Corporate restructuring at Walki Group continues with the sale of the Finland-based company’s 52% share holding in Sweden’s Converflex. The transaction was made as a local investor-backed management buyout and announced on 1 November.
Converflex is a flexo printing company in Sweden with a focus on the printing of ream wrapping and flexible packaging, which generated a turnover in 2010 of €6.6 million. Walki Group – the producer of technical laminates and protective packaging materials – will continue to supply Converflex with barrier materials. The two parties have agreed not to disclose the acquisition price.
The move follows the acquisition by Walki– completed in early October 2011 – of Netherlands businesses Meuwissen Industrie, a producer of flexible packaging materials, and Meuwissen Bouwprodukten, a specialist distributor of building and construction materials.
Walki Group – owned by Nordic private equity investor CapMan and the company’s management – specialises in the production of fibre-based, intelligent, multilaminate products for markets as diverse as energy saving construction facings to barrier packaging applications. The company has operations in Finland, Sweden, Germany, The Netherlands, Poland, the UK, Russia and China, with a workforce of about 1,000. Annual net sales for the Group are €320 million.
Earlier in 2011 Walki created a new Corporate Strategy function, and former general manager technical products Jarkko Tuominen was appointed as vice president corporate strategy in September.
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