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Nonwovens/​Converting

Suominen divests wet wipes business

Suominen Corporation has completed the divestment of its wet wipes business unit, Codi Wipes. Both parties of the deal have now fulfilled the conditions precedent and the transaction has been closed. Codi Wipes business unit will be excluded from Suominen’s financial reporting. Previously, Codi Wipes has been reported as part of Suominen’s Wiping segment.

16th July 2013

Innovation in Textiles
 |  Helsinki

Medical/Hygiene

Suominen Corporation has completed the divestment of its wet wipes business unit, Codi Wipes. Both parties of the deal have now fulfilled the conditions precedent and the transaction has been closed.

Codi Wipes business unit will be excluded from Suominen’s financial reporting. Previously, Codi Wipes has been reported as part of Suominen’s Wiping segment.

Suominen will recognise due to the divestment, in accordance with the IFRS 5 standard, a loss of MEUR 16.8 in the second quarter result of 2013 of its discontinued operations.

The divestment is expected to further strengthen Suominen’s strategic focus on nonwovens and clarify its position in wipes value chain.

Suominen

Suominen supplies its industrial and retail customers with nonwovens and flexible packaging for use in consumer products. Suominen is the market leader in nonwovens for wipes.

The company employs more than 1,000 people in Europe and in the United States. In 2012, the net sales from Suominen’s continuing operations amounted to MEUR 410.4 and operating profit excluding non-recurring items from continuing operations was MEUR 12.9.

www.suominen.fi

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