German-based company turnaround specialist Mutares submitted an irrevocable offer to Metsäliitto Cooperative and the transaction will now be subject to a consultation process involving employee representatives of Metsä Wood France.
The transaction would see Metsä Wood discontinue its upgrading and distribution operations in France, with the 115 employees of the Honfleur and Boulleville units, transferring to the buyer. Metsä Wood’s sales operation of sawn timber, plywood and Kerto LVL products would continue in France.
As a part of the contemplated transaction, the parties would agree on commercial co-operation in the supply of sawn timber for the upgrading operations.
The deal would support Metsä Wood’s industrial efficiency strategy enabling it to focus on its core businesses – industrial scale production and sales of Nordic sawn timber, plywood and Kerto LVL as well as the timber upgrading and distribution operations in the UK.
It is estimated to be completed at the end of October 2015 at the latest.
