SEOAY - Stora Enso will divest its Maxau SC paper mill to German owner Schwarz Group for ~Euro210M

• Stora Enso ( OTCPK:SEOJF ) will sell its Maxau SC paper mill in Germany to Schwarz Produktion, part of Schwarz Group, one of the largest retailers in the world, for ~€210M, according to Reuters report .
• The move is part of Stora Enso's plan to divest four of its five remaining paper production sites as it shifts its focus to packaging.
• The company expects to book a disposal gain of around € 50M ($50.7M) on the expected closing of the deal in the first quarter of 2023.
• The German site has an enterprise value of around € 210M, it said.
• "Schwarz's plan is to continue paper production at the site, and the 440 employees belonging to the mill organisation at Maxau will be part of the transaction," Stora Enso said in a statement.
• Last week, Stora Enso said it had agreed to buy Dutch packaging company De Jong for an enterprise value of € 1.02B ($1.02B).

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