Lithuania’s Grigeo completes Polish acquisition

Lithuania's Grigeo is advancing its foreign expansion. Photo by Grigeo
Lithuania's Grigeo is advancing its foreign expansion. Photo by Grigeo

Foreign acquisition Lithuanian cardboard maker Grigeo has finalised its takoever of a Polish paper mill, owned by local tissue paper and paperboard specialist Głuchołaskie Zakłady Papiernicze sp. z o.o (GZP).

 

"In compliance with the terms of the preliminary agreement, Grigeo Hygiene UAB, controlled by Grigeo AB, acquired 100 % of the shares of a GZP's subsidiary Niedomickie Zakłady Papiernicze sp. z o.o, which is the operator of a tissue paper business in Niedomice, Poland. The acquisition was financed from funds raised by Grigeo AB," the Lithuanian business said in a statement. 

 

"This transaction will allow us to strengthen our position in the fast-growing Eastern and Central European market. Optimization of logistics costs will also open up wider opportunities for sales of top-quality products in Germany and other Western European markets," said Tomas Jozonis, the CEO of Grigeo AB, as quoted in the statement.