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Statement regarding Potential Acquisition

1st Oct 2008 15:34

RNS Number : 8549E
Powerflute Oyj
01 October 2008
 



1st October 2008

Powerflute OYJ

Statement regarding Potential Acquisition

Powerflute Oyj ("Powerflute"), which operates a paper mill in KuopioFinland where it manufactures premium quality Nordic semi-chemical fluting, confirms that it has agreed terms with the insolvency administrator of the estate of Papierfabrik Scheufelen GmbH & Co for the purchase of the assets and business of Scheufelen, a manufacturer of coated woodfree paper based in LenningenGermany.

The agreement is subject to due diligence and to final approval by the Board of Directors of Powerflute. Accordingly the agreement may or may not lead to Powerflute completing an acquisitionIt is the current intention of the Board of Powerflute to finance the acquisition from internal resources.

A further announcement will be made as appropriate.

Ends

For additional information please contact:

Powerflute

Dermot Smurfit, Chairman

Don Coates, CEO

C/O Billy Clegg

+44 (0)20 831 3113

Öhman (Certified Adviser of Powerflute)

Arja Vayrynen

+358 (9)8866 6021

Collins Stewart (Nominated Adviser of Powerflute)

Nick Ellis

+44 (0)20 7523 8350

Financial Dynamics (IR Agency of Poweflute)

Billy Clegg

Georgina Bonham

+44 (0)20 831 3113

K Capital Source

Mark Kenny 

Jonathan Neilan

+353 (1) 631 5500

About Powerflute

Powerflute is a holding company and, through its wholly-owned subsidiary Savon Sellu Oy, operates a 300,000 tonne per annum rated capacity paper mill which is also called "Savon Sellu". The Mill is located near KuopioFinland on the shores of Lake Kallavesi and manufactures a specialised high quality grade of semi-chem fluting called nordic semi-chem fluting which is made primarily from birch wood sourced from Finland and Russia. In accordance with its strategy, the Company may in the future also acquire and manage complementary companies or assets related to paper and packaging or other forestry derivatives.

The Group's key customers comprise corrugated board and packaging manufacturers including International Paper Company and Smurfit Kappa Group. 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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