News Release
100% Acquisition of Consolidated Subsidiary, Gould Paper Corporation
Japan Pulp and Paper Company Limited (JP) hereby announces the acquisition of additional shares in one of the USA’s largest paper merchants, Gould Paper Corporation (Gould). The acquisition was effected through JP’s consolidated USA subsidiary, Japan Pulp & Paper (U.S.A.) Corporation (JPUSA) and makes Gould a wholly owned subsidiary within the JP Group.
JP has been making efforts to strengthen and expand its global procurement and sales network, and as part of these efforts acquired a 51% share in the ownership of Gould in April 2010. By taking full ownership of Gould now, with its abundant human resources, experience and business sites throughout Europe and North America, two markets considered highly important in JP’s strategy for its non-Japan business segment, JP will be able to simultaneously strengthening its presence in both of these markets, increase the synergies within the entire JP Group and further expand its business activities outside of Japan.
Gould Company Outline
| Company Name | Gould Paper Corporation |
|---|---|
| Location | 99 Park Avenue, New York, NY 10016, U.S.A. |
| Representative | David Berkowitz - President & CEO |
| Main Business Activities | Sale and purchase, import and export of paper, paperboard and pulp |
| Sales | US$ 985,990,000 (As at December 2014) |
| Date of Establishment | November 3, 1924 |
Furthermore, any effect from this acquisition regarding additional shares on the JP Group’s consolidated results for the fiscal period ending in March 2016 is expected to be negligible. As such no revision will be made to the consolidated performance forecast for this fiscal period.
