Tuesday, December 5, 2017 1:00 pm

JOHANNESBURG (From news reports) -- South Africa's Sappi has agreed to buy a specialty paper unit from Switzerland-based Cham Paper Group for USD $149 million, the company said on Tuesday.

Sappi expects the deal to be concluded in the first three months of 2018, and said the business, which produces coated specialty papers, includes two mills in Italy and a digital imaging business in Switzerland.

The Johannesburg-based company is one of the world's leading pulp and paper producers, but is pushing deeper into higher value specialty products.

"(The acquisition) will further Sappi's diversification strategy by adding capacity and complementing products to the current specialty and packaging product portfolio and providing a platform for future growth," Sappi said in a statement.

The to-be-acquired unit produces paper used in industrial and consumer goods and digital imaging, Sappi said.

"Following the divestment of the paper business, Cham Paper Group will focus on its real estate business," the Swiss company said in a separate statement.

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