Paperboard firm Powerflute says to be bought for $354 mln

September 15, 2016 8:46 AM

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HELSINKI Finnish paperboard company Powerflute Oyj (POWR.L) recommended cash offer from private equity firm Madison Dearborn Partners LLC for 268 million pounds ($354 million), it said on Thursday.

Powerflute, founded by Dermot Smurfit from the family behind Ireland's packaging group Smurfit Kappa (SKG.I), last year had sales of 357 million euros ($401 million) and core earnings before interest, taxes, depreciation and amortization of 55 million euros.

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