Nordic Business Report-April 10, 2006-UPM-Kymmene Corporation divests French plywood mill
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The Finnish forest industry group UPM-Kymmene Corporation announced on Monday (10 April) that it has sold its French plywood mill UPM-Kymmene Loulay SA to French industrial group Green Recovery SAS.
The Loulay mill manufactures plywood and decorative panel products. It has 193 employees and an annual turnover of EUR28m.
The sales price was not disclosed, but UPM-Kymmene said that it would book a provision of approximately EUR10m for a loss from the sale.
"Over the years, the strategic role of Loulay Mill has diminished greatly and there are no actual synergies between Loulay Mill and other UPM plywood mills," said Alain Comte, chairman of the board at UPM-Kymmene Loulay.
One euro (EUR) is worth approximately 0.69 British pounds (GBP).
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