The enterprise value of the sale amounts to approximately EUR 272 million. The proceeds will be used to reduce debt further and continue to increase Sappi’s focus on the identified growth segments.
October 6, 2022
Sappi Ltd. has concluded an agreement with Aurelius Investment Lux One Sàrl regarding the divesture of its Maastricht Mill in the Netherlands, Stockstadt Mill in Germany, and Kirkniemi Mill in Finland.
Mr. Steve Binnie, CEO of Sappi Ltd. said, “We are very happy to have reached an agreement with Aurelius to take ownership of the three mills. Although they no longer fit in Sappi’s portfolio, they are strong assets with good people. The decision to sell these mills follows a detailed and thorough strategic review by Sappi in line with our group Thrive25 strategic focus.
“Recent investments across our South African, American and European operating businesses demonstrate this priority,” he added. The sale is expected to close in the first calendar quarter of 2023.
The enterprise value of the sale amounts to approximately EUR 272 million. The consideration consists of cash proceeds and retained receivables (EUR 212 million) as well as retained liabilities (EUR 60 million). The proceeds will be used to reduce debt further and continue to increase the Companys focus on the identified growth segments.