Delfortgroup of Austria has acquired Glatz Finepaper Vietnam Co. from Glatz Feinpapiere. Glatz Finepaper Vietnam will be renamed Wattens Vietnam.
Built in 2009, the Vietnam paper mill is located close to Ho Chi Minh City and employs 200 people. It operates a dedicated state-of-the-art cigarette paper machine with an annual capacity of more than 13,000 tons premium cigarette and plugwrap papers.
In a press release, Delfortgroup said the acquisition would strengthen its position as a global leader in specialty papers and its manufacturing foothold in the Asia-Pacific region.
“We believe this transaction will accelerate our ability to seize on industry growth opportunities and deliver continued product innovation and consistent, highest quality customer service,” the company wrote.
“With our new mill in Vietnam, Delfortgroup will be even better positioned to navigate the evolving specialty papers industry, ensuring continued growth and the overall long-term success of our company.”
The Vietnam facility is Delfortgroup’s sixth paper mill and its first in Southeast Asia.
Headquartered in Germany, Glatz Feinpapiere will focus on its European operations.