Buyers are planning a sorting and packaging plant and a renewable hydrogen production plant for the plant site.
Forestry company UPM says it will sell the closed Chapelle Darblay newsprint mill in France to Samf, a French private equity firm, and Paprec France SAS, a waste management company.
The deal will sell assets and will not transfer staff, UPM says in a press release. The company does not disclose the purchase price of the property.
UPM permanently discontinued production at Chapelle Darblay in Grand-Couronne, France, in June last year.
Samfi and Paprec are planning to develop the factory area for the production of green energy and recycled raw materials. The plans include a paper and plastics sorting and packaging plant, a biomass power plant and a renewable hydrogen production plant.
Samfi and Paprec planned to invest about 450 million euros in the region and directly create 250 and indirectly 400 jobs.