Acquisition of Expera complete; purchased by European company
Expera to be considered ‘North American business area’
STAR JOURNAL REPORT
The sale of a Wisconsin specialty paper company that has a mill in Rhinelander has been finalized.
Expera Specialty Solutions, LLC announced the completion of its acquisition by the Finland-based Ahlstrom-Munksjö, effective today, Oct. 10.
“As of today, we form Ahlstrom-Munksjö’s fifth business area known as their North America Specialty Solutions business area,” said Expera spokesperson Addie Teeters. “Operations at our four Wisconsin plants continue as before and they will become more competitive as they are now part of a global production platform.”
The acquisition, which was announced in July, will expand Ahlstrom-Munksjö’s presence in North America and further strengthen its offering of fiber-based materials, according to an Expera Press release.
“This acquisition is a major step in the execution of our strategy,” said Hans Sohlström, President and CEO of Ahlstrom‐Munksjö. “It will further strengthen our position in fiber based materials and enable us to offer more value to our customers, particularly in North America, but also around the world. We have complementary capabilities and can create further value through joint product development and sharing of best practices. Finally, I would like to welcome Expera’s personnel to Ahlstrom‐Munksjö.”
The former President and CEO of Expera, Russ Wanke, has been appointed Executive Vice President, North America Specialty Solutions and a member of Ahlstrom-Munksjö’s executive management team.
“Our companies are stronger together,” said Wanke. “We share a deep papermaking history with customer‐focused values. As a larger Alhstrom-Munksjö, the combined resources will allow us to better serve our customers, and in doing so promote continued revenue growth and customer, end‐application, and geographic diversification.”
The acquisition was completed for an enterprise value of $615 million on a cash and debt-free basis. Expera employs approximately 1,800 people in Wisconsin and is a manufacturer of specialty paper products for the industrial and technical, food packaging and processing and pressure-sensitive release liner sectors.