Stora Enso has sold the Maxau magazine paper mill in Germany and all related assets to Schwarz Produktion. The deal was finalised today, Stora Enso said.
Maxau paper mill in Karlsruhe can produce up to 530,000 tpy of supercalendered (SC) paper on two machines. Stora Enso puts the enterprise value of the transaction at €210m.
"Based on the 2022 figures, the divestment is expected to reduce Stora Enso’s annual sales by approximately €385m. Subject to closing date adjustments, Stora Enso will book a one-time disposal gain of approximately €55m in its IFRS operating profit in the first quarter of 2023, considered as an item affecting comparability." Stora Enso announced.
Schwarz group is mainly active in food retailing in over 30 countries through its retail chains Lidl and Kaufland. Through its subsidiary Prezero, the group also operates in the recycling and waste management business. Schwarz Produktion is the umbrella brand for the production companies of Schwarz Group. According to earlier announcements, Schwarz will continue publication paper production at the Maxau mill to support its print advertising activities.