HELSINKI, Finland, Feb. 18, 2015 (GLOBE NEWSWIRE) -- Stora Enso has completed the divestment announced on 13 December 2014 of its Uetersen specialty and coated fine paper mill in Germany to a company mainly owned by the private equity fund Perusa Partners Fund 2.
"We have now successfully completed the divestment of our Uetersen Mill. I am confident that Perusa Partners will be able to develop the mill further and ensure long-term future success in Uetersen. We will continue our strategic transformation into a renewable materials growth company focusing on customers and innovation," says Stora Enso's CEO Karl-Henrik Sundstrom.
The loss on disposal amounted to approximately EUR 30 million and was recorded as a non-recurring item in Stora Enso's fourth quarter 2014 operating profit.
The transaction will enhance Stora Enso's operational EBIT and cash flow from the second quarter of 2015. Based on 2014 annual figures, the divestment is expected to reduce Stora Enso's annual sales by EUR 140 million. It will also reduce Stora Enso's 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.
For further information, please contact:
Hanne Karrinaho, Head of Financial Communications, tel. +358 2046 21446
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 40 763 8767
Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wood and paper. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 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) on the International OTCQX over-the-counter market.
STORA ENSO OYJ
Source:Stora Enso Oyj