Paperlinx Limited
(ASX:PPX) has confirmed the sale of its eastern European operations to pulp, paperboard and paper trader the Heinzel Group as part of its strategic review.
Combined with the sale of its South African division, the total net cash proceeds are expected to generate about $90 million.
Its divisions in Slovakia, Hungary, Slovenia, Croatia and Serbia have now been completed with South Africa also expected to be finalised in the first half of the 2013 financial year.
The paper manufacturer has been focused on reducing costs and strengthening its financial position after its share price steadily declined over the last year.
In the 2012 financial year Paperlinx booked a net loss of $266.7 million.
