Sappi: Firm sells mill in Netherlands

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Pulp and paper manufacturer Sappi yesterday announced it had reached an agreement to dispose of its Netherlands-based Nijmegen Mill to an affiliate of American Industrial Acquisition Corporation (AIAC), with effect from Monday. The AIAC is a group of 60 manufacturing sites with operations in 18 countries and has investments in Boeing, Siemens and Kodak. Sappi said the mill would be renamed Innovio Papers. It would no longer be engaged in the coated graphic paper business, which Sappi would transfer to another operation, but would produce speciality paper. Sappi shares gained 2.26 percent to close at R38.94. – Londiwe Buthelezi

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