M-real Corporation Stock Exchange Bulletin 2.12.2004 at 10 a.m.
M-REAL SELLS SAVON SELLU
M-real Corporation has signed an agreement to sell the business
operations of Savon Sellu to a company to be founded by Dr. Dermot F.
Smurfit in his private capacity and a group of other international
investors. The parties to the deal have set the total price at about
EUR 20 million out of which about EUR 12 million is related to Savon
Sellu´s fixed assets. The deal is expected to come into force as from
the beginning of 2005.
Savon Sellu was established in 1968 and it 1produces semi chemical
fluting, which is used in fruit and vegetable packaging, for example.
Savon Sellus annual production capacity is 245,000 tonnes and the
plant employs 252 people. The current employees of Savon Sellu will
move to the new company.
The deal is part of M-real´s action plan to divest its non-core
For additional information, contact Chief Financial Officer Juhani
Pöhö, tel. +358 10 469 5283