Market: Packaging Paper & Board
22 November, 19:59
Stora Enso has signed an agreement to divest its sheeting centre business in Baienfurt, Germany to Pyroll, a Finnish converting firm. The sheeting centre operations started in April 2009 and is 100% owned by Stora Enso, as the company says in the press release received by Lesprom Network.
This divestment supports Stora Enso’s growth strategy for its consumer board business, where the focus is to generate value to customers by being the global benchmark in high quality virgin fibre carton board.
Running sheeting centre operations is not part of Stora Enso’s core business. The new owner has sheeting operations as its core and is in a better position to further develop Baienfurt. Stora Enso will remain a key customer to the Baienfurt sheeting centre.
The transaction is expected to be completed during the 1Q 2018 and it is not expected to have any significant effect on the net debt or financials of Stora Enso. The sheeting centre employs approximately 60 people excluding outsourced personnel and had sales of Euro 15 million in 2016.
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets.