JT Completes Gryson Acquisition

Source from:  Tobacco Reporter 08/16/2012

Japan Tobacco Inc. said today that the JT Group had completed the acquisition of the fine-cut manufacturer, Gryson NV. The acquisition was announced in May. In a press note today, JT said that Gryson, which is headquartered in Belgium, had established an important presence in the roll-your-own and make-your-own segments across several European countries, including France, Belgium, Luxembourg, Spain and Portugal, as well as in a number of other countries. Gryson’s sales volume was said to have been about 3,900 tons last year, which is the equivalent of 5.2 billion cigarettes. "The consideration to acquire Gryson’s and its related companies' shares is €475 million on a debt-free and cash-free basis, which values the transaction at 12.3 times the acquired companies’ underlying earnings before interest, tax, depreciation and amortization of €38.7 million forecasted for 2012," the note said. 'The acquisition is not expected to have any material effect on the Group's consolidated account for the fiscal year ending March 2013. 'In the international tobacco business, the Group remains committed to strengthening Japan Tobacco International's … business foundations with an overall strategy to foster growth.' Enditem