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Cham Paper Sells Hunsfos Paper Mill in Norway

Dec. 3, 2008 - Swiss papermaker Cham Paper Group said that it has signed a contract for the sale of its Norwegian specialty paper mill Hunsfos Fabrikker AS to Bavaria Industriekapital AG, a German industrial holding firm.

The sale price was not disclosed, but Cham said that the transaction will lead to a non-cash book-keeping loss of CHF19 million ($15.8 million). The sale will also reduce Cham Paper Group's net debt by CHF8 million ($6.6 million).

The sale is part of the company's strategic re-orientation, which is to focus on clay-coated speciality grade papers, Cham said.

Founded in 1886, the Hunsfos mill operates three paper machines and produces MG Base Paper (16-100 g/m2). The mill has an annual capacity of 50,000 tons per year and employes about 155 people.

Cham said that the change in ownership should not affect current operations at the mill

SOURCE: Cham Paper Group




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