Brussels, 14/02/2000 (Agence Europe) - The European Commission has approved the creation of a joint-venture in the paper sector between Neusiedler (Austria) and Israeli Paper Mills (Israel). The joint-venture will have its headquarters in Israel and produce and market fine and special paper in Israel and the Middle East. Neusiedler, which produces and markets office stationary paper, is a subsidiary of Frantschach (packaging materials, Office stationary, cellulose) and a joint-venture between an Austrian holding company and Anglo American (mining, raw materials and paper). American Israeli Paper Mills belongs to the Israeli IDB Group and makes paper and paper products.
The European Commission considered that the operation would only lad to a negligible increase in market share for the joint-venture in the European Economic Area.