Suominen Corp., Finland, reports that the transfer of the Home and Personal Brazilian operation from Ahlstrom Corp., Finland, originally scheduled for the third quarter of this year, has been delayed due to delays in different operating permits, although approvals from the competition authorities have been received. Because of the delay in the permission process, Suominen and Ahlstrom have concluded that the transfer cannot be completed in the planned schedule.
The parties are negotiating prerequisites for completing the transaction in the manner originally intended and are looking together into opportunities to transfer the Brazilian part of the Home and Personal business to Suominen through alternative interim solutions within the scope of permits needed. The goal is to finalize the transfer of the business as soon as possible.
The financing of the Brazil business was part of Suominen’s financing package last autumn. Suominen will use these funds to reduce the amount of debt and the financing of the Brazil unit will be part of a later arrangement.
Suominen is a supplier of nonwovens, wet wipes, and flexible packaging for use in consumer products, through two business areas—Wiping and Flexibles.
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