Stora Enso has completed the divestment of its Kabel coated mechanical paper mill in Germany, to Kabel Premium Pulp & Paper GmbH, owned by a German based investor group.
The total cash consideration for the divestment is approximately Euro 25 million, subject to final closing adjustments. The loss on disposal amounts in total to Euro 15 million. The effect on operating profit is approximately Euro 5 million, and the negative tax impact is approximately Euro 10 million. These were recorded as an item affecting comparability (IAC) in Stora Enso’s 2Q 2016 results. Approximately Euro 17 million of pension liabilities were transferred to the new owner with the transaction.
Based on 2015 annual figures, the transaction decreases Stora Enso’s annual sales by approximately Euro 300 million and simultaneously decreases Stora Enso’s annual coated mechanical paper production capacity by around 485,000 tonnes. The Kabel Mill employs approximately 540 people and was part of Stora Enso’s Paper division.
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets.
