HELSINKI, Finland, June 2, 2014 (GLOBE NEWSWIRE) -- STORA ENSO OYJ STOCK EXCHANGE RELEASE 2 June 2014 at 9.00 EET
Celulosa y Energia Punta Pereira S.A. ("CEPP"), a joint-venture company in the Montes del Plata group formed by Stora Enso and Arauco, has been notified of arbitration proceedings initiated against it by Andritz Pulp Technologies Punta Pereira S.A., a subsidiary of Andritz AG, claiming EUR 200 million. The arbitration relates to contracts for the delivery, construction, installation, commissioning and completion by Andritz of major components of the Montes del Plata pulp mill project located at Punta Pereira in Uruguay. CEPP disputes the claims brought by Andritz and will also actively pursue claims of its own against Andritz for breach by Andritz of its obligations under the contracts.
No provisions have been made concerning the arbitration proceedings.
For further information, please contact:
Juan Carlos Bueno, EVP, Stora Enso Biomaterials, tel. +55 11 3065 5223
Ulla Paajanen-Sainio, SVP, Stora Enso Investor Relations, tel. +358 2046 21242
Kirsi Seppalainen, Head of Communications and Sustainability, Stora Enso Biomaterials, tel. +358 2046 21444
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