Mayr-Melnhof Karton AG (MM), a consumer packaging company, closed the sale of 100% of the shares in TANN Group to Evergreen Hill Enterprise, Pte. Ltd., part of an Indonesian-based privately held group of diversified companies. The $410 million deal was announced in December 2024.
TANN Group prints on and finishes externally sourced fine paper to produce tipping paper. As the business is unrelated to cartonboard and consumer packaging, MM decided to sell it.
“The sale offers MM the opportunity to further strengthen and expand the position in its core consumer packaging business,” said Peter Oswald, CEO of MM when the deal was announced in December. We are delighted that TANN Group gets a new strategic owner with Evergreen Hill Enterprise, Pte. Ltd., which is committed to investing in its future. Above all, we would like to thank the entire staff for their great work over the past years with MM.”
TANN has 730 employees globally at sites in Austria, China, the Philippines, Turkey, Canada, and Germany, generating $251 million in sales annually.
