Corenso to purchase Foshan Huaxin Packaging core manufacturing plant in China

Apr 03, 2006. /Lesprom Network/. Corenso United Oy Ltd has signed an agreement with Foshan Huaxin Packaging Co., Ltd. to purchase the assets of its core manufacturing plant in Nanhai, Foshan in Guangdong province. The transaction is expected to be completed during the second quarter of 2006, subject to approval by the authorities. Corenso will relocate the production to a new core manufacturing plant in Sanshui, Foshan. The annual capacity of the new plant will be 20 000 tonnes of various types of core, similar to Corenso's first joint-venture plant in Hangzhou. The new plant will start production in 2007. Corenso has been operating in China since 2001. The core manufacturing plant in Hangzhou was built in 2005. The target of the new project is to provide high-quality cores and related services to the fast-growing Chinese market. The customers will be manufacturers of paper and board, plastic films and flexible packaging, metal foils and textile yarns. Corenso United Oy Ltd is a leading producer of coreboard and cores and tubes for industrial use. The main users of cores and tubes made from Corenso's coreboard include manufacturers of paper and board, textile yarn, plastic films and flexible packaging, and metal foil. Corenso has four coreboard mills and 14 core factories in Europe, China and North America, and associated companies in Canada and Spain. It supplies customers in more than 70 countries all over the world. Corenso is part of Stora Enso's Industrial Packaging Business area, which produces corrugated packaging, cores, core boards, corrugated board raw material and laminating papers.