WARSAW, Poland, Jan. 29, 2020 (Press Release) -We are pleased to announce that Velvet Care represented by CEO Artur Pielak and Vice President/CFO Rafal Curyło, signed a takeover agreement of 100% shares in the Czech company Moracell. The transaction is subject to the standard approval procedure by the antitrust authorities.
MORACELL, is the largest manufacturer of paper hygiene products in the Czech Republic, with a modern machinery park, infrastructure and an established position on the Czech and Slovak market. The company's product portfolio is very broad and includes toilet paper, kitchen towels, napkins and tissues.
The purchase transaction of Moracell is the key element of the Velvet Care Management Board and Abris Capital Partners business strategy having been consistently implemented and focused on the development and building of our company's position as a branch leader in the CEE.
We are looking forward to collaborate with our new colleagues from Moracell.