Displaying items by tag: Stora Enso

Thursday, 23 June 2022 12:03

Change in Stora Enso’s Group Leadership Team

Kati ter Horst, Executive Vice President, Paper Division and a member of the Group Leadership Team, has decided to leave Stora Enso as of 1 July 2022. After more than 25 years with the Company, she will now pursue career opportunities outside of Stora Enso.

Kati ter Horst joined Stora Enso in 1996 and has been leading the Company’s Paper division since 2014.

stora new 2017“As a highly valued member of our Group Leadership Team, Kati has been instrumental in driving Stora Enso’s transformation journey into a renewable materials company by contributing to strategy development. She has showed strong leadership and has played a key role in the extensive restructuring process of our paper business. I want to express my gratitude to Kati for her significant contributions to Stora Enso, while wishing her all the best in her future endeavours,” says Annica Bresky, President and CEO at Stora Enso.

"I have had a fantastic international career at Stora Enso, and I am very thankful for all that I have learned and for the opportunity to work with great people. This is a good moment for me to leave and start something new,” says Kati ter Horst.

In addition to his other duties, Seppo Parvi, CFO, will assume acting responsibility for the Paper division.

Stora Enso announced in March this year that it was initiating a sales process for possible divestment of four of its five paper production sites. The process is ongoing. Stora Enso has started a feasibility study at its paper production site in Langerbrugge, Belgium, for the conversion of one of the two paper lines into a high-volume recycled containerboard line. The feasibility study is expected to be finalised in the first half of 2023.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com/investors

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Stora Enso has divested its three corrugated packaging plants in Russia. The Company’s Lukhovitsy, Arzamas and Balabanovo packaging plants have been divested to local management.

Stora Enso’s assessment is that due to the uncertainties in the Russian market, local ownership and operation will provide a more sustainable long-term solution for these businesses and their respective employees.

stora new 2017The transaction will have no material impact on Stora Enso’s annual sales and Operational EBIT. Due to reduced business prospects for these businesses, an impairment loss of EUR 35 million was recorded in the first quarter result. The additional loss on the transaction under IFRS will be approximately EUR 55 million, consisting mainly of currency translation adjustments to be recorded at the closing date. The expenses are considered as items affecting comparability.

The divested sites are located in Lukhovitsy, Arzamas and Balabanovo employing approximately 620 people and have a total annual capacity of 395 million m² of corrugated packaging. The sites primarily produce corrugated packaging for grocery, home improvement, confectionery and pet food segments in the domestic Russian market.

Stora Enso announced on 2 March 2022 that it would stop all production and sales in Russia until further notice. On 25 April, Stora Enso announced the divestment of its two sawmills and forest operations in Russia to local management.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com

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Stora Enso has entered into an agreement to divest its two sawmills in Russia. The Company’s Nebolchi and Impilahti sawmills will be divested to local management. In addition, the divestment includes Stora Enso’s Russian forest operation which through its harvesting supplies wood to the sawmills.

Stora Enso’s assessment is that due to the uncertainties in the Russian market, local ownership and operation can provide a more sustainable long-term solution for these business operations and the employees working there.

stora new 2017The transaction is, pending necessary approvals, expected to be concluded within Q2 2022 and will have no material impact on Stora Enso’s annual sales and Operational EBIT. Due to decreased business prospects on these businesses, an impairment loss of EUR 70 million has been recorded in the first quarter result. The additional loss on the transaction under IFRS will be approximately EUR 60 million, consisting mainly of currency translation adjustments to be recorded at the closing date. The expenses are considered as items affecting comparability.

The sawmill sites are located in Novgorod and Karelia employing approximately 330 people and have a total annual capacity of 350,000 m3 of sawn timber, including 55,000 m3 of processed timber and 65,000 tonnes of pellets. Stora Enso’s Russian forest operations employs approximately 170 people and manages long-term harvesting rights for around 370,000 hectares.

