Reno De Medici has sold its share in Ibérica
As it was considered no longer strategic Reno De Medici S.p.A., one of the world's largest producers of recycled cartonboard, announces that has sold the entire share capital of Reno De Medici Ibérica S.l.ù. to Arpafino S.l.ù.
In the framework of the valuation process of the Group asset portfolio, Reno De Medici Ibérica S.l.ù. was already reclassified under the Discontinued Operations, as required by IFRS 5, following the decision taken by the Board of Directors of Reno De Medici S.p.A. to make it available for sale, as it was considered no longer strategic.
The sale of Reno De Medici Ibérica S.l.ù. takes place at an overall value of 800,000 euro, in line with book value. The transaction will imply a reduction of approximately 4.2 million euro in the net financial indebtedness of Reno De Medici as at December 31, 2015.