Kinnevik: Korsnäs sells forest land in Latvia

11/24/2005 8:30 AM

Korsnäs AB ("Korsnäs"), which is a wholly owned subsidiary of Investment AB Kinnevik, has entered into an agreement to sell its forest land in Latvia for the amount of approximately SEK 75 million. The buyer is the Latvian company Foran Real Estate SIA.
Vigo Carlund, CEO of Korsnäs AB and CEO and President of Investment AB Kinnevik commented: "This transaction emphasizes Korsnäs' transition to focus entirely on industrial production and realizes a significant return on our investment".
The sale comprises Korsnäs' assets in Latvia of approximately 4,500 hectare, whereof approximately 3,700 hectare is forest land.
The agreement contains an agreement of future wood deliveries to Korsnäs from the sold forestry.
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