Stora Enso announced on 2 March 2022 that it would stop all production and sales in Russia until further notice. The Group is in a process to find a sustainable solution for the future of its three packaging plants in Russia.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com/investors

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To support the shift to renewable and recyclable materials in shopping and takeaway bags, Stora Enso launches CarrEco Brown™. Made from 100% fresh fibers, the material has high strength and tear resistance properties and is also safe for direct food contact.

By offering renewable, fiber-based materials suited for paper bags, Stora Enso accelerates the shift away from plastic. Stora Enso now expands its paper bag materials portfolio with CarrEco Brown, a new unbleached and uncoated board that is fully recyclable. Through its unique three-layer structure, CarrEco Brown offers exceptional strength properties suitable for strong shopping bags. The material is also safe for direct food contact and contains only FDA-compliant chemicals which makes it ideal for takeaway food and groceries.

“Unbleached paper bags are a good fit with the preferences of today’s eco-conscious consumers. We are well-positioned to meet the growing demand for paper bags, especially in trending end-use areas such as takeaway food. Our newest material CarrEco Brown can help our customers seize these growth opportunities in a sustainable way,” says Oscar Duarte, Business Segment Director, Kraftliners at Stora Enso Packaging Materials.

2022 03 29 085222

More about CarrEco Brown material

CarrEco Brown is made 100% from renewable fresh fibers from sustainably managed forests and it has a three-layer structure made with patent-pending Tri-Ply™ technology by Stora Enso. CarrEco Brown’s high tensile and tear strength properties make it suitable for strong shopping bags. CarrEco Brown is also safe for direct food contact and contains only FDA-compliant chemicals which makes it ideal for takeaway and grocery bags.

In addition to strength and purity, CarrEco Brown has a natural look and feel and does not contain any optical bleaching agents. The material’s smoothness and formation qualities enable great printability possibilities for brand owners. Available in grammages starting from 85 gsm, CarrEco Brown allows Stora Enso’s customers to grow and expand to new segments within the paper bag market.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com/investors

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Stora Enso has initiated a sales process for a possible divestment of four paper production sites. In line with Stora Enso’s strategy, paper is not a strategic growth area for the Group. The divestment intent is aligned with the Group’s strategy to focus on long-term growth potential for its renewable products in packaging, building solutions and biomaterials innovations.

Stora Enso’s paper production sites intended for divestment are: Anjala in Finland, Hylte and Nymölla in Sweden, and Maxau in Germany. The assets are high-quality sites for paper and pulp production with strong infrastructure, and skilled and experienced staff.

stora new 2017“Through divesting a majority of our paper assets, we are able to increase the focus on our defined strategic growth areas of renewable packaging, building solutions and biomaterials innovations. When assessing potential divestment options, we look for new ownership that will provide a sustainable long-term future for the sites and the people that work there,” says President and CEO Annica Bresky.

The four Stora Enso sites are subject to divestment in one or a series of transactions. Stora Enso has not committed to a deadline for the conclusion of the divestment process. The initiated sales process has no immediate effect on Stora Enso’s paper operations which continue to serve their respective customers. Stora Enso’s Langerbrugge site in Belgium will be retained within the Group.

Stora Enso currently has five paper production sites that are supported by divisional sales, management, and administrative functions. In total, the Paper division currently employs approximately 2,200 employees. In 2021, the Paper division’s net sales amounted to EUR 1,703 million.

Stora Enso has retained BofA Securities to assist in the sales process.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com/investors  

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stora new 2017Stora Enso today announced that they will stop all production and sales in Russia until further notice due to the ongoing invasion in Ukraine. Stora Enso has three corrugated packaging plants and two wood products sawmills in Russia, employing around 1,100 people. The Company will also stop all export and import to and from Russia. A mitigation plan has been activated to secure availability of input materials from other sources.

“The war in Ukraine is unacceptable and we are fully behind all sanctions. We will now focus all our attention on supporting our customers and the well-being of our employees,” says Annica Bresky, President and CEO.

