Norwegian company Norske Skog has agreed to sell a plant in Thailand valued 33 million dollars.
It is a Thai industry group who has bought the plant, newspaper Aftenposten reported. The new owner will continue producing newsprint paper, Norske Skog said in an announcement.
“The sale is part of our strategy to improve the company’s cash flow and financial position. We are very satisfied that we could sell it in Thailand to a buyer who has long term plans for the plant,” Head of the Norske Skog Group, Sven Ombudstvedt said to Aftenposten.
The now sold Singburi plant is the only producer of newsprint paper in Thailand. It has 239 employees and it was the last plant Norske Skog group had in Asia.