Mission completed. Metsä Board finalises divestment of its loss-making Gohrsmühle paper mill in Germany.
Metsä Board, part of Metsä Group, has completed the divestment of its German subsidiary Metsä Board Zanders to the German industrial holding company Mutares AG. Under the terms of agreement, Mutares has acquired 100% Metsä Board Zanders shares and all related liabilities. The transaction got the green light from the German Federal Cartel Office on 13 May. The purchase prices was not disclosed.
According to Mutares, the Metsä Board Zanders Gohrsmühle paper mill generated sales of €93m with 480 people in 2014. The company puts the installed production capacity of the Gohrsmühle mill at 325,000 tpy.
Metsä Board produced some 50,000 tpy of cast coated and label papers at the Gohrsmühle mill. In addition, the site was used as a service and logistic centre for folding boxboard with a sheeting capacity of 60,000 tpy. Metsä Board expects the sale of Gohsrmühle to improve its annual operating result by €20m compared to 2014.