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Fiberweb To Acquire Full Stake In Coronor JV



Published March 23, 2009
Related Searches: Fiberweb composite drapes nonwoven

Fiberweb will acquire the remaining 50% stake in its Coronor Composites joint venture from partner Nordenia International for a cash consideration of €3.1 million.The sale is conditional upon the approval of the German Cartel office.

Coronor makes unique composite materials from nonwoven fabrics and films primarily for medical drapes and its sole manufacturing line is located within Fiberweb’s facility in Peine, Germany. The acquisition is consistent withFiberweb’s strategy of simplifying the group and investing in businesses with potential for sustainable differentiation and good growth prospects.

Coronor’s gross assets as of December 31, 2008 were €4.0 million, including €2 million cash. Pre-tax profit for the year ended December 31, 2008 was €0.62 million. The transaction is expected to be earnings neutral for Fiberweb in 2009.