Metsä Board to Divest Gohrsmühle Paper Mill in Germany

Gohrsmühle mill, located in Bergisch Gladbach, Germany, has a production capacity of about 325,000 tons per year of cast coated and label papers.

April 30, 2015 - Metsä Board yesterday announced an agreement to divest 100 percent of its shares in Metsä Board Zanders GmbH, including all related liabilities, to mutares AG and its partner company.

Metsä Board Zanders GmbH contains the business operations of Gohrsmühle mill located in Bergisch Gladbach, Germany.

Gohrsmühle was founded in 1829 by Johann Wilhelm Zanders and is known for its select range of high quality and innovative fine papers, especially the premium brand CHROMOLUX. The mill has an annual production capacity of about 325,000 tons of cast coated and label papers.

Gohrsmühle mill has approximately 480 employees.

Closing of the transaction is subject to German competition authorities' approval and it is expected to take place by the end of May 2015.

The divestment would reduce Metsä Board's annual sales by approximately EUR 90 million and improve operating result by approximately EUR 20 million compared to 2014, the company said in a press release.

A related positive non-recurring item of EUR 15 million is expected to be booked in Non-core operations segment’s 2Q 2015 operating result, Metsä Board added.

"This is an important step in our transformation to a paperboard company and also a major profit improvement measure," said Mika Joukio, CEO of Metsä Board. "mutares AG is in a good position to develop Gohrsmühle mill's businesses further together with the personnel."

mutares AG is a German industrial holding company that focuses on acquiring medium-sized companies with the goal of sustainably increasing their value in close co-operation with their management and employees.

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SOURCE: Metsä Board