PCB | December 14, 2007
Aspocomp & Meadville agreement completed
The closing of the business restructuring agreement signed by Aspocomp Group Oyj and Meadville Holdings Limited on November 8, 2007, has been completed.
In accordance to the agreement, Aspocomp transferred its shareholdings in its subsidiaries in China and India as well as certain equipment from the Salo plant to its holding company that will be named Meadville Aspocomp Holdings Limited. In addition, Aspocomp sold a shareholding of 80 percent in the holding company to Meadville for about EUR 61 million. Aspocomp has repaid its interest bearing liability to Standard Chartered Bank and will use the rest of the consideration to partially repay its interest bearing liabilities in Finland and to improve its liquidity.