HELSINKI ,
May 16,
2022 /PRNewswire/ -- STORA ENSO OYJ INVESTOR NEWS
16 May 2022 at 9:00 EEST
Stora Enso has divested its three corrugated packaging plants in
Russia. The Company's Lukhovitsy,
Arzamas and Balabanovo packaging plants have been divested to local
management.
Stora Enso's assessment is that due to the uncertainties in the
Russian market, local ownership and operation will provide a more
sustainable long-term solution for these businesses and their
respective employees.
The transaction will have no material impact on Stora Enso's
annual sales and Operational EBIT. Due to reduced business
prospects for these businesses, an impairment loss of EUR 35 million was recorded in the first quarter
result. The additional loss on the transaction under IFRS will be
approximately EUR 55 million,
consisting mainly of currency translation adjustments to be
recorded at the closing date. The expenses are considered as items
affecting comparability.
The divested sites are located in Lukhovitsy, Arzamas and
Balabanovo employing approximately 620 people and have a total
annual capacity of 395 million m² of corrugated packaging. The
sites primarily produce corrugated packaging for grocery, home
improvement, confectionery and pet food segments in the domestic
Russian market.
Stora Enso announced on 2 March
2022 that it would stop all production and sales in
Russia until further notice. On 25
April, Stora Enso announced the divestment of its two sawmills and
forest operations in Russia to
local management.
For further information, please contact:
Carl Norell
Press officer
tel. +46 72 241 0349
Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
Tel. +46 70 210 7691
Part of the global bioeconomy, Stora Enso is a leading provider
of renewable products in packaging, biomaterials, wooden
construction and paper, and one of the largest private forest
owners in the world. We believe that everything that is made from
fossil-based materials today can be made from a tree tomorrow.
Stora Enso has approximately 22,000 employees and our sales in 2021
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).
storaenso.com
CONTACT:
Carl Norell
Press officer
tel. +46 72 241 0349
Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
Tel. +46 70 210 7691
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