Stora Enso has completed the divestment announced on 13 December 2014 of its Uetersen specialty and coated fine paper mill in Germany to a company mainly owned by the private equity fund Perusa Partners Fund 2.
"We have now successfully completed the divestment of our Uetersen Mill. I am confident that Perusa Partners will be able to develop the mill further and ensure long-term future success in Uetersen. We will continue our strategic transformation into a renewable materials growth company focusing on customers and innovation," says Stora Enso's CEO Karl-Henrik Sundstrom.
The loss on disposal amounted to approximately EUR 30 million and was recorded as a non-recurring item in Stora Enso's fourth quarter 2014 operating profit.
The transaction will enhance Stora Enso's operational EBIT and cash flow from the second quarter of 2015. Based on 2014 annual figures, the divestment is expected to reduce Stora Enso's annual sales by EUR 140 million. It will also reduce Stora Enso's annual paper production capacity by around 240 000 tonnes. Uetersen Mill employs approximately 400 people.
Stora Enso will continue to produce specialty papers at Imatra Mill and coated fine paper at Oulu Mill in Finland.
Source : http://www.cnbc.com/