Helsinki, Finland 02 January 2017 -- Stora Enso has today divested its 100% shareholding in its Finnish subsidiary Formeca Oy, a provider of high-quality machines for automated packaging lines, to Amitec Oy, a specialised engineering and machine construction company based in Finland.
Following this transaction, Stora Enso will become a reseller of Formeca machines and retain the ability to support and consult customers on packaging automation solutions. Hence Stora Enso will continue to deliver Formeca packaging machines to its customers in its core markets.
"Supported by Amitec's dedicated competence in this field, Stora Enso will be able to serve customers even more effectively. In addition, Amitec has the necessary strength to further develop Formeca and ensure its business progress," says Peter Torstensson, SVP and Head of Corrugated Nordics, Division Packaging Solutions.
The transaction is a share deal and will have a limited financial impact. After the divestment, a few employees will transfer to Stora Enso to strengthen packaging automation support for its customers, whilst the rest of the Formeca personnel will remain in Formeca's employ.
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets. Our aim is to replace fossil based materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 26 000 people in more than 35 countries, and our sales in 2015 were EUR 10.0 billion. Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY).