Fiber-based materials provider Ahlstrom has entered a deal to sell the converting operations of its West Carrollton plant to the US-based West Carrollton Parchment and Converting.
As part of the agreement, which is expected to be completed by the end of 2013, Ahlstrom will trade its vegetable parchment converting assets and related order book to West Carrollton Parchment and Converting.
Following the acquisition, about 70 employees at the plant will be transferred to West Carrollton Parchment and Converting.
The companies have signed a long-term supply agreement for vegetable parchment paper used in food packaging as part of the sale.
Ahlstrom will record the amount spent in transaction as non-recurring cost of €1.3m under its financial results of fourth-quarter 2013.
The company will continue to manage its nine production plants in France, UK, US, India, China and Finland.