The Navigator Company, Portugal’s largest pulp and paper manufacturer, announced on Wednesday that it has formalised a contract for the purchase of Spain’s Gomà-Camps Consumer (GC Consumer), a deal that it expects to increase its annual paper production by 35,000 tonnes.
“The Navigator Company S.A. announces that it has formalised an agreement for the purchase and sale of shares representing the entire share capital of Gomà-Camps Consumer, S.L.U, a company based in Zaragoza, Spain, which in turn holds the entire share capital of Gomà-Camps France Sas, based in Castres, France,” the company said in a statement sent to Portugal’s Securities Markets Commission (CMVM), without disclosing the value of the deal.
The acquisition of GC Consumer, which in 2022 had total sales of €115.6 million, allows Navigator “to position itself as the second largest Iberian producer of tissue paper [paper for napkins, toilet paper, etc], adding 35,000 tonnes of annual production capacity for tissue paper, bringing the total to 165,000 tonnes per year,” it states, adding that it will also increase its annual converting capacity by 60,000 tons, to 180,000 tons.
The Portuguese company pledges to incorporate the skills and experience of GC Consumer’s professionals, “continuing the work carried out to date by the Spanish company and exploring opportunities that will strengthen the joint operation’s positioning in the global market.”
Navigator also notes that the deal is subject to the common suspensive conditions that must be fulfilled by 28 February and that relate to “the payment of liabilities and the release of guarantees that are currently held over GC Consumer’s shares.”