BELGIUM – The European Commission has approved the purchase of Spanish plywood manufacturer Garnica by the Carlyle Group, one of the world’s largest investment firms, concluding that the transaction will not have a negative effect on the European market.

The Commission considers that the proposed acquisition would not raise competition concerns because there are neither horizontal overlaps nor vertical links between the activities of the companies involved.

Garnica is a globally recognized leader in the production of innovative, high-quality plywood designed for a wide range of applications and end markets.

It is strategically located in the five most important poplar plantation basins in Europe.

The company has 1,200 employees in its seven production centers, five of which are located in Spain and two in France.