Mayr-Melnhof Karton AG to Divest TANN Group for EUR 360 Million

Mayr-Melnhof Karton AG (MM) has announced the sale of TANN Group to Evergreen Hill Enterprise, Pte. Ltd., a part of an Indonesian diversified group of companies. The total transaction is valued at EUR 360 million, cash and debt-free. TANN Group, based in Traun, Austria, specializes in the production of tipping paper and operates seven production sites in various countries, employing approximately 730 people.

This decision aligns with MM's strategy to focus on its core consumer packaging business. CEO Peter Oswald expressed confidence in the new strategic ownership and acknowledged the dedication of TANN's workforce. The transaction awaits regulatory approvals and is anticipated to finalize in the first quarter of 2025.