Enso Oy, a listed Finnish firm in the paper manufacturing sector, has acquired 50.4 per cent of the German newsprint and magazine paper manufacturer E. Holzmann & Cie AG. Enso's intention is to increase its interest by 39 per cent in 1998 and its long-term plan is to acquire Holzmann's entire share capital. The cost of the acquired shares is DEM 605 million.
The acquisition of Holzmann will strengthen Enso's market position as Europe's third largest producer of publication papers as well as its strong position as a European waste paper consumer. The acquired mills are close to many of Enso's customers (southern Germany) and this will mean better customer service and cost efficiency. Enso's long term strategy is to be one of Europe's three biggest manufacturers of publication paper, packaging boards and fine paper.
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ARTICLE
7 May 1997