Hansol Paper, South Korea, will acquire the entire share capital of R+S Group, Germany. The acquisition will optimize the product mix between Schades and R+S Group and improve operational efficiency of the group's converting business in Europe, Hansol Paper noted.

R+S Group will continue to operate as a separate company after the closing of the transaction. Financial terms of the deal were not disclosed.

The acquisition of R+S Group by Hansol Paper continues consolidation on the thermal paper market in Europe. In September 2013, Hansol Paper acquired Schades, a Denmark-based company with a leading position in the markets for thermal paper products and self-adhesive labels.

Hansol Paper's CEO Sang-Hun Lee expects the R+S group deal to improve the operational efficiency of the company's converting business in Europe through scale of economy and optimal product mix between Schades and R+S. "With the newly acquired machines and facilities of R+S, we will make sure to achieve the operational excellence throughout our European business footprints and maximize synergies among them so that we can better serve our customers with more reliable products and services," Lee said.

After the acquisition of R+S, the entire converting paper converting group at Hansol Paper, including Schades and the Dutch self-adhesive labels producer Telrol, will reach annual converting capacities of more than 1.4 billion sq. meters of paper and generate annual sales of EUR 170 million.