The China-based pulp and paper company is part of the Taison Group.
The acquisition of Nordic Paper makes Shanying one of Chinas biggest paper and packaging manufacturers with global focus. The group has approximately 9,000 employees.
Per Bjurbom, CEO, Nordic Paper, said it will remain as an independent European pulp and paper company and there will be no changes regarding the business or current operations.
Three of Nordic Paper’s mills are located in Sweden, with the fourth one in Norway.
“We are really looking forward to the new ownership. It's a long-term industrial owner and that is something that we strongly believe will be good for the company and the employees’ future,” he said.
Shanying Paper has been listed on the Shanghai Stock Exchange since 2001. It has announced its intention to the stock market to expand and diversify, both in terms of product portfolio and geographically.
Today, its core business consists of recycled fibre trading, kraft paper manufacturing, packaging, design, printing and logistics.
The transaction is subject to approval by the relevant Chinese authorities and the shareholders of Anhui Shanying Paper.
The agreement was signed by Shanying Paper Internationals' chairman of the board, Wu Mingwu, at a ceremony that was also attended by the Minister of Enterprise and Innovation, Mikael Damberg, and Party Secretary of the Zhejiang Province, Che Jun.