The Grupo Europac (Papeles y Cartones de Europe S.A.) has reached an agreement to sell Europac Logistica Lda., the society that provides maritime transport services at the commercial port of Viana do Castelo (Portugal). The company has been acquired by Servinoga, S.L. which belongs to the Nogar Group, for 2.7 million euros, with a net book value of 0.4 million euros. The operation therefore represents goodwill of 2.3 million euros for Europac.
The sale of Europac Logistica is in response to Europac's desire to disinvest in assets which are not strategic to its activity
The amount of the operation was 2.7 million euros, whereas the net book value is 0.4 million euros, representing goodwill of 2.3 million euros
The purchasing company has signed a long-term contract with progressive discounts on the prices currently held by Europac Kraft Viana
Europac Logistica moves more than 200,000 tons a year withthe Europac Group's factory being its main client with a volume of more 150,000 tons of kraftliner paper a year, the main destinations for which are the European ports of Bremen, Terneuzen and Livorno
The operation is in response to Europac's desire to disinvest in non-strategic assets, whereas the buyer is expanding their presence in a sector in which they specialise. Servinoga has likewise signed a long-term contract with progressive discounts on prices currently held by Europac Kraft Viana. This contract, furthermore, guarantees the Europac Group's kraftliner paper factory the services of an operator, shipping agent and port services supplier which up to now have been provided by Europac Logistica.
90% of the Portuguese facility's production of kraftliner paper is intended for export and the port of Viana do Castelo is the starting point for more than 150,000 tons a year, with the main destination ports being Bremen (Germany), Terneuzen (Holland) and Livorno (Italy).