Stora Enso to divest Corenso renewable packaging division

29-Sep-2014 - Last updated on 30-Sep-2014 at 09:38 GMT

Stora Enso has signed an agreement to divest its Corenso business operations to the Finnish packaging materials company Powerflute Oyj.

The value of the transaction is approximately €90m, and the expected all cash consideration approximately €75m.

Renewable packaging

“We have now found a good new owner for Corenso who we believe can give the company the attention it deserves and develop it further,” said Hannu Alalauri, SVP Packaging Solutions, Stora Enso Renewable Packaging.

“By divesting Corenso, Stora Enso can better focus on its strategic direction.”

The deal is expected to close during the fourth quarter 2014 subject to customary conditions.

Corenso is part of Stora Enso Renewable Packaging Division.

Further development

Stora Enso is focusing on selected packaging segments in Packaging Solutions and Consumer Board and further developing and investing in these businesses.

Corenso produces high-quality coreboard. It employs about 920 employees in 10 countries in Europe, Asia and North America with its HQ in Lahti, Finland.

In 2013 Corenso’s net sales were €211m and operational EBIT €26m.