Mayr-Melnhof Karton AG (MM) has finalised the sale of the TANN Group to Evergreen Hill Enterprise, Pte.Ltd., part of a diversified, private Indonesian group of companies.
The TANN Group, headquartered in Traun, Austria, prints and finishes bought-in fine paper into tipping paper (cigarette mouthpiece paper).
As this business outside the core areas of cartonboard and consumer goods packaging MM had decided to sell it, as the Group explained in December. The TANN Group recently achieved annual sales of around EUR 220 million. TANN comprises seven production sites in Austria, China, the Philippines, Turkey, Canada and Germany with around 730 employees worldwide, which will be taken over by Evergreen Hill Enterprise, Pte.
„The sale offers MM the opportunity to further strengthen and expand its position in the core business of consumer goods packaging. We are pleased that the TANN Group has a new strategic owner in Evergreen Hill Enterprise, Pte. Ltd. who intends to invest in its future. Above all, we would like to thank the entire staff for their great work over the past years at MM,“ commented Peter Oswald, CEO of MM.
Source: Mayr-Melnhof Karton AG
