Kronospan, one of three bidders, offered the highest bid of some €20m to acquire Interpanel of Villabrázaro, Zamora province.
Since the auction on June 4, Kronospan has paid an initial 10% down payment of €2m to the Spanish receiver and is set to pay the remaining €18m in July.
Other firms participating in the sale by the insolvency administrator staged at Lugo’s commercial court, included Hong Kong-based renewable energy investment fund Ensunt Holdings and the Peruvian company Representaciones Martín SA.
A delegation of Interpanel employees at the auction expressed satisfaction that the sale should result in the plant resuming production and the payment of outstanding wages. But doubts remain as to when the plant will reopen.
Tablicia group, which has been in the process of liquidation since the end of last year, was reported in March to have debts of more than €38m.
