THE NETHERLANDS – Sappi Fine Paper Europe announced this week that it has sold its Nijmegen woodfree coated paper mill in the Netherlands.

According to a Sappi announcement, an agreement has been reached to dispose the mill to an affiliate of American Industrial Acquisition Corporation (AIAC), which is based in New York.

The transaction is effective as of 16 June 2014. Financial details were not disclosed.

The Sappi Nijmegen fine paper mill will operate under the name of Innovio Papers and will no longer be engaged in the coated graphic paper business, Sappi said. The new company will produce packaging, technical and specialty papers.

The Nijmegen mill operates one paper machine with an installed capacity of 240,000 metric tons per year of coated graphic paper. Approximately 200 people are employed at the facility.