The Italian producer of coated paper based on recovered fibres Reno De Medici S.p.A. has communicated the sale of the total corporate capital of its Spanish subsidiary Reno De Medici Ibérica S.l.u to Arpafino S.l.u. Within the process of evaluating the Group’s portfolio assets, Reno De Medici Ibérica S.l.ù. had already been classified among the Group’s Discontinued Operations following the decision of the Reno De Medici S.p.A. Board of Directors to sell it, as the company was no longer considered strategic for the Group. As early as in February 2015 the parent company had namely communicated its intention to sell the Almazán plant declaring to prefer to concentrate its efforts and resources on more efficient plants with a higher growth potential. The Almazán plant currently has a yearly production capacity of 40 thousand tons of chipboard and employs a total of 93 employees.
Reno De Medici Ibérica S.l.u. will be sold for a total of 800 thousand Euros, in line with the company’s book value. This operation will bring about a reduction of about 4.2 million Euros in the consolidated net financial indebtedness of the Reno De Medici as of 31st December 2015.