Tann changes hands

360 million euros: Mega deal for paper specialist

The paper specialist from Traun - here a symbolic image - changes hands.(Bild: Mayr-Melnhof Karton AG)

After six years, it's over! In 2018, Mayr-Melnhof secured all shares in the Tann Group in Traun (Upper Austria). The Austrian cartonboard manufacturer has now announced The specialist for the development and production of cigarette filter paper has been sold. A mega deal! The company was valued at 360 million euros.

On the Mayr-Melnhof website, Tannpapier is still listed as part of the group of companies - this will only change in a few months' time. That is how long it will take until the deal published on Wednesday evening has all the official approvals in place and can therefore be completed.

In any case, it is certain that the Tann Group will soon be in Indonesian hands. After Mayr-Melnhof acquired the specialist for printing and finishing cigarette filter paper in 2018, the company is now parting ways for a company value of 360 million euros. The buyer of the company, which was founded in 1962, is Evergreen Hill Enterprise, based in Singapore.

Mayr-Melnhof justifies the move with the fact that Tannpapier is located outside its own core areas of cartonboard and consumer goods packaging. The Traun-based company recently achieved an annual turnover of around 220 million euros and has production sites in Austria, China, the Philippines, Turkey, Canada and Germany. A total of 730 employees work at Tannpapier.

Mayr-Melnhof paid 275 million euros in 2018
When Mayr-Melnhof announced the takeover of Tannpapier six years ago, the purchase price paid to the Trierenberg family was estimated at 275 million euros. According to the company, the number of employees at the time was 1100.