Swiss papermaker Cham Paper Group said that it has signed a contract for the sale of its Norwegian specialty paper mill Hunsfos Fabrikker AS to Bavaria Industriekapital AG, a German industrial holding firm.
The sale price was not disclosed, but Cham said that the transaction will lead to a non-cash book-keeping loss of CHF19 million ($15.8 million). The sale will also reduce Cham Paper Group’s net debt by CHF8 million ($6.6 million). The sale is part of the company’s strategic re-orientation, which is to focus on clay-coated specialty grade papers, Cham said.
Founded in 1886, the Hunsfos mill operates three paper machines and produces MG Base Paper (16-100 gsm). The mill has an annual capacity of 50,000 tons per year and employs about 155 people.
