Papyrus will exit envelope manufacturing business to focus on its core paper distributing business.
Papyrus is set to exit the envelope manufacturing business and will sell its production facility in Ettlingen, Germany, to the Mayer-Kuvert-Network group. Papyrus and Mayer-Kuvert have already signed a corresponding purchase and sale agreement. The transaction is scheduled for closure on 2 April. Financial details of the deal were not revealed.
In 2012, Papyrus Kuvert in Ettlingen had net sales of approximately €19m and produced more than 1bn envelopes, Papyrus stated in a press release on 6 March. The envelope sales and distribution business will remain with the company.
The decision to exit the envelope manufacturing business is a strategic move which would allow Papyrus to fully concentrate on its core business, the company explained. With net sales of €1,726m in 2012 Papyrus is said to be a leading European merchant in paper, facility supplies and industrial packaging. The company reportedly delivers some 1.7m t of paper across Europe ranking second in Europe and first in Continental Europe in terms of market position.
Mayer-Kuvert-Network group is said to be a leading envelope manufacturer in Europe. The group employs 2,400 people at almost 50 companies across 23 countries and produces 26bn envelopes per year.
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