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UPM Kymmene Oyj Signs Agreement on Sale of Assets of UPM Stracel in France to VPK Packaging Group NV and Klingele Papierwerke's Blue Paper SAS

Thursday, 24 Jan 2013 05:00am EST 

UPM Kymmene Oyj (UPM) announced that it has signed an agreement on the sale of assets and part of the land of the UPM Stracel paper mill site with Blue Paper SAS, the joint venture company of VPK Packaging Group NV and Klingele Papierwerke. The transaction is expected to be closed during March 2013 once all legal and administrative conditions are fulfilled. UPM stopped the production of coated magazine paper on the mill on January 4, 2013. Blue Paper SAS will convert the mill to produce recycled fiber-based fluting and test-liner. The production is expected to start after completing investments in September 2013. Blue Paper SAS will create 130 new jobs at the mill that will be offered to former Stracel employees. The sale of Stracel was part of UPM’s plan to adjust its magazine paper and newsprint paper capacity to match the needs of its global customer base originally announced in August 2011. 

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