Following a strategic review of its operations PaperlinX Limited
(ASX:PPX) says it has entered into agreements to sell a number of its European assets for about $23.5 million, which it says is 10 times EBITDA and $2 million above book value.
The paper manufacturer has also agreed to sell its South-African operations to local management for about about $6 million.
Separately, the company also announced the departure of CEO Toby Marchant. Dave Allen who is the current Executive Vice President will act as interim CEO until permanent arrangements have been made.
PaperlinX reported a net loss of $60.9 million in the first half of the 2012 financial year.
