The boards of directors of Munksjö Oyj and Ahlstrom Corporation have announced the combination of the two companies through a merger.

The companies have runa jointly operated site in Turin, Italy since the business combination of Munksjö AB and Ahlstrom's Label and Processing business in 2013.

The new company will focus on fiber-based solutions with preliminary combined annual net sales of around €2.2 billion and adjusted EBITDA of €249 million  with approximately 6,200 employees as well as production in 14 countries.

‘After the very successful integration of our acquired businesses during the past years and strong operating performance, the combination with Ahlstrom is a natural first step in the execution of our growth strategy, combining two leading businesses into one strong engine for performance and growth,’ said Peter Seligson, chairman of the board of Munksjö. ‘The combined company will be positioned for strong long term-financial returns partly through the significant communicated cost synergies but mainly through enhanced future competitiveness and growth opportunities.’

This story is reprinted from material from Ahlstromwith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.