Acquisition of Corenso

On 1 December 2014, Powerflute completed the acquisition of Corenso for consideration of €102.3 million, including €20.4 million for net cash acquired with the business. The acquisition was financed from existing cash resources and new debt facilities of €120 million consisting of an €80 loan facility and a €40 million revolving credit facility. The transaction was a reverse takeover under the AIM Rules and closing and re-admission took place on Monday, 1 December 2014.

Corenso is a leading international manufacturer of high performance coreboard and cores, with coreboard mills in the United States and Europe and a network of core producing facilities in Europe, North America and China. Cores and coreboard are manufactured from recycled paper and are used for applications in paper, packaging, textiles, steel, aluminium and many other industries. Coreboard and cores produced by Corenso demonstrate superior strength and rigidity and are suitable for use in the most demanding applications.