After six years it’s over! In 2018, Mayr-Melnhof acquired all shares of the Tann Group in Traun (Upper Austria). The Austrian cardboard manufacturer now announces: The specialist in the development and production of cigarette filter paper has been sold. A mega deal! Because: The company was valued at 360 million euros.
On Mayr-Melnhof’s website, Tannvuur is still listed as part of the group of companies – that will only change in a few months. That is how long it will take before the deal published on Wednesday evening receives all official approvals and can therefore be completed.
It is certain that the Tann Group will soon fall into Indonesian hands. After Mayr-Melnhof took over the specialist for printing and finishing cigarette filter paper in 2018, it is now saying goodbye with a company value of 360 million euros. The buyer of the company, founded in 1962, is Evergreen Hill Enterprise, based in Singapore.
Mayr-Melnhof justifies this move by saying that Tannvuur is outside its own core areas of cardboard and consumer goods packaging. The company from Traun recently achieved an annual turnover of approximately 220 million euros and has production locations in Austria, China, the Philippines, Turkey, Canada and Germany. A total of 730 employees work at Tannvuur.
Mayr-Melnhof paid 275 million euros in 2018
When Mayr-Melnhof announced the acquisition of Tannvuur six years ago, the purchase price transferred to the Trierenberg family was estimated at 275 million euros. According to the company, the number of employees at the time was 1,100 employees.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
