BillerudKorsnäs has sold its Beetham paper mill in the UK to Inspirit, a British investment firm, for approximately SEK 30 million.
The sale was completed on Oct. 31.
The Beetham mill produces kraft paper for medical device packaging, food packaging and other types of industrial purposes. Specific applications include grease-resistant paper for fast-food industry and direct-seal sterile barrier paper for single use medical devices.
During the last twelve months, Beetham had net sales of around SEK 480 million and an operating profit of around SEK 13 million.
Billerud acquired the Beetham mill in 2004.
"The strategic importance of the Beetham mill for the rest of the group has been reduced since the investments in machine glazed (MG) paper production at Skärblacka a couple of years ago," said Christoph Michalski, President and CEO of BillerudKorsnäs. "With Inspirit, the Beetham mill gets an owner with the intention and resources to develop the business further."
The transaction results in a capital loss of around SEK 120 million that will have a negative impact on BillerudKorsnäs' 2021 fourth quarter results.
The Beetham mill has an annual production capacity of 45,000 metric tons of kraft paper and about 140 employees.
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