RusForest sells Ystad Pellets
RusForest, a Swedish forestry company with operations in Russia, has sold its subsidiary, Ystad Pellets.
Ystad Pellets owns a non-core wood pellet mill that has been idle for several years in Ystad, Sweden.
RusForest expects to receive a total net amount of $600,000 (€446,500 million) in cash from the transaction. It has already received $200,000 of this amount from the buyer. Payment of the remaining amount is contingent upon the buyer being able to renew key contracts with local port authorities and is expected in the next few weeks.
The sale of Ystad Pellets is expected to result in an impairment of approximately $900,000 in the Q2 2014 financials to be released on 29 August 2014.