HELSINKI, Finland, March 1, 2016 (GLOBE NEWSWIRE) --
STORA ENSO OYJ STOCK EXCHANGE RELEASE 1 March 2016 at 09.00 EET
Stora Enso will invest EUR 31 million in a new polyethylene (PE) coating line in the new consumer board mill in Beihai, China. The Beihai Mill is expected to be in operation during the second quarter of 2016, as communicated earlier. The investment will enhance Stora Enso's strategy for profitable growth and supports competitiveness by enabling short lead-times and full quality control for PE-coated prime Food Service Board (FSB). The investment is expected to be completed in mid-2017.
Stora Enso is also investing EUR 16 million in a new chemical plant at the consumer board mill in Skoghall, Sweden to further improve the environmental performance of the mill. The investment is expected to be completed by the end of 2017.
In the Biomaterials division, Stora Enso is investing EUR 16 million to improve the environmental performance by reducing sulphur emissions of its mill in Skutskar, Sweden. The investment is expected to be completed by the end of 2017.
The investments will further enhance Stora Enso's transformation into a global renewable materials growth company. EUR 31 million of these investments are part of the group's 2016 capital expenditure forecast, which amounts to EUR 680-720 million as communicated earlier.
For further information, please contact:
Ulrika Lilja, EVP, Communications, tel. +46 1046 71668
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242
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 26 000 people in more than 35 countries, and our sales in 2015 were EUR 10.0 billion. Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq 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. storaenso.com
STORA ENSO OYJ
Source: Stora Enso Oyj