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SCA buys American toilet paper maker

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14:26 CET+01:00
The Swedish group Svenska Cellulosa AB (SCA) said Monday it had acquired the European paper products division of Procter and Gamble of the United States for €512 million ($674,000).

The deal covers five production centres located in France, Britain, Italy and Germany that employ 1,100 people, SCA said.

"This acquisition will help us to take important steps towards improving our customer offer and profitability in our European consumer tissue operation," said SCA chairman Jan Åstrom.

The activities acquired by SCA have annual sales of around €500 million and include such brands as Tempo paper handkerchiefs.

SCA will also have exclusive rights to Bounty paper towels and Charmin toilet paper.

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