Stora Enso’s sales in Russia is approximately 3% of total Group revenues. The impact on Stora Enso’s sales and EBIT is not material.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com

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Monday, 28 February 2022 08:21

Change in Stora Enso’s Group Leadership Team

Teemu Salmi, CIO, Head of IT & Digitalisation and a member of the Group Leadership Team, has decided to leave his position at Stora Enso. After five years in the company, Teemu will assume the CEO position at Finnish cyber security company Nixu. Teemu will continue working in Stora Enso until 20 May 2022.

stora new 2017“Teemu has been instrumental in driving and accelerating Stora Enso’s digitalisation agenda, supporting our transformation to become the renewable materials company. I want to express my gratitude and thanks to Teemu for his contributions to Stora Enso, while also wishing him all the very best for his new exciting career opportunity,” says Annica Bresky, President and CEO at Stora Enso.   

As part of Stora Enso’s new operating model, IT & Digitalization will moving forward be part of the CFO organisation and report to CFO Seppo Parvi. Seppo and Teemu will immediately start the handover process to ensure a smooth transfer of the responsibilities.

"During 2022, we will continue to focus on implementing the decentralized and more efficient operating model in IT & Digitalization. In line with our strategy, this will create further value for all our stakeholders by enabling more empowered divisions and as a result strengthened customer-centricity," says Seppo Parvi.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com/investors

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Stora Enso has just announced that it has signed a letter of intent to divest the Kvarnsveden site in Sweden to Northvolt. Due to structural decline in demand for graphical paper, in April 2021 Stora Enso announced a plan to close its Kvarnsveden paper production site. Founded in 1900, Kvarnsveden produced pulp and paper for over 120 years until production ended in September 2021.

Northvolt is a European supplier of sustainable battery cells and will develop the site into a battery manufacturing plant, reusing and refurbishing the existing facilities and site infrastructure. According to Northvolt, the gigafactory is expected to start the first part of its operations in late 2024, and will employ up to 1,000 people.

“Sustainability is the main priority for Stora Enso, and this also has to be addressed in difficult times. Hence, a key focus since our decision to close the site has been to find a new owner that can continue Stora Enso’s long and sustainability-driven legacy at Kvarnsveden, to the benefit of the local society. Like Stora Enso, Northvolt delivers modern and innovative solutions that contribute to a climate-friendly future. Through this agreement, Kvarnsveden will become a foundation for continued growth, both for Northvolt and the city of Borlänge,” says Per Lyrvall, Sweden country manager at Stora Enso.

KvarnsvedenKvarnsveden

The Kvarnsveden site has many advantages including availability of skilled workforce as well as a railway link, a connection to the national electricity grid, and the availability of clean water. According to Northvolt, the site will be powered using 100 percent clean energy, and will feature both cathode material and cell production.

Peter Carlsson, Co-Founder and CEO of Northvolt, comments: “Since Northvolt was founded, we have focused on circular battery production, but this is the first time we are reusing an entire production site. With its access to energy, industrial water and the broad production know-how in the region, Kvarnsveden is an optimal site for a gigafactory. We are thrilled to be able to open a new chapter in Borlänge’s history as a global industrial hub.”

The final agreement regarding the transaction is expected to be signed in the next few months. Certain infrastructure and equipment, including the boiler, are subject to separate processes and are not included in the Northvolt scope. The transaction impact on Stora Enso's operational EBIT or net debt is not considered material. 

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com

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Stora Enso is starting a feasibility study for the possible conversion of an idle paper machine at its Oulu site in Finland for a high-volume consumer board line. On a successful completion of the feasibility study, an investment decision could be made by the end of 2022 with start-up in 2025.

Stora Enso’s strategy is to invest in growth to support the strong, continuous demand for sustainable packaging. This is one of the key strategic focus areas in which the Group is building its market share with both existing and new customers. Stora Enso already holds a leading global market position in this segment. The potential investment in Oulu would target high-quality and low carbon-footprint packaging segments for frozen and chilled food and beverages, as well as for non-food applications such as pharma and cosmetics. The feasibility study will also assess how the conversion could contribute to Stora Enso’s science-based targets regarding operational CO2 emissions.

