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Central National-Gottesman to acquire a 50% interest in Italy-based distributor

Wednesday, February 24, 2010

Press release from the issuing company

Purchase, New York - Central National-Gottesman Inc. (CNG) today announced that its European subsidiary Central National-Gottesman Europe GmbH has signed a letter of intent to acquire a 50% interest in Italpaper S.p.A., a leading distributor of pulp, paper, and secondary fiber based in Lucca, Italy. CNG has a long history of serving the Italian paper and printing industry through the company's Italian office, Central National Italia S.r.l. This transaction, which is expected to close on or before April 30, 2010, underscores that continued commitment.

Italpaper was founded in 1987 by Raffaello Bocci, who will continue as Managing Director after the transaction is completed. Under Mr. Bocci's leadership Italpaper has become one of the leading suppliers of pulp and recovered fiber to the Italian paper- making industry. "Raffaello Bocci has developed a dynamic and growing business," said Ken Wallach, Chairman and Chief Executive Officer of Central National-Gottesman Inc. "This new partnership is part of our long-term strategy to expand our sales and sourcing activities in Europe. We look forward to merging our Italian subsidiary, Central National Italia, with Italpaper and building on the combined strengths of both organizations."




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