韓国ハンソル EN製紙印刷用紙部門を買収へ

韓国ハンソル製紙は、EN製紙の印刷用紙工場を買収する取り決めを交わした。
買収先はEN製紙の印刷用紙生産の3工場で年間生産能力は合計約50万トン。
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韓国ハンソル EN製紙印刷用紙部門を買収へ” への1件のコメント

  1. Hansol Paper signs MOU to take over EN Paper
    SINGAPORE, Sep. 8, 2008 (PPI Asia) – Hansol Paper has signed a memorandum of understanding (MOU) with fellow South Korean firm EN Paper Manufacturing to acquire the latter’s printing/writing paper operations. The deal is expected to be finalized in October.
    Under the MOU, which was inked on September 1, Hansol Paper aims to take over EN Paper’s three printing/writing paper mills in South Korea, which have a combined capacity of around 500,000 tonnes/yr.
    These include the Osan plant in Onsan city, Gyeonggi province, the Jinju No 2 facility in Jinju city, Gyeongsangnam province, and the Sintanjin mill in Daejeon metropolis, according to contacts at both firms.
    Meanwhile, EN Paper’s remaining two paper mills in the country, which produce kraft paper and specialty grades and have a combined capacity of 150,000 tonnes/yr, are expected to be spun off to EN Paper’s largest shareholder, Kukil Paper.
    The printing/writing paper operations account for 84% of EN Paper’s total asset value, while the kraft and specialty paper business makes up the remaining 16%, according to an EN Paper source.
    As part of the deal, Hansol Paper will buy Kukil Paper’s 27.5% stake in EN Paper for Won 30 billion ($26 million). A company spokesman said Hansol Paper is looking at buying more EN Paper shares, and having 45-50% of the firm eventually.
    EN’s debt problem deepens
    Despite not being the majority shareholder, Kukil Paper managed to take over the management of Shinho Paper Manufacturing, later renamed EN Paper, in late 2005. It subsequently implemented a management reshuffle and changed the moniker, with the support of creditors and other shareholders.
    South Korea’s Shinhan Bank, then Shinho’s largest bank creditor, bought an 11.5% stake in the firm from the management outfit Aram, boosting its stake in Shinho from 0.03% to 11.8%, at the request of Kukil Paper, which pledged to improve Shinho’s operations and shaky finances.
    The bank still holds this 11.8% stake in EN Paper, while Aram Financial Service Institute has 10.9% and Aram’s affiliate Finansa Investment owns 8.7%.
    The new management team hit a major setback when production at EN Paper’s two mills in Jinju city ground to a halt following a strike by unionized workers which began on June 15 last year. The industrial action was in protest at the company’s decision permanently to shut down the Jinju No 1 and No 2 plants.
    Management later settled the dispute with the union and production on the sole machine at the No 2 facility, the 58,000 tonne/yr PM 3, resumed in early September.
    The No 1 plant and a 57,000 tonne/yr offline coater at the No 2 facility have since closed. The coater processed base paper produced on the 30,000 tonne/yr PM 2 and 35,000 tonne/yr PM 5 at the No 1 plant into coated fine paper. EN Paper attributed the shuts to high labor costs and inefficient equipment, which had resulted in losses.
    Kukil Paper is a much smaller producer than EN Paper, having just one mill, a 14,200 tonne/yr specialty paper facility in Yongin city, Kyonggi province. Less than three years after the takeover, EN Paper’s deficit has mounted, with its net loss ballooning from Won 37 billion in 2005 to Won 79 billion in 2007. The firm has increasingly become a worrisome burden for Kukil Paper.
    EN Paper’s main shareholders and creditors are now anticipating that Hansol Paper, the country’s largest printing/writing paper producer, can be a white knight for the company.
    Hansol to the rescue
    The acquisition of EN Paper’s printing/writing paper operations is expected to boost Hansol Paper’s capacity of these grades from 750,000 tonnes/yr to 1.25 million tonnes/yr.
    Hansol Paper’s top spot in the South Korean market has been threatened by Moorim Paper, which plans to install a 500,000 tonne/yr printing/writing paper machine and an online coater at its subsidiary Donghae Pulp’s Onsan mill in Ulsan city. Startup is scheduled for mid-2010.
    Moorim Paper acquired Donghae Pulp in April this year. The firm aims to boost its total printing/writing paper capacity from the current 550,000 tonnes/yr to 1.05 million tonnes/yr with the PM investment.
    Donghae Pulp is South Korea’s only market pulp producer, making 430,000 tonnes/yr of bleached hardwood kraft pulp on two lines at the Onsan plant. Moorim Paper intends to integrate the pulp lines and the new machine, but has not yet mapped out the details of the plan.
    The EN Paper deal will boost Hansol Paper’s share of the domestic printing/writing paper market from 25% to 45%, while strengthening its exports of these grades.
    Hansol Paper exports around 30,000 tonnes/month of printing/writing paper, mainly coated grades, to the USA, Europe and to other Asian countries. EN Paper ships around 16,000 tonnes/month to the USA and the Middle East. Moorim Paper, meanwhile, exports around 28,000 tonnes/month to the USA and to other Asian markets.
    South Korean pundits in the industry said that the acquisition might help rein in the oversupply in the country’s printing/writing paper sector, which is expected to worsen after Moorim Paper brings its 500,000 tonne/yr PM online.
    Following the takeover, Hansol Paper is expected to carry out a restructuring of its printing/writing paper operations, beginning with streamlining EN Paper’s less competitive Osan mill and Jinju No 1 plant. But to do so, Hansol Paper will have to face EN Paper’s strong labor union, which so far has not opposed the acquisition.

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