Ahlstrom Corporation, a global high performance materials company, and Suominen Corporation have confirmed the closing of the divestment of Ahlstrom's wipes fabrics, the Home and Personal business area, to Suominen Corporation on October 20, 2011. The business will be transferred on October 31, 2011, except for the Brazilian part of the business, which is estimated to be transferred in the first quarter of 2012.
The transaction was signed on August 4, 2011, and the total value of the transaction is approximately EUR 170 million. Following the transaction, Ahlstrom becomes the largest shareholder in Suominen with a 27.1% stake. Ahlstrom has committed not to decrease its ownership in Suominen below 20% for a maximum of two years.
In line with Ahlstrom's strategy, the divestment will steer the company towards a more focused business and product portfolio.
The competition authorities in Spain, Germany and USA have approved the transaction. The approval from the competition authorities in Brazil is expected to be received in the first quarter of 2012 and is not a prerequisite for completing the transaction.