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Suominen Oyj Divests Codi International to Value Enhancement Partners' Company; Adjusts FY 2013 Net Sales Guidance and Maintains FY 2013 Operating Profit Guidance


Monday, 17 Jun 2013 09:30am EDT 

Suominen Oyj announced that the Company has decided to divest its wet wipes business unit, Codi International, operated by Codi International BV, to Value Enhancement Partners investment company, Cogitandum BV. The deal further strengthens Suominen’s strategic focus on nonwovens and clarifies its corporate structure. The estimated acquisition price is in total EUR 9.2 million. The final acquisition price will be contingent on the financial performance of Codi International in 2013 and on other conventional terms and conditions of the transaction. After the closing of the deal, Suominen will operate two business units, Nonwovens and Flexibles, which will be reported in two separate reporting segments. Due to the divestment, Suominen revises its outlook concerning the net sales development for the fiscal year 2013. Suominen expects that the full year 2013 net sales of its continuing operations will remain at the level of 2012. Previously, Suominen had stated that its net sales for the fiscal year 2013 would remain at the level of 2012. The transaction has no impact on the Company's fiscal year 2013 operating profit guidance. As previously announced, operating profit excluding non-recurring items is expected to improve in the fiscal year 2013 from year 2012.