Stora Enso Paper sells Stora Enso Sachsen GmbH to a company of the Swiss Model Group. The mill in Saxony produces web printing paper based on recycled paper. The site is to be converted to packaging paper.
In accordance with the agreement reached, the Model Group will take over and operate the plant once the transaction has been completed. Stora Enso will distribute and deliver the manufactured printing papers to its customers as part of an 18-month agreement. Thereafter, the Model Group intends to Location to switch to packaging paper. All 230 employees of Stora Enso Sachsen GmbH will be taken over by Model.
„We are convinced that Model, as the new owner, will offer the site a long-term future. During the transition phase of the plant, we will continue to supply our customers with high-quality products until at least the end of 2022.“ Kati ter Horst, EVP of the Stora Enso Paper Division
Stora Enso Saxony is integrated into the model network
„The location in Saxony suits us perfectly and can be quickly integrated into the Model Group's existing network. become. We are looking forward to further developing the site,” announced Dr Daniel Model, Chairman and CEO of the Model Group.
The enterprise value of the transaction is EUR 35 million, subject to customary purchase price adjustments. The impact on Stora Enso's operating EBIT or net debt is not considered to be material.
Stora Enso will recognise one-off costs of around EUR 32 million in the IFRS operating result in the second quarter of 2021, which are considered an item affecting comparability (IAC). The Transaction expected to be completed in the 3rd quarter of 2021.
[infotext icon]The Model Holding AG is a 100 per cent family-owned company that was founded in 1882. Headquartered in Weinfelden, Switzerland, the Model Group develops, produces and supplies innovative packaging solutions made of cardboard and corrugated board. The company has nine corrugated board production sites in Europe and produces corrugated board at two sites in Switzerland, Weinfelden and Niedergösgen. The company generated sales of CHF 859 million in 2020 and employs 4,225 people. [/infotext]SourceModel Holding AG
