HELSINKI, Finland, April 1, 2016 (GLOBE NEWSWIRE) -- The divestment of Stora Enso's entire 80% shareholding in the Arapoti magazine paper mill to Papeles Bio Bio, a Chilean paper producer, has been completed. The divestment plan was announced on 31 December 2015.
The consideration for the divestment of the shares is approximately EUR 17 million. The loss on disposal amounts to approximately EUR 59 million of which EUR 31 million was recorded as a non-recurring item in Stora Enso's fourth quarter 2015 results. The remaining approximately EUR 28 million is a cumulative translation adjustment loss, which will be recorded as a negative non-recurring item on operating profit in Stora Enso's first quarter 2016 results, as announced earlier.
The transaction reduces Stora Enso's net debt by approximately EUR 12 million. Based on 2015 annual figures, the transaction decreases Stora Enso's sales by approximately EUR 100 million.
Arapoti Mill is the only producer of coated magazine paper (LWC) in South America. The majority of its production is sold to the domestic market and the rest to other Latin American countries. The mill has an annual production capacity of 185 000 tonnes of LWC, and it employs 320 people.
For further information, please contact:
Ulrika Lilja, EVP, Communications, tel. +46 1046 71668
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 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