“This investment would respond to the strong customer demand to replace plastic in packaging. During the study, we will evaluate the profitability of the possible conversion and how to optimise current production synergies to create a modern mega-site at Oulu. In addition to strong demand, we can rely on an experienced team and what we learnt from the first successful conversion in Oulu, which is already ahead of schedule on profitability,” says Hannu Kasurinen, Executive Vice President, Packaging Materials division.

Consumer packaging board productsConsumer packaging board products

Based on full ramp-up, the potential top line sales impact of the conversion would gradually reach an annual level of EUR 800 million. Capital expenditure is estimated to be EUR 900–1,000 million during 2023–2026. The investment would include the conversion of the former paper machine and the sheeting facility. It would also include investments in wood handling, the bleached chemi-thermomechanical pulp (BCTMP) plant, the biomass boiler and the effluent treatment plant.

The increase in pulp wood consumption in Oulu would be approximately one million cubic metres, utilising the volumes freed up after closure of the Veitsiluoto site. With the investment, an estimated 150−200 new employees would be needed, including logistics and maintenance. The investment would also utilise captive chemical pulp, creating a net reduction of approximately 300,000 tonnes in Stora Enso’s total market pulp exposure.

The planned annual capacity of the converted machine would be 750,000 tonnes of folding box board (FBB), coated unbleached kraft (CUK) and liner grades.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com

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Stora Enso and Picadeli, Europe’s leading take-away salad bar company, are introducing renewable formed fiber lids to replace single-use plastics in take-away packaging. The lids are made of PureFiber™ by Stora Enso, and they are plastic-free, recyclable, and biodegradable. The innovation will help Picadeli reduce approximately 120 tonnes of plastic waste annually.  

“Our strategic aim is to grow with sustainable, scalable, and innovative packaging solutions. We do this by supporting strong forerunner brands such as Picadeli in meeting the growing consumer demand for plastic-free and circular solutions. A salad bowl lid is a good example of an everyday single-use plastic item that can make an important difference on climate footprint when replaced by a sustainable alternative,” says Sohrab Kazemahvazi, SVP Formed Fiber at Stora Enso.

2022 02 23 103658

Packaging accounts for 40% of the world’s plastics, most of which are made from fossil oil. The carbon footprint of the PureFiber™ lid is up to 75% lower compared to alternative materials such as plastic or bagasse. PureFiber™ products are produced from wood-based formed fiber using green energy. They contain no plastic, no per- and polyfluoroalkyl substances (PFAS), or any other forever chemicals. The lids provide a good user experience and tightly seal the food inside. The new formed fiber lids will be available for consumers at Picadeli salad bars starting March 2022.

“Food and sustainability have been much discussed in recent years but knowing how to make choices that are both healthy and come with a low carbon footprint is not always easy,” says David von Laskowski, Group CEO at Picadeli. “We work continuously to make tasty, sustainable, and healthy fast food more accessible. Launching the formed fiber lid will further reduce our carbon footprint, supporting our business strategy for sustainability.”

PureFiber™ can be used in a wide range of applications including single-use food packaging items such as plastic-free cups, bowls, clamshells, plates, and lids. PureFiber™ can also be used to replace plastic packaging for other industries, such as in agriculture, electronics, and cosmetics. Formed fiber is a growth business for Stora Enso, and the Group recently announced expansion of its formed fiber production capacity in Europe. The fiber raw material comes from sustainably managed forests.

About Picadeli

Picadeli is a Swedish salad pioneer, driven by the belief that fast food should be food that’s good for you. The idea is simple; through self-served salad bars, democratize healthy food by making it accessible, affordable and appetizing. Since the start in 2009, Picadeli has enabled the grocery retail and convenience stores to offer consumers a fresh and tasty concept and the high-tech salad bars are now to be found in some 2000 stores around Europe and the United States. The company currently has an annual turnover of more than SEK 1.4 billion which represents close to SEK 3 billion in retail value.

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