JAKARTA,Indonesia,Nov. 21,2024 -- APP Group has expanded into the South Korean market by acquiring 100% of MSS Holdings,the majority shareholder ofSsangyong C&B,known for popular tissue brands like CODI and Monalisa.

This strategic acquisition,valued at approximately 400 billion won (around $296 million),underscores APP Group's commitment to growth in Asia and its leadership in driving sustainability,particularly in South Korea.

Korea is currently the fifth largest market size for paper,pulp,and paperboard regionally. Its pulp and paper sector are projected to grow at a CAGR of 5.20% from 2023 to 2028. With this acquisition,MSS is expected to benefit from APP's operations expertise & global network as an established company in the global market. MSS is expected to synergize and enhance its efficiency and overall cost competitiveness.

Alternatively for APP Group,this opportunity is a good chance to have exposure in the Korean tissue and hygiene market,with instant access to well-known consumer brands and a nationwide domestic sales network as well as moving towards sustainable leadership in South Korea.

"We are delighted to welcome MSS to APP and with APP's global expertise,MSS can offer APP's global high-quality tissue and hygiene products to Korea,providing Korean consumers with more innovative choices at competitive prices," said Nishant Grover,CEO of Tissues International at APP.

APP Group is known as the fourth largest pulp production in the world and is known for their diverse pulp-based products such as tissue,paper and packaging sold in over 150 countries. By acquiring Ssangyong C&B,APP Group is poised to bring its vision of sustainability to South Korea,fostering partnerships and collaborations that promote responsible sourcing and innovative solutions in the industry.

About APP Group

APP is a leading pulp,paper,and forestry company based in Indonesia,supplying high-quality tissue,packaging,and paper to over 150 countries. With operations in Indonesia and China,we prioritize sustainability,ethical practices,and the well-being of our employees,society,and the environment. Our Sustainability Roadmap Vision 2030,aligned with ESG principles,guides our efforts in environmental protection,community support,biodiversity preservation,and carbon neutrality.