Eastern European paper and paperboard producer Vrancart (Vrancea, Romania) said this week it has signed an agreement to take over a majority stake in Romanian peer Rom Paper for an undisclosed sum. The acquisition is subject to shareholder and antitrust approvals, Vrancart said in a bourse filing.

 

The sales agreement will be performed for a period of two years and its amount will be influenced by the financial results achieved by Rom Paper. However, the value of the transaction cannot exceed the threshold of 10% of the net turnover of Vrancart, it added.

 

Also, the GM and founding shareholder of Rom Paper, Claudiu Puchin, will remain in his position.

 

Rompaper was founded in 2002 in Cristian, Brasov county, central Romania. Its main activities are the manufacturing and trade of napkins, hand towels, toilet paper, professional paper towels, dry tissues for salon and SPA, and facial tissues. Its products are sold in seven countries through chain stores and distributors.

Vrancart was founded in 1977 under the name of "Combinatul de Celuloza si Hartie Vrancea" in Adjud, in the eastern county of Vrancea. The company produces corrugated paperboard and toilet paper.