The world’s top magazine paper maker UPM-Kymmene said it has agreed to sell its former paper mill and related assets in Miramichi, Canada, to Norwegian company Umoe Solar AS.
Miramichi paper mill was closed in December 2007 and its disabled machines can no longer be used for paper production, UPMsaid.
The deal from which UPM will book a one-off gain of about 20 million euros ($26.3 million) in the first quarter includes also a groundwood pulp mill, woodlands operations, and two sawmills located nearby.
UPM acquired the Miramichi facility in October, 2000. The mill, with an annual production capacity of 450,000 tons of lightweight coated magazine paper, was permanently closed in December, 2007. The disabled paper machines can no longer be used for paper production.