Helsinki, Finland, 2013-09-16 08:00 CEST (GLOBE NEWSWIRE) --
Stora Enso has agreed to redeem ABB’s 49% shareholding in Efora Oy on 31 October 2013 and become the sole owner of the company. The transaction is subject to approval from the Finnish Competition and Consumer Authority.
Efora, established in 2009, is a joint-venture company owned by Stora Enso (51%) and ABB (49%) providing maintenance services at Stora Enso’s Heinola, Imatra, Oulu, Uimaharju, Varkaus and Veitsiluoto mills in Finland. It employs about 1 000 people. Efora will remain responsible for the maintenance operations at Stora Enso’s mills after the change in ownership. Stora Enso is examining various options for Efora’s future ownership.
The planned transaction will have only limited impact on Stora Enso’s sales and operational EBIT.
For further information, please contact:
Juha Vanhainen, EVP, Stora Enso, tel. +358 2046 21343
Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. We always rethink the old and expand to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 28 000 people worldwide, and our sales in 2012 amounted to EUR 10.8 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.
STORA ENSO OYJ