Helsinki, Finland, May 8, 2014 (GLOBE NEWSWIRE) -- Stora Enso has signed an agreement to divest its Uetersen specialty and coated fine paper mill in Germany to Brigl & Bergmeister, an Austrian specialty paper producer. The cash consideration for the divestment of the shares is EUR 10 million. The loss on disposal amounts to approximately EUR 30 million and will be recorded as a non-recurring item in Stora Enso's second quarter 2014 results. The transaction is in line with Stora Enso's strategic transformation to a value-creating renewable materials company focusing on growth markets. The transaction is expected to be completed in mid-July 2014.
The transaction will enhance Stora Enso's operational EBIT and cash flow from the third quarter of 2014. Based on 2013 annual figures, the divestment is expected to reduce Stora Enso's annual sales by EUR 155 million. It will also reduce Stora Enso's working capital by EUR 10 million and annual paper production capacity by around 240 000 tonnes. Uetersen Mill employs approximately 400 people.
Stora Enso will continue to produce specialty papers at Imatra Mill and coated fine paper at Oulu Mill in Finland.
About Brigl & Bergmeister
Brigl and Bergmeister is a producer of specialty paper for the beverage and food industry. The company has paper mills in Niklasdorf (Austria) and Vevce (Slovenia) and a combined capacity of 198 000 tonnes of label and flexible packaging paper.
For further information, please contact:
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242
Ulrika Lilja, Senior Vice President Communications, Printing and Living, tel. +46 72 221 9228
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 29 000 people worldwide, and our sales in 2013 amounted to EUR 10.6 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