APP Completes Acquisition of Korean Tissue Producers Monalisa, Ssangyong C&B

According to Fastmarkets RISI, Asia Pulp & Paper (APP) has concluded the acquisition of South Korean major tissue and hygiene products producer Monalisa and its affiliate Ssangyong C&B.

In early June, the Indonesian pulp and paper giant signed an agreement with Morgan Stanley Private Equity to buy the latter’s 100 percent stake in MSS Holdings, which holds 50.99 percent shares in Monalisa and a 100 percent stake in Ssangyong C&B.

The seller announced the finalization of the transfer on Friday November 8. The value of the deal was not disclosed, but local media in South Korea estimated that it was approximately 420 billion Won ($303 million).

“We are delighted to welcome MSS to APP and with APP’s global expertise, MSS can offer APP’s global high-quality tissue and hygiene products to Korea, providing Korean consumers with more innovative choices at competitive prices,” Nishant Grover, chief executive officer of Tissues International, APP, said.

“MSS is expected to benefit from APP’s operational expertise and global network. By leveraging its existing brands in Korea, MSS will gain access to international markets and benefit from synergies that will enhance its production efficiency and overall cost competitiveness. For APP, the transaction provides a meaningful presence in the Korean tissue and hygiene market, with instant access to iconic consumer brands and a nationwide domestic sales network,” Grover added.

Monalisa and Ssangyong C&B together boast a total tissue capacity of around 160,000 mtpy per year at two mills in South Korea, according to Fastmarkets’ Mill Asset Database. Apart from the tissue products sold under their signature brands MONALISA and CODI, they also manufacture and sell various hygiene and personal care products, namely wipes and diapers.

Back to Tissue360 Newsletter