Helsinki, Finland 01 December 2014 -- (GLOBE NEWSWIRE) -- Stora Enso has completed the divestment announced 30 September 2014 of its Corenso business operations to the Finnish packaging materials company Powerflute Oyj. The enterprise value of the transaction is approximately EUR 90 million, and the all cash consideration approximately EUR 102 million. The transaction is estimated to result in a capital gain of approximately EUR 12 million that will be reported as a positive non-recurring item in Stora Enso's fourth quarter 2014 operating profit.
Corenso was part of the Stora Enso Renewable Packaging Division. Stora Enso is focusing on select packaging segments in Packaging Solutions and Consumer Board, and further developing and investing in these businesses. The divestment is a natural step in streamlining the business and transforming Stora Enso into a customer-focused renewable materials company.
Corenso is one of the world's leading integrated producers of high-performance core and high-quality coreboard. It employs about 920 employees in 10 countries in Europe, Asia and North America, and has its head office in Lahti, Finland. In 2013, Corenso's net sales were EUR 211 million and operational EBIT EUR 26 million. In the first three quarters of 2014, Corenso's net sales were EUR 146 million and operational EBIT EUR 14 million.
Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. We always rethink the old and expand to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 29 000 people worldwide, and our sales in 2013 amounted to EUR 10.6 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.