Mayr-Melnhof Karton AG Announces Sale of TANN Group

Mayr-Melnhof Karton AG (MM) has decided to sell its subsidiary, TANN Group, to Evergreen Hill Enterprise, part of an Indonesian private group. The transaction involves selling 100% of TANN's shares for an enterprise value of EUR 360 million. TANN Group, based in Traun, Austria, focuses on producing tipping paper by printing on fine paper. This business does not align with MM's core focus on cartonboard and consumer packaging. TANN Group operates 7 production sites globally, employing around 730 people.

By selling TANN Group, MM aims to bolster its primary operations in consumer packaging. The transaction is expected to finalize in the first quarter of 2025, pending regulatory approvals and customary conditions.