Stora Enso, Finland, will sell its Baienfurt mill site in Germany to the IGV Industrie und Gewerbeverwaltungs GmbH, a subsidiary of the Lower Bavarian Karl Gruppe, which specializes in acquiring and restructuring industrial sites. The transaction includes the land and buildings of the former Baienfurt cartonboard mill, except the sheeting center and the board machine. The mill had a cartonboard production capacity of 190,000 metric tpy, which ended in December 2008.
Following the divestment, Stora Enso says it will release approximately EUR 45 million of environmental and dismantling provision in the third quarter of 2010 as a positive non-recurring item. The transaction is
expected to be completed by the end of the third quarter.
According to Karl-Gruppe's current plans, the mill site will be developed as a business/industrial park utilizing existing buildings as well as erection of new commercial properties. The site will no longer be used for cartonboard production.
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