Sappi Limited, a leading global pulp and paper producer led by South African business executive Nkululeko Sowazi, has signed an agreement to sell its land and assets in Lanaken , Belgium, to UTB Waalwijk B.V. UTB, a privately held Dutch company specializing in industrial property conversions, for 50 million 54.6 million.
The sale follows Sappi's announcement in November 2023 to reduce graphic paper production capacity in Europe, which included the initiation of a consultation process to close the Sappi Lanaken mill. The consultation process concluded successfully, and production at the mill ceased at the end of December 2023.
Sappi finalizes mill closure, announces sale to UTBAfter completing the mill closure, Sappi said it entered into an agreement to optimize the value of its Belgian assets. UTB, with its expertise in industrial property conversions, is well-suited for this project, according to the company.
Under the terms of the agreement, UTB will acquire all shares in Sappi Lanaken N.V. and its associated assets for 50 million 54.6 million. Of this amount, 40 million 43.7 million will be paid in cash. The transaction is unconditional and is expected to close in October 2024.
