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
April 15, 2014
(Industry Intelligence Inc.)
– 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.