Helsinki, Finland, May 22, 2014 (GLOBE NEWSWIRE) -- Stora Enso has acquired 405 shares in Bergvik Skog, a Swedish forest company, from SPP Livforsakring for SEK 2.2 million per share, or in total SEK 891 million (EUR 99 million). The transaction increases Stora Enso's shareholding from 43.26% to 49% in the company. Stora Enso will continue to account for Bergvik Skog as an equity accounted investment following the transaction.
Bergvik Skog is a strategic asset for Stora Enso. Bergvik Skog's forests are well located close to Stora Enso's Swedish mills. This transaction underlines Stora Enso's long-term engagement in Bergvik Skog and the importance to Stora Enso of securing stable access to wood raw material near the mills.
About Bergvik Skog
Bergvik Skog owns approximately 2.3 million hectares of land in Sweden and about 0.1 million hectares in Latvia and is one of Europe's largest private-sector forest owners. Bergvik Skog's forests are certified. In addition to wood fibre sales the company leases out land for hunting and fishing, etc. Bergvik Skog annually produces about 60 million seedlings in its three nurseries. The company supports the transition to increased utilisation of renewable energy by developing wind farms and by leasing out land for wind turbines.
Bergvik Skog AB (publ) was founded in 2004 to acquire Stora Enso's and Korsnas' forestland in Sweden.
For further information, please contact:
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 40 763 8767
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