Stora Enso has signed an agreement to divest its Maxau paper production site in Germany, and all related assets to Schwarz Produktion, part of Schwarz Group, one of the top retailers in the world. The enterprise value is approximately Euro 210 million. Closing is expected in the beginning of 2023, at the latest, subject to regulatory approvals.
This transaction is part of the earlier announced plan to divest four of Stora Enso’s five paper production sites. In line with its strategy, Stora Enso’s focus is on long-term growth potential for its renewable products in packaging, building solutions and biomaterials innovations.
Schwarz Produktion is expected to assume ownership for the Maxau site in the beginning of 2023. Schwarz’s plan is to continue paper production at the site, and the 440 employees belonging to the mill organisation at Maxau will be part of the transaction. Stora Enso will continue to operate the Maxau site and serve its supercalendered paper (SC) customers until the closing of the transaction.
The transaction will reduce Stora Enso’s annual SC paper capacity by 530,000 tonnes. Based on the 2021 figures, the divestment is expected to reduce Stora Enso’s annual sales by approximately Euro 250 million.
Stora Enso currently has five paper production sites. In total, the Paper division currently employs approximately 2,300 employees. In 2021, Paper division’s net sales amounted to Euro 1,703 million.
Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world.
