Finnish pulp and paper manufacturer Stora Enso has agreed to sell its offset printed micro-flute packaging plant in Komárom, Hungary to Van Genechten Packaging International for €12m.
The sale is expected to reduce Stora Enso's annual corrugated packaging converting capacity by approximately 15 million square metres, while putting close to 90 jobs in the plant at risk.
The deal, which is subject to customary closing day adjustments, will be completed within one month without any material income statement impact.
Stora Enso packaging solutions division head Gilles van Nieuwenhuyzen said: "There have been major changes in the Komárom plant's customer base, making the plant no longer strategic to Stora Enso.
"I believe that a new, solid, international owner can give the company the attention it deserves and develop it further in the new situation."
Based in Belgium, Van Genechten Packaging has 11 folding carton factories in eight countries where it manufactures printed folding cartons, microflute and other packaging solutions.
With nearly 1,600 employees, Van Genechten converts more than 200,000t of cardboard annually and generates €295m in annual sales volume.
Earlier this year, Van Genechten collaborated with Cartamundi, PragmatIC, SMARTRAC, TNO and imec to create smart and interative printed objects.
These six companies have launched a consortium, known as Printed Intelligent NFC Game cards and packaging, that facilitates the production of smart printed objects based on new technologies.