The Cofinec Group, part of the Austrian group Frantschach, has divested the cardboard-box and self-adhesive label businesses to Finnish paper maker Metsä-Serla (subsequently named M-real). Shareholders in Cofinec Hungary Rt had approved breaking up the company into six separate businesses, and selling two of them to Finnish investors. Cofinec's cardboard-box business had sales of HUF 8.7bn, and the label producing subsidiary HUF 1.2bn. Cofinec produces 50% of the self-adhesive labels on the Hungarian market, and the cardboard-box plant satisfies 60-70% of total demand in Hungary. The debt-free value of the acquisition was EUR 43 million.
Pöyry Capital acted as a Financial Advisor to Cofinec and Frantschach.