Apr 22, 2010. /Lesprom Network/. Stora Enso has signed an agreement to sell its integrated mills at Kotka in Finland and its laminating paper operations in Malaysia to private equity firm OpenGate Capital. The total consideration including earn-out is up to Euro 24 million. Stora Enso has recorded a write down of Euro 23 million relating to working capital and fixed assets as non-recurring items in its 1Q 2010 results. The divestment is expected to be finalised during the 2Q 2010, company said in a statement received by Lesprom Network. As part of the transaction, Stora Enso will divest its laminating paper, special coated magazine paper and sawmill businesses at Kotka, also including the fully-owned laminating paper subsidiary in Malaysia, and the business operations of the Tainionkoski paper machine 7, which will remain in Stora Enso's ownership, but will be leased to the new owner. The Kotka mill site and its buildings are included in the divestment. Based on 2009 annual figures, the divestment is estimated to reduce Stora Enso's annual sales by Euro 203 million, improve its annual operating profit by Euro 11 million and reduce its working capital by Euro 24 million. This operating profit improvement of Euro 11 million is included in the estimate of Euro 140 million to Euro 160 million profit improvement arising from the proposed closures, divestments and product swaps announced on 19 August 2009. The divestment will reduce Stora Enso's annual production capacity by 180 000 tonnes of machine-finished coated paper (MFC), 200 000 tonnes of laminating paper and 40 000 tonnes of Imprex products and 230 000 cubic metres of sawnwood. The 570 employees affected, including 480 working at Kotka, 50 at Tainionkoski and 40 in Malaysia, will transfer to the service of the new owner. Stora Enso and OpenGate Capital will make an agreement about wood supply as part of the divestment.