Articles

GL&V Pulp and Paper Group announced today that it has closed the transaction with the COINPASA Group (Bilbao, Spain). In September 2000, GL&V signed an agreement to combine its European pulp and paper assets with those of ENERTEC, S.A. (formerly Beloit Ibèrica), a subsidiary of COINPASA.

This joint venture will create four companies: GL&V Sweden AB, GL&V Finland Oy, GL&V Spain S.L. and GL&V Portugal Lda., which will be integrated with GL&V Pulp and Paper Group to strengthen its position in Europe, subsequent to the acquisitions of Celleco and the Pulping and Finishing business units of Beloit Corporation. Owned equally by GL&V and the COINPASA Group, these new subsidiaries should contribute annual sales of approximately $50 million to GL&V's revenues as of the first year.

"Enertec has been an exclusive licensee of Beloit since 1983. As such, it has an in-depth knowledge of this technology and solid expertise in the design of pulp and paper production equipment. Enertec is a cutting-edge company in Spain and Portugal, and exports some of its products to other countries in Europe, Latin America and Asia. We will integrate its team of engineers, designers and sales and service personnel into the newly created subsidiaries, which will be managed entirely from Europe. We expect to develop excellent synergies that will help speed up the growth of our European operations," said Laurent Verreault, President and Chief Executive Officer of GL&V.

Profile
Founded in 1975, GL&V is a world leader in the design and manufacture of engineered proprietary equipment for the pulp and paper industry and other strategic markets, consisting mainly of chemicals, food, mining, minerals, energy and the environment. The Company holds the proprietary rights to most of the machinery used in its customized technological solutions. Its equipment is manufactured primarily in its plants in North America and Europe, as well as by various subcontractor partners. GL&V's network extends into more than 40 countries on five continents. The Company has operations and/or sales representatives in Canada, the United States, Europe, Australia, Africa, Asia, and South America, in addition to sales agents in most industrialized regions. GL&V employs close to 1,500 people worldwide.

Sign up for our free weekly newsletter.

Contact Pulp and Paper Online's Editor at avorobej@vertical.net.