UPM, Aviretta sign all necessary contracts involving sale of mothballed PM No. 4 at UPM's mill in Ettringen, Germany, paving way for transaction to be completed by June or July; PM No. 4's conversion to packaging paper could start soon

LOS ANGELES , April 15, 2014 () – The sale of UPM-Kymmene Oyj’s mothballed PM No. 4 at its Ettringen, Germany, paper mill made progress recently with the signing of documents, reported Euwid on April 15.

All the necessary contracts were signed by UPM and Aviretta GMBH, a source told Euwid, noting that the sale could be completed by June or July. Details on the transaction are not being disclosed until the closing.

Aviretta, a newcomer to the packaging market, is buying PM No. 4 but keeping it at the Ettringen mill. It signed a letter of intent with UPM last October, according to Industry Intelligence Inc.’s archives.

The signing of contacts means that the rebuild of PM No. 4 could start soon, Euwid reported. The machine used to make up to 170,000 tonnes/year of supercalendered paper until it was shut down in April 2013.

The plan is to convert the paper machine to produce 210,000 tonnes/year of paperboard for packaging, it was previously reported in an Oct. 21, 2013 press release from Helsinki-based UPM.

The primary source of this article is Euwid, Gernsbach, Germany, on April 15, 2014. Click here to view full version of the primary source's original article.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.