The certificate was issed in Aschaffenburg for the Zellstoff- and Paperfabrick company. The date of issuance is 1 October 1921.
Backgrond: The company manufactured synthetic fiber pulp and paper. It was founded in Aschaffenburg in 1872.
In 1917 the name was changed to AG for pulp and paper manufacturing and in 1936 to Aschaffenburger Zellstoffwerke AG.
In 1970 the company merged with Zellstoffwerke Waldhof and changed its name to PWA Papierwerke Waldhof Aschaffenburg AG, with its new headquarters in Munich. Today the company belongs to the Finnish group M-real GmbH.
In 1999 SCA Fine Papier and MoDo Paper merged to form Modo Paper AB. The Aschaffenburg-Stockstadt plant then changed its name to Modo Paper GmbH. In 2000 the cmpany was taken over by the Finnish Metsä-Serla--the largest fine paper group in Europe was created. In 2001 the parent company is renamed M-real and the Aschaffenburg-Stockstadt plant is renamed M-real GmbH.
The certificate is authentic, historic, and in excellent condition. It measures 15 X 11 in.
For a comparable price, see: https://www.sammleraktien-online.de/ag-fuer-zellstoff-und-papierfabrikation-pwa/item-1-2871.html . It sells there for 59.90 Euro.