MM Group selling Eerbeek and Baiersbronn €104.6 m
Vienna, Austria - Mayr-Melnhof Group (MM) and a subsidiary of funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have reached a firm intention on the sale of MM’s virgin fibre cartonboard mills located in Eerbeek, Netherlands and Baiersbronn, Germany, to Oaktree for an equity value of €104.6 million and net debt subject to final closing accounts.
Eerbeek and Baiersbronn together have an annual capacity of about 245,000 tons of virgin fibre cartonboard (FBB) produced on two board machines and employ approximately 400 people. Sales reached €195 million in 2020.
The divestment is in line with and forms part of MM’s strategy to focus on new acquisitions and growth capital expenditures. “The sale provides MM with an opportunity to realize significant cash proceeds for its further growth course,” said MM Group CEO, Peter Oswald.
