Wellington (ANTARA News) - Flush with cash, Indonesian conglomerate Asia Pulp and Paper (APP) is buying New Zealand toilet paper manufacturer Cottonsoft as part of a global expansion plan, it was reported Thursday.
APP, the world's fifth-largest pulp and paper supplier, is acquiring 75 per cent of the privately-owned New Zealand company immediately and the remaining 25 per cent after two years, Cottonsoft chief executive Steve Silvey was quoted by DPA as telling the Otago Daily Times.
He said that with a current annual capacity of 7 million tonnes, APP is the second biggest producer of paper, bleached hardwood pulp and packaging in Asia.
"They wanted to come to Australia and New Zealand," Silvey said.
"They have global expansion plans, and realised they couldn't come here on their own."
Cottonsoft, the last New Zealand-owned producer of toilet paper and paper towels, claims to be number two in the local market. Silvey said it would continue to be based in Dunedin.
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