Agreement signed Stora Enso has signed a deal to divest its Maxau paper production facility in Germany, along with all related assets, to Schwarz Produktion, a subsidiary of retailer Schwarz Group.
The asset’s value is about €210 million, Stora Enso said in a statement. The deal’s closing is expected take place in the beginning of 2023 at the latest, and it is subject to regulatory approvals.
“We are very pleased with this agreement, as it fulfills our goal of providing a sustainable long-term future for the Maxau site and its employees. We will continue with the divestment process for the remaining three paper assets; Nymölla, Hylte and Anjala,” said Seppo Parvi, the chief financial officer and head of Stora Enso’s paper division, as quoted in the statement.