Fedrigoni acquires assets of US-based company
The specialty papers and labels company has made a deal with Mohawk Fine Papers
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Monday, 04 Mar 2024 14:45 GMT
Mohawk and Fedrigoni share many values including focuses on innovation and the environment
Fedrigoni, a supplier of specialty paper, self-adhesive materials, and RFID solutions has announced it has acquired certain assets of Mohawk Fine Papers based in North America.
The two companies formed an industrial partnership in September 2022 to strengthen the distribution of specialty fine papers in the North American market.
This is the third merger and acquisition from Fedrigoni this year following deals with SharpEnd in the UK and Arjowiggins in China. This latest deal is being finalised through a NewCo- a corporate spin-off or subsidiary company established before a final name is made.
The transaction took place following a period of “significant financial distress” that affected the US-based company over the past few months.
The NewCo cleared the new company from existing indebtedness while preserving the majority of existing jobs, industrial activities, and customer relationships.
Marco Nespolo, chief executive officer at Fedrigoni Group, comments: “Thanks to Mohawk's entry into our group we will now be able to produce and distribute to customers a wide range of Fedrigoni high value-added papers directly in North America, and conversely expand access to Mohawk specialty papers internationally.
Fedrigoni Group chief executive officer, Marco Nespolo
“We will thus increasingly support the strategies of our customers who favour nearshoring models in place of the traditional global purchasing-oriented approach, to reduce their environmental impact and minimise the risks of supply chain disruption".
Mohawk, a family-owned company, was founded in 1931 and produces specialty papers for designers, brands, and printers.
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