Stora Enso acquires Polish State's shares in Stora Enso Poland

Stora Enso has today acquired 28% of the shares in Stora Enso Poland (formerly Intercell S.A.) from the State of Poland at a price of EUR 64 million. Following this acquisition, Stora Enso holds 95% of the shares in the company. The remaining shares, owned by the Polish State, will be distributed to current and retired employees of Stora Enso Poland. Stora Enso intends to purchase these remaining shares as soon as feasible. The total purchase cost of the initial 66% shareholding acquired in 2004 and today's acquisition is EUR 194 million. The enterprise value of the acquisition on a cash- and debt-free basis for the whole of Stora Enso Poland is approximately EUR 149 million. Stora Enso Poland's sales in 2006 were EUR 194 million.

"The demand for corrugated packaging in Central and Eastern Europe is increasing rapidly due to healthy economic growth and investment in manufacturing industries. We are currently considering the further expansion of our corrugated packaging operations in Poland, in order to consolidate Stora Enso's position as a leading supplier in the fast growing Polish market," says Veli-Jussi Potka, Senior Vice President of Stora Enso Packaging Board.

Ongoing analyses include a study into securing the containerboard supply for Stora Enso's corrugated packaging plants by possibly building a new containerboard machine. Stora Enso's Ostroleka mill site would provide one potential location for this, owing to its advantageous location including access to recycled raw material, which can be supplied by Stora Enso Recycling in Poland. The studies are expected to be completed by the end of 2007.


For further information, please contact:
Veli-Jussi Potka, SVP, Packaging Board, Industrial Packaging, tel. +358 2046 21486
Kari Vainio, EVP, Corporate Communications, tel. +44 7799 348 197
Keith B Russell, SVP, Investor Relations, tel. +44 7775 788 659

 

Source: Stora Enso