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Friday, 1 September 2017

Kotkamills Group Oyj: OPTIMIZATION OF GROUP STRUCTURE IMPLEMENTED

Kotkamills Group Oyj    

Published: 16:00 CEST 01-09-2017 /GlobeNewswire /Source: Kotkamills Group Oyj / : KOTKAM2020 /ISIN: FI4000148705

Kotkamills Group Oyj: OPTIMIZATION OF GROUP STRUCTURE IMPLEMENTED

Kotkamills Group Oyj

STOCK EXCHANGE RELEASE

1 September 2017, at 5 pm (CET + 1)

 

 

 

 

Kotkamills Group Oyj has on 5 July 2017 published a stock exchange release concerning the Kotkamills group's intention to transfer three of its existing business lines, namely the Imprex®, Absorbex® and Wood business lines, into wholly owned subsidiaries of Kotkamills Oy (the "Reorganisation").

The Reorganisation has now been implemented and the Imprex®, Absorbex® and Wood business lines have been transferred to Kotkamills Oy's wholly owned subsidiaries Kotkamills Imprex Oy, Kotkamills Absorbex Oy and Kotkamills Wood Oy, respectively, effective as of 1 September 2017.

Kotkamills' Consumer Boards business line, producing bleached CTMP base high-quality Nordic Folding Boxboard and recyclable barrier board products, remains in Kotkamills Oy.

The implementation of the Reorganisation comprises transfer of materially all assets and liabilities of the Imprex®, Absorbex® and Wood business lines to the relevant subsidiaries (Kotkamills Absorbex Oy, Kotkamills Imprex Oy and Kotkamills Wood Oy), including buildings and machines, current assets, receivables, working capital and intellectual property rights. Additionally, the employees of each business line have been transferred along with the relevant business line.

To the extent the assets transferred in the Reorganisation were covered by the Transaction Security, as defined in terms and conditions of Kotkamills Group Oyj's EUR 105,000,000 Senior Secured Callable Bonds 2015/2020 (ISIN: FI4000148705), the existing security arrangements remain in place and/or the receiving subsidiaries and Kotkamills Oy have granted appropriate security as required by the terms and conditions of the bonds.

Kotkamills Group Oyj
Board of Directors

 

For additional information, please contact:

CFO Petri Hirvonen, tel.+358 40 571 0834, petri.hirvonen@kotkamills.com

 

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media
www.kotkamills.com

 


Kotkamills Group in brief

Kotkamills is a responsible partner that delivers renewable products and performance to its customers' processes via product innovations created from wood, a renewable raw material. The key brands of the company include Absorbex® and Imprex®, both innovative laminating paper products for the laminate, plywood and construction industries. Moreover, Kotkamills offers ecological, technically sound and visually attractive wood products for demanding joinery and construction. In summer 2016, Kotkamills started up a new board machine producing AEGLE(TM) Folding Boxboard and ISLA(TM) Food Service Boards, including the capability to add barriers on-machine. All Consumer Boards material solutions are fully recyclable and repulpable.

Kotkamills has two production sites in Finland, located in Kotka and Imatra. The majority shareholder of Kotkamills is MB Funds, a Finnish private equity firm.

www.kotkamills.com

 

Disclaimer

The information contained in this release shall not constitute an offer to sell or the solicitation of an offer to buy securities of Kotkamills Group Oyj in any jurisdiction.

 

 

 

 





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Kotkamills Group Oyj, Norskankatu 6, Kotka 48100, Finland
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