HELSINKI, Finland, March 21, 2014 (GLOBE NEWSWIRE) -- Stora Enso plans to reorganise its Renewable Packaging Division, comprising Consumer Board, Packaging Solutions and Packaging Asia, into three separate businesses reporting to the CEO.
As agreed by the Board of Directors, the reorganisation has two objectives: to enhance visibility internally and externally in addressing Global Responsibility challenges in high risk markets, and to increase the focus on the growth engines of Stora Enso's strategy.
"This change will remove one organisational layer. We want to increase clarity and transparency within and outside the Group concerning the Global Responsibility challenges we have had and continue to have in China, India and Pakistan," says Stora Enso CEO Jouko Karvinen.
The reorganisation of the renewable packaging businesses is planned to be implemented by 1 July 2014, subject to the outcome of applicable co-determination negotiations. Until then, the businesses of the current Renewable Packaging Division (Consumer Board, Packaging Solutions and Packaging Asia) will report directly to the CEO.
Mats Nordlander, currently head of the Renewable Packaging Division and a member of the Group Leadership Team, will leave his present roles. He will continue to report to the CEO while his new tasks are defined and agreed.
"Stora Enso has already initiated a human rights assessment across the Group. This is a continuation of our ongoing efforts to systematically integrate human rights issues into our business. We have high objectives and this will be a long journey. We may never be perfect, but we will always be transparent," Jouko Karvinen emphasises.
"Consumer Board, Packaging Solutions and Biomaterials have been defined as the growth engines of the Group. Although continued cost and capacity adjustments have maintained the cash generation of the Group, the growth of the higher margin businesses has been limited. We must now get more energy and focus on this task to grow our top line faster and to manage the large investment projects and risks relating to them better," says Jouko Karvinen.
The effect of the changes on the segment structure and reporting will be announced in due course before the end of the second quarter of 2014.
For further information, please contact:
Jouko Karvinen, CEO, tel. +358 2046 21410
Lauri Peltola, EVP, Global Identity, tel. +358 2046 21380
Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. We always rethink the old and expand to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 28 000 people worldwide, and our sales in 2013 amounted to EUR 10.5 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.
STORA ENSO OYJ
Source:Stora Enso Oyj