Nefab acquires plywood factory in Spain
Nefab has signed an agreement regarding acquisition of Eucalipto de Pontevedra’s operations in Spain. The company is owned by Norte Forestal SA, a subsidary of ENCE Group in Spain.
The company manufactures plywood based on Eucalyptus, mainly for packaging purposes.
Today, Eucalipto de Pontevedra’s production capacity corresponds to approximately 7 M EUR of sales value. Nefab is currently Eucalipto de Pontevedra’s biggest customer.
The deal will be conducted by Nefab taking over finished goods stocks, equipment, tools and personnel, whilst the seller will continue to own the premises in which the activities are carried out. Since Nefab’s intention is to continue the operations in existing facilities, a lease agreement has been signed with the seller.
Nefab will pay 2.3 M EUR for the equipment and for the accounted value of finished goods stocks. Nefab will take possession from October 3 rd 2007.
The acquisition is not estimated to affect Nefab's profitability per share during 2007.
”Today, Nefab is one of the world’s largest end users of plywood. The majority part of the total volume is, since many years, procured from Russia. The acquisition is part of an effort not to be dependant on raw material supplies from Russia. The acquisition also offers an opportunity for Nefab to develop a sheet material range optimal for packaging business”, says Lars-Åke Rydh, President and CEO of Nefab AB.
For further information, please contact the President and CEO Lars-Åke Rydh, tel +46-70-592 45 70, e-mail
President and CEO