The Newark Group to Divest European Operations
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The Newark Group, Cranford, N.J., USA, this week announced that it has reached an agreement to sell its European operations to PHI Industrial Acquisitions, a Spanish private equity fund focused on acquiring non-core assets from foreign multinationals. The sale includes all of Newark's operations in Spain, France, Germany, and The Netherlands. Terms of the deal were not disclosed.
"Our European and North American operations benefited from more than a decade of best practices that allowed both regions to grow, prosper, and position themselves for the future," said Frank Papa, president and CEO of The Newark Group. He added that "now, however, we believe it is the right time to separate the two entities and re-dedicate our energies and resources in the geographic markets in which we have historical strength while providing the means to pursue growth in new products and new markets."
The closing of the transaction should occur prior to the end of this year.
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