Norske Skog Thailand was sold to Charoen Aksorn (CAS) Group, a Thai printing supplies company, for THB1 billion.
Norske Skog, the largest newsprint paper producer in Thailand, sold its paper mill in the central province of Singburi through a bidding process after struggling with losses for four years, incurring accumulated losses of THB70 million.
“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 told the Aftenposten in October.
Norske Skog is the only producer of newsprint paper in Thailand. It has 239 employees and it was the last plant Norske Skog group had before it withdrew from Asia.
