Helsinki, Finland, July 21, 2014 (GLOBE NEWSWIRE) -- Jouko Karvinen, Stora Enso CEO until 31 July 2014, comments:
"The second quarter came out at the high end of our expectations, essentially driven by the better than expected performance of Renewable Packaging and by the Company's 22% overachievement of the EUR 200 million annual structural cost reduction target. Those achievements combined with the significant improvements in earnings in Printing and Reading and in Building and Living are yet another proof point of the resilience and fighting spirit of the Stora Enso people. As regards Biomaterials, I am happy to see that the ramp-up of Montes del Plata is at, if not beyond, the industry standards.
As this is my last quarterly report after seven years at the helm of the Company, I also want to say a sincere thank you to all our stakeholders for the seven challenging but also rewarding years. So much more remains to be done, but I am confident the same strong interest and support that I have experienced will continue for Stora Enso and its new CEO Karl-Henrik Sundstrom in transforming Stora Enso into a global renewable materials company.
Finally let me say that I am very happy to hand over the CEO role to Karl-Henrik Sundstrom. In his two years with the Company he has demonstrated business acumen, strategic thinking and people focus. I am confident that with the great people of Stora Enso, he will do well on the journey to the future."
Karl-Henrik Sundstrom, Stora Enso CEO from 1 August 2014:
"I am very honoured to have been trusted to lead Stora Enso. It is exciting to continue on the chosen path and build the future of the Company together with our competent and committed employees. One of my short-term priorities is to build a winning team which can take us forward. Due to the strategic importance of sustainability issues, I will also put more resources into the corporate responsibility area. Currently, I am deepening my knowledge of Stora Enso's packaging and biomaterials offering, as this business is partly new to me.
Stora Enso's transformation into a company with increased customer focus goes on. We will continue to deliver value through the Montes del Plata Pulp Mill in Uruguay and our consumer board machine investment in Guangxi, China. The acquisition of the biotechnology company Virdia and the conversion of the Varkaus Mill fine paper machine in Finland to produce virgin-fibre-based containerboard are yet further examples. It is all about winning, together with our customers, today and tomorrow."
For further information, please contact:
Jouko Karvinen, CEO until 31 July 2014, tel. +358 2046 21410
Karl-Henrik Sundstrom, CEO as of 1 August 2014, tel. +46 1046 71660
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