sofidel, Europe's second biggest paper tissue producer, now has access both to a new continent and the particularly challenging U.S. market. The decision is consistent with its policy aiming at international growth and innovation, a strategy that began at the end of the 1990s.
"This is an important step in the group's international growth strategy," said Sofidel CEO Luigi Lazzareschi. "It raises the group's overall production capacity to more than 1,000,000 metric tpy and marks its entry into the U.S. market."
"Cellynne is a great company. We have full confidence in the expertise and professionalism of its staff and in the efficiency of the factories acquired, Lazzareschi added. "This is a strategic investment that we hope will further strengthen our competitiveness and growth, by entering such a market that is full of opportunities."
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