Tuesday, 24 August 2010 17:46

Stora Enso divests real estate at Baienfurt in Germany

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Stora Enso Baienfurt GmbH has signed an agreement to divest its Baienfurt mill site real estate in Germany. Buyer is the IGV Industrie- und Gewerbeverwaltungs GmbH, a subsidiary of the Lower Bavarian Karl- Gruppe, which specialises in acquiring and restructuring industrial sites. The transaction includes the land and buildings of the former Baienfurt cartonboard mill except the sheeting centre and the board machine. Following the divestment, Stora Enso will release approximately EUR 45 million of environmental and dismantling provision in the third quarter of 2010 as a positive non-recurring item. The transaction is expected to be completed by the end of the third quarter of 2010.              

According to Karl-Gruppe's current plans, the mill site will be developed as a business/industrial park utilising existing buildings as well as erection of new commercial properties. The site will no longer be used for cartonboard production.                                                                    

Cartonboard production at Baienfurt Mill ended in December 2008. Baienfurt Mill, which was part of Stora Enso's Consumer Board segment, had an annual capacity of 190 000 tonnes of folding boxboard.                                            

For further information, please contact:                                       

Bernd Rettig, EVP, Country Manager Germany, tel. +49 211 581 2310              
Päivi Kauhanen, Communications Director, tel. +358 50 598 9560                 
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242

Read 2828 times Last modified on Tuesday, 24 August 2010 17:49