With around 1,100 employees, Stora Enso operates three corrugated packaging plants and two wood products sawmills in Russia
Stora Enso operates three corrugated packaging plants and two wood products sawmills in Russia. (Credit: Andreas Lischka from Pixabay)
Finnish paper, pulp and forest products manufacturer Stora Enso has announced that it will suspend all production and sales in Russia, as a result of Russia’s ongoing invasion of Ukraine.
With around 1,100 employees, Stora Enso operates three corrugated packaging plants and two wood products sawmills in Russia.
Stora Enso has also decided to suspend all export and import to and from Russia.
The company has mobilised a mitigation plan to gather input materials from other sources.
Stora Enso president and CEO Annica Bresky said: “The war in Ukraine is unacceptable and we are fully behind all sanctions. We will now focus all our attention on supporting our customers and the well-being of our employees.”
Stora Enso stated that its sales in Russia represent around 3% of total group revenues, and the impact on its sales and EBIT is not material.
Stora Enso, which is one of the largest private forest owners across the world, offers renewable products in packaging, biomaterials, wooden construction and paper sectors.
With around 22,000 employees, the company had reported € 10.2bn sales in the last fiscal year.
In December last year, Stora Enso announced an investment of €23m to enhance the flexibility and capacity at its Varkaus containerboard mill in Finland.
Part of Stora Enso’s packaging materials division, the Varkaus site is engaged in the manufacturing of unbleached softwood pulp, brown and white top containerboard for corrugated boards or kraftliners.