UPM to Sell Paper Machine 4 in Ettringen Mill to Aviretta

Oct. 23, 2013 - UPM announced that it has signed a letter of intent with a newly formed company, Aviretta, for the sale of the paper machine 4 at UPM Ettringen in Germany.

According to UPM, Aviretta GmbH plans to purchase PM 4 and to convert it into a board machine with a planned production capacity of approximately 210,000 tonnes per year. The machine would remain in the Ettringen mill, and under the terms of the deal UPM Ettringen would render certain services to Aviretta. UPM would not be a shareholder in this company.

"We are pleased about the plans of Aviretta to convert paper machine 4 into a board machine. This setup would also lead to synergies for both contract parties," said Winfried Schaur, General Manager of UPM Schongau & UPM Ettringen. "A thorough examination in the coming weeks will show whether the planned project could be realized in this form."

In April 2013 UPM has announced the permanent closure of the PM 4 citing continuing challenges in the European economy having a significant impact on the consumption of graphic papers.

SOURCE: UPM