HELSINKI, Finland, Oct. 9, 2014 (GLOBE NEWSWIRE) -- As earlier communicated, Stora Enso signed an agreement in May 2014 to divest its Uetersen specialty and coated fine paper mill in Germany to Brigl & Bergmeister, an Austrian specialty paper producer. Stora Enso recorded a negative non-recurring item of approximately EUR 34 million related to the planned disposal in the second quarter 2014 operating profit.
In September, the German Federal Cartel Office (FCO) indicated intentions to prohibit the proposed merger. Despite further evidence provided by the parties to clear the concerns of the FCO, the authorities' assessment remained. Consequently, Brigl & Bergmeister withdrew the application for the merger on 9 October. The parties have agreed to terminate the share purchase agreement.
As a consequence, Stora Enso will reverse the loss on disposal of approximately EUR 28 million as a positive non-recurring item in its third quarter 2014 operating profit.
Stora Enso will now evaluate its options, which may include divestment or restructuring of the loss-making Uetersen Mill. This process does not affect the speciality paper production at Imatra Mill or the coated fine paper production at Oulu Mill in Finland.
For further information, please contact:
Ulrika Lilja, Executive Vice President Communications, tel. +46 72 221 9228
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