The Finish giant has sold its closed Papierfabrik Albbruck mill to Karl Unternehmensgruppe, Innernzell.

It has also completed the offload of packaging paper operations at Pietarsaari and Tervasaari to Swedish paper company Billerud.

UPM expects to finalise the sale of the Albbruck mill at Baden-Württemberg, Germany, which it closed in January 2012, by August this year.

UPM executive vice president Hartmut Wurster said that the company had been involved in a number of discussions regarding the site, ever since its closure was announced.

He said: "The aim of the forum was to find development ideas and business opportunities for the site. This is now possible by selling the mill to the Karl Unternehmensgruppe.

"We are glad to have found a solid partner in Karl Unternehmensgruppe, which already has experience in the field of re-allocation of industrial companies. This provides new opportunities to the economy of the whole region."

The sale of UPM's packaging division was announced in February; this has now been approved by the regulatory authorities and will close during the second quarter of 2012.