UTB will acquire all the shares in Sappi Lanaken N.V., including all its assets for EUR 50 million. The transaction is expected to close in October 2024
Jul 19, 2024
Sappi has concluded an agreement to sell its integrated pulp and paper mill at Lanaken in Belgium to UTB Waalwijk B.V. (UTB), a privately-owned Dutch company specializing in industrial property conversions, for EUR 50 million.
A statement issued by the leading global producer of pulp and paper said that in terms of the agreement, UTB would acquire all the shares in Sappi Lanaken N.V., including all its assets for EUR 50 million, of which EUR 40 million would be paid in cash. The transaction was unconditional and expected to close during October 2024, it added.
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A statement issued by UTB said that it has acquired the entire assets, including paper machines, fabric preparation, super calenders, roll slitter, BCTMP factory and logistics, along with 300,000 square meters of real estate belonging to Sappi (South Africa).
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Sappi had said in January this year that to reduce production capacity for graphic paper in Europe, it had initiated a consultation process to close its Lanaken mill in Belgium. The consultation process was successfully concluded and production ceased at the end of December 2023.
