After closing the Sappi Lanaken mill, in Belgium, in December, following the company's announcement to reduce production capacity for graphic paper in Europe, Sappi has concluded an agreement with industrial property conversions company UTB Waalwijk (UTB).
UTB will acquire all the shares in Sappi Lanaken, including all its assets, for a value of €50-million, of which €40-million will be paid in cash.
The transaction is unconditional and expected to close during October, Sappi said in a trading statement.