Loparex Group has signed an agreement with Mondi Coating BV (part of Mondi Group) to sell Loparex Oy (Lohja, Finland), Loparex Ltd. (Glossop, England), as well as Loparex's printing and slitting terminals located in Poland and Thailand. The sale is expected to conclude in July.
"The decision to exit these operations was made as part of Loparex Group's strategy to create sustainable growth by focusing on certain value-added products and expansion in emerging markets,” says Pentti Kallio, Loparex Group CEO.
After the sale, the Loparex Group will consist of Loparex LLC with US operations in Iowa City, IA; Hammond, WI; Eden, NC; Cullman, AL, and the Willowbrook, IL, head office; Loparex BV in the Netherlands; Loparex Asia Pacific in Guangzhou, China, and Hong Kong, and Kaygee-Loparex in India, a 50 percent joint venture.
Loparex's 2008 revenue is estimated to be €270 million, and the group will employ 1,100 people. Eighty percent of Loparex's business will come from North America.