The two divestments will reduce Stora Enso’s annual sales by a total EUR 131 million
October 2, 2015
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.
Komárom plant
In addition, Stora Enso has completed the divestment announced on 31 August 2015 of its packaging plant in Komárom, 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.