Aug 29, 2008. /Lesprom.com/. Ahlstrom announced that it will acquire the remaining 40% of the joint venture formed in September 2007 with Votorantim Celulose e Papel (VCP). The production facility located in Jacarei, Brazil manufactures specialty papers. Ahlstrom now owns 100% of the shares. The acquisition is in line with Ahlstrom's strategy to expand its operations in the fast-growing markets in Brazil, Russia, India and China. The price for the acquisition is Euro 28 million. The assets in the joint venture comprise a paper machine, and offline coater and extensive finishing equipment at the Jacarei plant, close to Sao Paolo. The annual net sales are approximately Euro 100 million. The unit is part of Ahlstrom's Release & Label Papers business area and serves mainly the labeling applications and certain flexible packaging markets. Additionally, it produces coated and uncoated paper grades for other end uses. The demand in the South American label paper market grew strongly during the 2Q 2008. The global market for Ahlstrom's release and label papers is estimated to grow by 3-4% annually with double-digit growth rates seen in Latin America and Asia. The Release & Label Papers business area's net sales accounted for approximately 17% of the Group's net sales in the second quarter of 2008. The joint venture between Ahlstrom and Votorantim Celulose e Papel (VCP) was established in September 2007. It includes a specialty papers production facility located in the same site as the pulp mill of VCP in Jacarei, Brazil, close to Sao Paolo. Ahlstrom held 60% and VCP 40% of the shares in the joint venture. The terms of the agreement included an option for Ahlstrom to purchase the remaining share in the joint venture held by VCP within two years from the original transaction. The total value of the acquisition is approximately Euro 110 million. Ahlstrom is a global leader in the development, manufacture and marketing of high performance fiber-based materials.