M-real Sells Hallein Pulp, Myllykoski Paper Stake

Source from:  Tobacco Journal 07/01/2011

M-real sold the Hallein pulp mill to Schweighofer Group of Austria to concentrate on core business and improve profitability, the Finnish paperboard producer said today. The sale for approximately EUR 34 million will net M-real EUR 24 million and improve operating profit by about EUR 5 million, M-real said. The sale includes the Hallein paper mill shuttered in 2009 and a bioenergy plant, M-real said. M-real also announced the sale of its 35 per cent stake in Myllykoski Paper to UPM-Kymmene, with a positive cash impact of EUR 10.5 million. Both sales are expected to be concluded in the third quarter. Enditem