Newpal buys 84% of Copam for €19 million
The Aveiro-based company paid €19 million for 84% of Copam, Portugal's leading producer and marketer of starch-based products.
Newpal, a company from Aveiro, will buy 84% of Portuguese starch company Copam, a leading producer and marketer of starch products in Portugal, for around €19 million, according to a statement sent Wednesday to the Portuguese Securities Market Commission (CMVM).
Copam – Companhia Portuguesa de Amidos, based in São João da Talha, Sacavém, signed a sale and purchase agreement for the sale of 843,817 shares, equivalent to 84.4% of its capital, to Portuguese company Newpal, based in Albergaria-a-Velha, Aveiro, the document said.
“The total amount promised as consideration for the sale of the said shares is €19,196,836.80,” with the transaction still subject to satisfactory due diligence.
Copam was founded in July 1937, and is currently the leader in Portugal in the production and sale of starch products for the food, pharmaceutical, paper, corrugated board and chemical industries in general, the company’s website states. Copam “maintains a strong presence in the Iberian Peninsula market and in North Africa”. The company’s only raw material is corn.
