KLIPPAN, Sweden, Dec. 22, 2004 (PRIMEZONE) -- KLIPPAN is in negotiations with International Paper (IP) regarding the potential acquisition of the French fine paper mill Papeteries de Maresquel. The purchase of Maresquel would strengthen KLIPPAN's position as a leading supplier of coloured paper.
No agreement has been signed yet. Completion of the transaction is subject to a fully negotiated purchase agreement that will be subject to certain closing conditions, including regulatory approval, to approval by International Paper management and Board of Director and to works council consultation.
KLIPPAN has begun selling its premises in Molndal, in order to lease the same back (sale lease-back), and the intention is to continue production at the Molndal mill. A document containing information about the property has been sent out to a large number of prospective buyers and a number of indicative offers have been received.
KLIPPAN has decided to appoint Nordea as financial advisors, with the commission to arrange a further loan of MSEK 110.
KLIPPAN has agreed with its major creditors to extend its current credit arrangements.
After the deals outlined above, group solidity will exceed 30%, while liquidity is strengthened. Lately, liquidity has been unsatisfactory.
For further information, please contact:
Ragnar Quarnstrom, Managing Director, +46 (0) 435 291 01, +46 (0) 706 003 221.
Jan Bernander, Chairman of the Board, +46 (0) 708 556 400.
KLIPPAN is a leading producer of speciality graphic papers and operates three paper mills with a combined capacity of 200,000 tons per annum. The mills are located in Klippan, Lessebo and Molndal, all in the south of Sweden.
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