UPM announced on Tuesday (6-21-22) that it has entered into an agreement to sell 100% of the share in its Austrian subsidiary, UPM Kymmene-Austria GmbH, to the HEINZEL GROUP, a leading pulp, packaging, and paper producer and trader in Central and Eastern Europe.
The transaction comprises the UPM Steyrermühl site with approximately 400 employees, including the newsprint paper machine with an annual capacity of 320,000 tons, and the Steyrermühl sawmill operations with an annual timber capacity of 370,000 cubic meters.
The parties have agreed not to disclose the value of the deal.
According to UPM, the closing of the transaction and end of newsprint production at UPM Steyrermühl are planned for the end of 2023. HEINZEL is planning to take over responsibility for the mill after closing. Until then, all operations continue as is.
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UPM sells its Steyrermühl site to the HEINZEL GROUP