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JOINT VENTURE: ABITIBI & NORSKE INCREASE STAKE IN PAN ASIA PAPER


July 3, 2001
By Pulp & Paper Canada

MONTREAL, QC/SKOGN, NORWAY — Abitibi-Consolidated of Montreal and Norske Skog of Norway are paying US$350 million…

MONTREAL, QC/SKOGN, NORWAY — Abitibi-Consolidated of Montreal and Norske Skog of Norway are paying US$350 million to increase their stake in Pan Asia Paper Co., Asia’s leading newsprint maker. Through buying Hansol Paper’s (of South Korea) one-third stake of Pan Asia, the companies hope to increase their position in one of the world’s fastest growing markets.

Pan Asia’s production capacity is 1.425 million tons of newsprint and ground wood paper per year, representing about 30% of Asia’s total market, excluding Japan. Production facilities are located in Shanghai, China, Singburi in Thailand and at Chonju and Chongwon in South Korea.

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The deal is expected to close in July, subject to regulatory approvals.


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