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An agreement to sell three European graphic paper mills to Aurelius Group has lapsed
Global pulp and paper-based solutions company, Sappi, has announced that its agreement to sell three of its European graphic paper mills to investment group Aurelius has failed.
Sappi intended to sell its Maastricht Mill in the Netherlands, its Stockstadt Mill in Germany, and its Kirkniemi Mill in Finland, however, the sale has passed the agreed timeframe meaning the agreement has lapsed.
Steve Binnie, chief executive officer of Sappi comments: “Regretfully, and despite extensive efforts by Sappi to close the transaction the parties could not agree on fulfilling the suspensive conditions. Therefore, the transaction has lapsed.”
Speaking about the company’s future, Binnie adds: “Sappi’s strategic focus remains unchanged. This includes reducing exposure to the graphic paper segment while expanding Sappi’s presence in segments including packaging and speciality papers, pulp, and biomaterials.”
Sappi announced it had accepted an offer from Aurelius Group in September 2022, after receiving binding offers from several parties. The paper solutions company proceeded with Aurelius, a pan-European multi-asset manager group with offices in Germany and the UK.
When announced the enterprise value of the sale amounted to approximately €272m (£240m) which would be used to reduce debts and increase Sappi’s focus on specific growth areas.
At the time, Binnie said: “The decision to sell these mills follows a detailed and thorough strategic review by Sappi in line with our group Thrive25 strategic focus.
“This includes reducing exposure to the graphic paper segment while expanding Sappi’s presence in segments including packaging and speciality papers, pulp, and biomaterials. Recent investments across our South African, American, and European operating businesses demonstrate this priority.”
The three mills produce a variety of pulp, coated, and uncoated woodfree paper, paperboard, and coated mechanical paper grades which are used throughout the globe.
Marco Eikelenboom, chief executive officer of Sappi Europe states: “Sappi Europe will continue to manage the three mills as part of our overall portfolio, ensuring that they continue delivering value to the region and to the customers they supply.”
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