Stora Enso completes €102m Corenso divestment
Stora Enso has completed a €102m divestment of its Corenso business operations to the Finnish packaging materials company Powerflute Oyj.
The transaction is estimated to result in a capital gain of approximately €12m 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.
Corenso produces core and 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. In the first three quarters of 2014, Corenso’s net sales were €146m and operational EBIT €14m.
