Mondi to Sell Europapier to Heinzel Group
May 5, 2010 - Europapier AG said that its parent company, Mondi, has signed an agreement to sell Europapier to Heinzel Group.
The selling price was not disclosed.
Under the terms of the deal, Heinzel Group would take over 100% of Europapier's shares.
"We welcome Heinzel Group's strategy to have a strong operation in Austria and CEE (Central and Eastern Europe) and to take steps towards continuing its growth strategy," said Werner Hartmann, a member of the Europapier Board.
Alfred H. Heinzel, president and CEO of Heinzel Group, said, "Heinzel Group's strategy is to expand their key role in pulp, paperboard and paper trading in Western Europe, emerging Eastern European markets, North Africa, Middle East and Asia. Europapier's good market position makes a good fit with Heinzel Group."
The deal is subject to approval by antitrust authorities.
Until the close of the deal, no changes will take place at Europapier or Heinzel Group. "Both companies will continue to act independently of each other and business will continue as usual," Europapier said in a written statement.
Europapier is one of the leading paper suppliers in Europe with annual shipments of over 470,000 tons of paper. The company offers a wide range of graphical, standard and creative papers, office papers and packaging solutions.
SOURCE: Europapier AG