Fila Acquires St. Cuthberts Paper Mill in U.K.
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Fabbrica Italiana Lapis ed Affini S.p.A. (FILA), an Italian artistry tools company), has announced the full acquisition of St Cuthberts Holding Ltd. and its operating company (St Cuthberts). The economic value of the operation, in line with the price paid, was equal to GBP 5.4 million ($7.2 million).
St Cuthberts, founded in 1907, is an English paper mill located in the southwest of the country and involved in the production of high quality art papers. In recent years, the company has specialized in watercolor papers, printmaking papers, and fine arts papers, creating its products utilizing a particular "cylinder mold" technique, which ensures the delivery of a highly crafted product.
"St Cuthberts represents for FILA not only a major business opportunity, but also a strategically important acquisition," stated Massimo Candela, CEO of FILA. "In the short-term, we will be in a position to integrate production and achieve major revenue and cost synergies, enabling FILA to further strengthen it fine arts sector leadership."
Acquisition of the English paper mill is part of a wider consolidation of the specialized artists papers sector, in which FILA already has a presence with the subsidiary Daler-Rowney, acquired in February 2016, and with Canson.
