Anjala in Finland, Hylte and Nymölla in Sweden, and Maxau in Germany are the production sites intended to be sold by the firm
Paper is no more a part of Stora Enso’s strategic growth plan. (Credit: Dávid Lehoczki from Pixabay)
Finnish pulp, paper and forest products producer Stora Enso has initiated a process for the sale of its four paper mills as paper is no more a part of its strategic growth plan.
The group’s strategy is to focus on the long-term expansion of its renewable products in packaging, building solutions, and biomaterials innovation.
Anjala in Finland, Hylte and Nymölla in Sweden, and Maxau in Germany are the production sites intended to be sold by the group.
Stora stated that these paper and pulp production sites have strong infrastructure, as well as skilled and experienced staff.
Stora Enso president and CEO Annica Bresky said: “Through divesting a majority of our paper assets, we are able to increase the focus on our defined strategic growth areas of renewable packaging, building solutions, and biomaterials innovations.
“When assessing potential divestment options, we look for new ownership that will provide a sustainable long-term future for the sites and the people that work there.”
The divestment of the four facilities will be completed either in one or more deals.
The group has not set a timeline for the completion of the divestiture process.
Stora Enso’s other paper activities will continue to serve their respective customers, unaffected by the initiated sales process.
The site in Langerbrugge, Belgium, will, however, be retained, the company stated.
Currently, Stora Enso has five paper production units that are supported by divisional sales, management, and administrative functions.
Approximately 2,200 individuals are employed in the Paper division, which reported a net sales of €1.7bn in 2021.
For the sale process, Stora Enso will be helped by BofA Securities.