Sonae Industria to sell hardboard business operated at Betanzos plant, Spain

24 March 2015

The Portuguese company Sonae Industria says it has entered into an agreement for the sale of the hardboard business operated at its plant located in Betanzos, Spain, including the transfer of the employees dedicated to this business.

The agreement also includes the lease of the real estate where the industrial unit is located, property of another indirect affiliate of Sonae Indústria.

The completion of the transaction is subject to certain conditions, mainly related with the transfer of administrative authorisations, and is expected to take place during the course of the next few weeks. The identity of the buyer or the amount of the transaction were not disclosed.

The company says the decision to sell the hardboard business of Betanzos plant is aligned with Sonae Indústria’s strategy of optimizing its industrial footprint. Recently, Sonae also closed its MDF plant in Ussel, France, and also a plant located in Pontecaldelas (Spain) with an annual production capacity of 4,000,000 m2 of laminate flooring. Moreover, last year Sonae sold two of its plants plants in France (Auxerre and Le Creusot) to Austrian company Kronospan.