Metsä Board Corporation announced that it has agreed to divest 100% of its shares in Metsä Board Zanders GmbH, including all related liabilities, to mutares AG and its partner company.

Metsä Board Zanders GmbH contains the business operations of Gohrsmühle mill located in Bergisch Gladbach, Germany. Gohrsmühle mill has approximately 480 employees and its main products are cast coated and label papers.

Closing of the transaction is subject to German competition authorities' approval and it is expected to take place by the end of May 2015.

The divestment would reduce Metsä Board's annual sales by approximately Euro 90 million and improve operating result by approximately Euro 20 million compared to 2014. A related positive non-recurring item of Euro 15 million is expected to be booked in Non-core operations segment's second quarter 2015 operating result.

"This is an important step in our transformation to a paperboard company and also a major profit improvement measure. mutares AG is in a good position to develop Gohrsmühle mill's businesses further together with the personnel," comments CEO Mika Joukio.

mutares AG is a German industrial holding company that focuses on acquiring medium-sized companies with the goal of sustainably increasing their value in close co-operation with their management and employees.