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Celatose reportedly finds buyer for diaper unit.

Celatose Reportedly Finds Buyer For Diaper Unit

Financially troubled French diaper converter Celatose has found a buyer, although there was no immediate word on who the new owners are (an announcement was expected in late November). The technically insolvent private label manufacturer, which went into receivership in 1989, only recently began making a profit on its scaled down European operations. Celatose had sales or Ffr 1.14 billion last year and expects to reach Ffr 1.2 billion in turnover this year.

Joel Picard, chief executive of Celatose France, told NONWOVENS INDUSTRY European correspondent Clare Haddad at the time of the sale in mid-November that an overseas buyer had been found for the holding company of Celatose. Until the sale and the formalities are completed, he said, the financially strapped operation will remain under French law and therefore must also wait for the French Financial Ministry's authority to proceed.

Procter & Gamble's "Pampers," including the new Pampers Phases that were introduced into the market last summer, holds 45% of the French market, with Peaudouce number two with about 13%. Despite its past problems, Celatose remains the largest of the private label suppliers.
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Publication:Nonwovens Industry
Article Type:Brief Article
Date:Dec 1, 1991
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