HELSINKI, Finland, May 18, 2016 (GLOBE NEWSWIRE) -- STORA ENSO OYJ STOCK EXCHANGE RELEASE 18 May 2016 at 9.00 EET
Stora Enso will invest a total of approximately EUR 70 million in a new polyethylene (PE) extrusion coating plant and an automated roll warehouse (ARW) at Imatra mills in Finland. Extrusion coating is a process used to enhance the functionality of paperboard packaging by creating barrier properties for demanding applications such as food and liquid.
The investment will enhance Stora Enso's ability to meet increasing customer demand for food service board and liquid packaging board, which is estimated to grow above industry standard.
This investment is part of Consumer Board division's growth strategy to ensure competitiveness and deliver profitable growth. The additional extrusion coating capacity will also allow further product development of innovative new generation bio-barriers, among others.
The investment will begin in Q2 2016 and is expected to be completed in early Q4 2017. This is in line with the group's full year 2016 capital expenditure guidance, which is anticipated to amount 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 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.
STORA ENSO OYJ
Source:Stora Enso Oyj