Solna, Sweden 12 June 2013 -- (BUSINESS WIRE) -- The EU Commission has approved BillerudKorsnäs’ (BILL.ST) divestment of paper machine (PM2) at the Gävle production unit to SwedPaper AB. The transaction is conditional upon the approval from other relevant competition authorities before closing can take place.
In order to satisfy the conditions set by the EU Commission for approval of the combination between Billerud and Korsnäs, an agreement was signed with SwedPaper concerning divestment of PM2 at the Gävle production unit. The machine produces kraft and sack paper. Production at PM2 in 2012 accounted for approximately 2% of BillerudKorsnäs’ total combined sales volume. The PM2 operation employs approximately 60 people, who will be offered employment with SwedPaper. Other operations at the Gävle production unit will not be affected by the sale and will remain in BillerudKorsnäs’ ownership.
Completion of the divestment is expected to take place during the third quarter of 2013.
The divestment has been described previously in a press release dated 6 May 2013.
The information is such that BillerudKorsnäs Aktiebolag (publ) is obligated to publish under the Swedish Securities Market Act. Submitted for publication at 17:00 CET, 12 June 2013.
BillerudKorsnäs – Packaging manufacturers and brand owners are offered added value in the form of brand-strengthening, productivity-boosting and environment-enhancing packaging solutions. BillerudKorsnäs has a world-leading market position within primary fibre-based packaging paper. The company has annual sales of around SEK 20 billion and is listed on NASDAQ OMX Stockholm. www.billerudkorsnas.com