EQS-News: Mayr-Melnhof Karton AG / Key word(s): Disposal
Mayr-Melnhof Karton AG: MM to sell TANN Group
18.12.2024 / 20:55 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Mayr-Melnhof Karton AG (MM) has agreed with Evergreen Hill Enterprise,
Pte. Ltd., part of an Indonesian-based privately held group of diversified
companies, on the sale of 100 % of the shares in TANN Group, headquartered
in Traun, Austria, for a cash and debt-free enterprise value of EUR 360
million.
TANN Group prints on and finishes externally sourced fine paper to produce
tipping paper. As the business is unrelated to cartonboard and consumer
packaging, MM has decided to sell it. TANN Group generates annual sales of
approximately EUR 220 million. TANN comprises 7 production sites in
Austria, China, the Philippines, Turkey, Canada and Germany and a global
workforce of around 730 employees, who will join Evergreen Hill
Enterprise, Pte. Ltd..
“The sale offers MM the opportunity to further strengthen and expand the
position in its core consumer packaging business. We are delighted that
TANN Group gets a new strategic owner with Evergreen Hill Enterprise, Pte.
Ltd. which is committed to investing in its future. Above all, we would
like to thank the entire staff for their great work over the past years
with MM.”, comments Peter Oswald, CEO of MM.
The transaction, which is subject to usual completion conditions and
regulatory approvals, is expected to be closed in the first quarter of
2025.
MM is a global leader in consumer packaging. The Group offers packaging
solutions for cartonboard and folding cartons with an attractive offer in
kraft papers, uncoated fine papers, leaflets and labels. MM promotes
sustainable development through innovative, recyclable packaging and paper
products.
Based in Singapore, Evergreen Hill Enterprise, Pte. Ltd. is part of an
Indonesian-based privately held group of diversified companies serving a
wide variety of industries, such as banking, tobacco, consumer
electronics, telecommunications, fast moving consumer goods, e-commerce,
plantation, hotels & real estate, and many others.
For further information, please contact:
Stephan Sweerts-Sporck, Investor Relations,
Mayr-Melnhof Karton AG, Brahmsplatz 6, A-1040 Vienna, Austria
Tel.: +43 (0) 1 501 36 – 91180, e-mail: investor.relations@mm.group,
Website: www.mm.group
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18.12.2024 CET/CEST This Corporate News was distributed by EQS Group.
www.eqs.com
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Language: English
Company: Mayr-Melnhof Karton AG
Brahmsplatz 6
1040 Wien
Austria
Phone: 0043 1 501 36 91180
Fax: 0043 1 501 36 91391
E-mail: investor.relations@mm.group
Internet: www.mm.group
ISIN: AT0000938204
WKN: 93820
Indices: ATX
Listed: Regulated Unofficial Market in Berlin, Frankfurt (Basic
Board), Munich, Stuttgart, Tradegate Exchange; Vienna Stock
Exchange (Official Market)
EQS News ID: 2054177
End of News EQS News Service
2054177 18.12.2024 CET/CEST
