Toby Marchant has announced his departure from paper merchant PaperlinX following the sale of its operations in Slovakia, Hungary, Slovenia and Serbia to the Heinzel Group for €19.6m

 

The sale forms part of PaperlinX’s strategic review of its operations that also involved the sale of its loss-making operations in South Africa to local managers for $6 million.

 

“After the sale of five smaller European businesses and the consistently loss-making South African business announced today, our remaining businesses all operate in sizable markets with significant market positions,” Mr Marchant said.

 

The sale of its assets in Europe and South Australia will bring the company’s strategic review to its conclusion.

 

Mr Marchant said the conclusion of the review provided him the prime opportunity to step down from his position.

 

We have reached a major turning point in the transformation of PaperlinX, and the Board and I have agreed that it is an opportune moment for me to step down as Chief Executive. I will therefore be leaving the Company at the end of July,” Mr Marchant said.