Stockholm (SE) | Helsinki (FI). (seo) Stora Enso Oyj has signed an agreement to sell its Maxau paper production site in Germany and all related assets to Schwarz Produktion, part of the Schwarz Group, one of the world’s largest retailers. The enterprise value amounts to approximately 210 million euros. The parties expect the transaction to be completed by early 2023 at the latest, subject to regulatory approvals. Maxau is a hamlet in the Knielingen district of the city of Karlsruhe and is located directly on the Rhine.
The transaction is part of a plan by the Group to divest four out of five of its paper production sites. In line with strategic considerations, Stora Enso is focusing on the long-term potential for renewable products in the packaging, building solutions and biomaterials segments.
«We are very pleased with this agreement as it fulfills our goal of providing a sustainable and long-term future for the Maxau site and its employees. We will continue the sales process for the remaining paper production,» the Scandinavian group said. Schwarz Produktion is expected to become the owner of the Maxau site in early 2023. Schwarz plans to continue paper production at the site. The mill’s 440 employees will be taken over by Schwarz as well. Stora Enso will continue to operate the Maxau site and reliably serve its supercalendered paper (SC) customers until the transaction is completed.
The transaction will reduce Stora Enso’s annual SC paper capacity by 530,000 tons. Based on 2021 figures, the divestment is expected to reduce Stora Enso’s annual sales by about 250 million euros, according to the Helsinki release. Stora Enso currently has five paper production sites. In total, the Scandinavian company’s paper division currently employs around 2,300 people. In fiscal 2021, the net sales of the paper division amounted to approximately 1,703 million euros.