Orora (ASX:ORA) to sell its fibre business for $1.7b

Company News

by Rachael Jones

Orora (ASX:ORA) is selling its Australasian Fibre Business to a wholly owned subsidiary of Nippon Paper Industries Co.

They have entered into a binding agreement for an enterprise value of $1.7 billion.

The estimated net gain after costs and tax is $225 million, which will be recognised as a Significant Item.

The Orora Group will retain the market leading Beverage business, which manufactures 65 per cent of Australia’s wine bottles.

Shares in Orora (ASX:ORA) are trading 17.22 per cent higher at $3.20.

 

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