Mayr-Melnhof Karton AG (MM) has agreed to sell its TANN Group, a manufacturer of tipping paper, to Evergreen Hill Enterprise, Pte. Ltd., an Indonesian-based conglomerate.
The deal, valued at €360 million, will allow MM to further focus on its core consumer packaging business.
TANN Group, with seven production sites globally, generates annual sales of approximately €220 million. The company specializes in printing and finishing externally sourced fine paper for tipping paper applications, a segment outside of MM's core cartonboard and consumer packaging focus.
"This sale allows us to strengthen our position in our core business," commented Peter Oswald, CEO of MM. "We are confident that Evergreen Hill Enterprise will be a strong strategic owner for TANN Group."
The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions and regulatory approvals.
About MM: MM is a global leader in consumer packaging, offering a wide range of solutions including cartonboard, folding cartons, kraft papers, and more. The company is committed to sustainable development through innovative and recyclable packaging solutions.
About Evergreen Hill Enterprise: Based in Singapore, Evergreen Hill Enterprise is part of a diversified Indonesian conglomerate with interests across various sectors, including banking, tobacco, and consumer electronics.
