Stora Enso has signed an agreement to divest its 33.33% ownership in the Swedish recycled materials company IL Recycling AB to Stena Metall AB, a Swedish recycling company. The consideration for the divestment of shares is approximately SEK 236 million (Euro 26 million), subject to customary closing day adjustments.

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Stora Enso divests its 33.33% ownership in IL Recycling to Stena Metall AB

Apr 08, 2016. /Lesprom Network/. Stora Enso has signed an agreement to divest its 33.33% ownership in the Swedish recycled materials company IL Recycling AB to Stena Metall AB, a Swedish recycling company. The consideration for the divestment of shares is approximately SEK 236 million (Euro 26 million), subject to customary closing day adjustments, the company says in the press release received by Lesprom Network.

Stora Enso will record a capital gain of approximately Euro 16 million related to the transaction as a positive non-recurring item in Division Paper at closing of the transaction. The closing is subject to approval by competition authorities. The transaction will not have material impact on Stora Enso’s operational EBIT going forward.

Stora Enso’s need for paper for recycling in Sweden has decreased during the past years, and needed volumes can be sourced from the market. Stora Enso has negotiated an agreement for the supply of paper for recycling with Stena Metall. The group’s focus is to secure the same volumes as currently purchased via IL Recycling to its Hylte Mill in Sweden.

Stora Enso uses paper for recycling in its production at four paper mills and two packaging mills in Europe.

IL Recycling AB is a Swedish recycled materials company owned by Stora Enso, Fiskeby Board, SCA, and Smurfit Kappa. Stena Metall is now purchasing the shareholding of all the current owners.

Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets.