Helsinki, Finland, Dec. 29, 2015 (GLOBE NEWSWIRE) -- Stora Enso has entered into an equity transfer agreement to increase its ownership stake from 51% to 90% in its Chinese subsidiary Stora Enso Inpac Packaging Co. Ltd. The transaction is based on the terms of an option agreement dated October 2010. The cash consideration is approximately EUR 46 million. The transaction is subject to regulatory approval by Chinese authorities and is expected to be finalised during the first quarter of 2016.
The transaction gives Stora Enso a better opportunity to develop the Inpac Packaging business further and to execute the strategy in the region. The transaction will have no impact on group's sales or operating profit.
Stora Enso Inpac offers fibre-based packaging solutions with design, production, sales and R&D services. The company has production units in Qian'an, Dongguan and Jiashan in China and sales offices in Beijing, Shanghai and Dongguan, and serves leading global and local brand owners.
For further information, please contact:
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767
Carl Norell, SVP Communications, Division Packaging Solutions, tel. +46 722 410 349
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 Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market. storaenso.com
STORA ENSO OYJ
Source:Stora Enso Oyj