Grigeo AB has successfully completed the acquisition of one of the mills of Głuchołaskie Zakłady Papiernicze sp. z o.o (GZP), a Polish producer of tissue paper and paperboard.
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.
"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, CEO of Grigeo AB.
The acquisition of the Polish factory was one of the company's strategic steps, for which it had been consistently preparing.
This is the first purchase of the Grigeo AB Group of Companies on the Polish market - a tissue paper mill in Niedomice, 90 km east of Krakow. It currently employs around 170 people and operates a paper machine and conversion lines.
According to unaudited data, the acquired GZP unit had an annual turnover of around Euro 40 million in 2023 and a business value of around Euro 22 million.
Grigeo AB is one of the largest paper and wood industry groups in the Baltic States.
