Mayr-Melnhof Karton AG (MM) has agreed with Evergreen Hill Enterprise, Pte. Ltd., part of an Indonesian-based privately held group of diversified companies, on the sale of 100% of the shares in TANN Group, headquartered in Traun, Austria, for a cash and debt-free enterprise value of Euro 360 million.
TANN Group prints on and finishes externally sourced fine paper to produce tipping paper. As the business is unrelated to cartonboard and consumer packaging, MM has decided to sell it. TANN Group generates annual sales of approximately Euro 220 million. TANN comprises 7 production sites in Austria, China, the Philippines, Turkey, Canada and Germany and a global workforce of around 730 employees, who will join Evergreen Hill Enterprise, Pte. Ltd.
The transaction, which is subject to usual completion conditions and regulatory approvals, is expected to be closed in the Q1 2025.
