The divestment of the Uetersen coated fine paper mill to Brigl & Bergmeister follows Stora Enso's strategical transformation into a renewable packaging company.
Austria's specialty paper company Brigl & Bergmeister will acquire Stora Enso's Uetersen specialty and coated fine paper mill in Germany. The corresponding purchase agreement had already been signed, but the transaction was still subject to approval by the relevant authorities, Brigl & Bergmeister announced. The company revealed no financial details of the deal.
According to Stora Enso, the cash consideration for the divestment of 100% shares in Uetersen paper mill is €10m. The loss on disposal amounted to approximately €30m and would be recorded as a non-recurring cost in the company's second quarter 2014 results, Stora Enso said. The company expects the transaction to be finalised in mid-July.
Uetersen paper mill employs more than 400 staff and has an installed capacity of 240,000 tpy of one-side coated paper for labels and flexible packaging paper and coated fine paper and board for graphical use.