PanAsia Becomes 100 pct Subsidiary of Norske Skog

Norske Skog by the end of 2005 purchased Pan Asia Paper Company, previously owned by Canada’s Abitibi Consolidated, and is now the world’s largest producer of newsprint.
         Norske Skog completed the transaction by transferring USD 600 million (NOK 4 billion) to Abitibi Consolidated in settlement of the deal. This makes PanAsia a wholly-owned subsidiary to Norske Skog, and its name has been changed to Norske Skog PanAsia.
         PanAsia ranks as the largest newsprint manufacturer in Asia owning five factories and has leading market positions in China, Korea and Thailand. The Norske Skog group will become the world’s largest manufacturer of newsprint through the acquisition, with 30% of its newsprint capacity located in Asia. Of Norske Skog’s total production capacity, 25 per cent is now located in Asia.

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