M-real Corporation Stock Exchange Release 1.6.2007
M-real, part of the Metsäliitto Group, has today, 1 June, sold its
carton plant in Hungary under a share sales agreement that became
effective immediately. The combined debt-free price of this disposal
and the disposal of the carton plant in Finland on 31 May 2007
amounts to approximately EUR 35 million. M-real will book a loss of
approximately EUR 2 million from the transactions in its result for
the second quarter of this year. The transactions will have a
slightly negative impact on M-real's operating profit excluding
non-recurring items in 2007.
The entire share capital of M-real's subsidiary M-real Petöfi Nyomda
Kft was sold to the German STI Group. The Petöfi carton plant is
located in Kecskemét, Hungary, and produces consumer packaging
products for the pharmaceutical, consumer electronics and other
industries. The plant has some 420 employees.
The sale of the carton plants in Finland and Hungary will result in a
reduction of the annual sales of M-real by approximately EUR 55
million. The divestments are part of M-real's restructuring programme
which was announced in October 2006."As part of the restructuring programme
announced in October we are
also evaluating our other assets from a strategic point of view. We
believe that these disposals will generate the targeted proceeds of
EUR 500 million or even exceed them during 2007," says Seppo Parvi,
CFO at M-real.
M-real continues negotiations with regard to the sale of its carton
plant in Belgium.
Seppo Parvi, CFO, tel. +358 10 469 4321
Anne-Mari Achrén, Communications, tel. +358 10 469 4541