31 January 2002 09:20 [Source: ICIS news]
LONDON (CNI)--Finnish pulp and papers company Kemira announced on Thursday the completion of its $138m (Euro160m) purchase of US specialty chemicals company Vinings from JP Morgan Partners equity and venture capital company. It follows approval of the deal by the US competition authorities.
Vinings, which employs 340 people and had net sales of about $150m last year, is one of North America's biggest suppliers of specialty pulp and paper chemicals.
Kemira expects the acquisition to increase its net sales in pulp and paper chemicals to over Euro500m per year.
"There are hardly any overlaps in the operations of Vinings and Kemira, and with the acquisition we will create sound synergy and add to the strength of both companies," said Kemira.
Kemira is a major global operator in bleaching chemicals, specialty paper chemicals and water treatment chemicals.
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