HELSINKI, Finland, Oct. 2, 2015 (GLOBE NEWSWIRE) -- STORA ENSO OYJ STOCK EXCHANGE RELEASE 2 October 2015 at 09.00 EET
Stora Enso has completed the divestment announced on 27 July 2015 of its Barcelona mill, which produces recycled-fibre based consumer board, to the private equity fund Quantum. The transaction is in line with Stora Enso's strategy to focus its consumer board offering on high quality virgin-fibre products.
The total cash consideration for the divestment of the shares is EUR 10 million, subject to customary closing day adjustments. The transaction has no material income statement impact.
Based on the annual figures for 2014, the divestment reduces Stora Enso's annual sales by EUR 117 million and simultaneously decreases Stora Enso's annual board production capacity by approximately 195 000 tonnes from the beginning of the fourth quarter 2015 onwards. The transaction does not have material impact on Stora Enso's operational EBIT and cash flow going forward, and it will improve the operational EBIT and EBITDA margins slightly. The Barcelona mill employs approximately 220 people and was part of Consumer Board division.
In addition, Stora Enso has completed the divestment announced on 31 August 2015 of its packaging plant in Komarom, Hungary, which produces offset printed micro-flute packaging, to Van Genechten Packaging International S.A.
The total cash consideration for the divestment of the shares is EUR 13 million, subject to customary closing day adjustments. The transaction has no material income statement impact.
Based on the annual figures for 2014, the divestment reduces Stora Enso's annual sales by EUR 14 million and simultaneously decreases the annual corrugated packaging converting capacity by approximately 15 million m2 from the beginning of the fourth quarter 2015 onwards. The Komarom plant employs approximately 90 people and was part of Packaging Solutions division.
For further information, please contact:
Ulrika Lilja, EVP Global Communications, tel. +46 72 221 9228
Ulla Paajanen-Sainio, SVP Investor Relations, tel. +358 40 763 8767
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. 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.www.storaenso.com
STORA ENSO OYJ
Source:Stora Enso Oyj