SWEDEN (News release) -- Holmen has signed an agreement to sell forest properties in north-west Jämtland, Sweden, for SEK 100 million ($12 million). The sale is expected to be completed in January 2018.

The Group's earnings will be positively impacted by just over SEK 70 million ($8.4 million) in the 1Q 2018. With holdings of over 1 million hectares of productive forest land, Holmen is one of Sweden's largest forest owners.

"This forest land is located far from our production facilities and has significant other values than forestry. We intend to reinvest the sales proceeds in forest located closer to our own production facilities," says Henrik Sjölund, President and CEO of Holmen.

The buyer is Persson Invest, a Group with a turnover of SEK 5.5 billion ($659 million) that already owns 100,000 hectares of forest land in Jämtland County.

The properties comprise 4,400 hectares of productive forest land, 2,000 hectares of which are actively managed.

Holmen is a forest industry group that manufactures paperboard, paper and wood products and runs forestry and energy production operations.

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