Reno de Medici sells Spanish subsidiary

Friday, Jan 29, 2016

Reno de Medici has parted with its operations in Spain. The subsidiary Reno de Medici Ibérica was sold to Arpafino.

Italian recycled cartonboard manufacturer Reno de Medici (RDM) has announced the divestment of its Spanish subsidiary Reno de Medici Ibérica. The company said it sold the total share capital to Spanish company Arpafino. The transaction price was put at €800,000.

Reno de Medici had already decided in February 2015 that Reno de Medici Ibérica was no longer of strategic importance for the group and consequently announced the sale of the Almazán board plant. A reassessment of the group's asset portfolio had demonstrated the need to focus efforts and resources on production facilities that are more efficient and present higher growth potential, the company said at that time.

The Almazán plant runs one board machine with a production capacity of 40,000 tpy of white-lined chipboard. The site has 93 employees, according to RDM.

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