Dec 02, 2004. /Lesprom Network/. M-real Corporation has signed an agreement to sell the business operations of Savon Sellu to a company to be founded by Dr. Dermot F. Smurfit in his private capacity and a group of other international investors. The parties to the deal have set the total price at about EUR 20 million out of which about EUR 12 million is related to Savon Sellu's fixed assets. The deal is expected to come into force as from the beginning of 2005. Savon Sellu was established in 1968 and it produces semi chemical fluting, which is used in fruit and vegetable packaging, for example. Savon Sellu's annual production capacity is 245,000 tonnes and the plant employs 252 people. The current employees of Savon Sellu will move to the new company. The deal is part of M-real's action plan to divest its non-core assets.