French Isoroy, a subsidiary of Sonae Industria, is moving ahead with longstanding plans to spin off its Ussel MDF mill. According to a statement released by Sonae Industria on 12 March, the firm has reached an agreement to sell business activities and assets associated with the Ussel facility. Employees working in Ussel are to be retained by the buyer whose name was not disclosed in the statement. However, Isoroy had held talks about a management buy-out for the Ussel plant over the past few months. The transaction is still subject to a number of conditions, including relating to pre-emptive rights for the property. Sonae Industria presently expects the deal to close by the end of March.
Isoroy reaches deal to sell Ussel facility
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