Displaying items by tag: Stora Enso
Valmet and Stora Enso Kvarnsveden sign multi-year consumables and roll service agreement
Valmet and Stora Enso Kvarnsveden have signed a five-year (three plus two) agreement on the supply of paper machine and fiber line consumables including clothing, doctor blades, refiner segments, winder consumables and selected roll covers. The agreement also includes local roll maintenance operations next to Kvarnsveden's site at Borlänge. The agreement is valid as of July 1, 2015.
Technical support for maintenance and production is part of the agreement. The performance of consumables is optimized by taking advantage of remote analytics and the skills of Valmet's technology experts. In addition, Valmet will keep a ready stock of consumables for Kvarnsveden. This total cost of ownership agreement (TCO) is an exclusive agreement with a fixed monthly fee. The value of the agreement has not been disclosed.
Optimizing consumable performance and simplifying daily operations
The agreement provides a framework for long-term collaboration between Kvarnsveden and Valmet. The aim is to improve the efficiency of daily operations and decrease costs for both partners. Fixed monthly invoicing increases cost predictability.
"With our advanced services offering Valmet's goal is to continuously simplify our customers' daily operations, reduce the consumption of consumables and find cost efficient solutions. I am convinced that we will exceed Kvarnsveden's expectations of us," says Per Holm, Vice President, Sales, Scandinavia at Valmet.
Information about the customer Stora Enso and the Kvarnsveden Mill
Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. The company produces chemical pulp, paper and board, corrugated packaging and sawn wood products. The Kvarnsveden Mill produces improved newsprint and magazine paper on three paper machines. The production capacity is approximately 720,000 tons per year.
Further information, please contact:
Per Holm, Vice President, Sales, Scandinavia, Valmet, tel. +46 705 17 13 88,
Peter Lindgren, Sales Manager, Consumable Solutions, Scandinavia, Valmet, tel. +46 54 17 11 38
Juha Ojala, Senior Manager, Concept Development, Services, Valmet, tel. +358 40 702 9117
Valmet is the leading global developer and supplier of technologies, automation and services for the pulp, paper and energy industries. Valmet's vision is to become the global champion in serving its customers.
Valmet's services cover everything from maintenance outsourcing to mill and plant improvements and spare parts. The strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bio-energy production. Valmet's advanced automation solutions range from single measurements to mill wide turnkey automation projects.
Valmet's net sales in 2014 were approximately EUR 2.5 billion. Our 12,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the NASDAQ OMX Helsinki Ltd.
Stora Enso to divest its packaging plant in Komárom, Hungary
Stora Enso has signed an agreement to divest its offset printed micro-flute packaging plant in Komárom, Hungary to Van Genechten Packaging International S.A., a leading Belgian packaging company.
The initial cash consideration for the divestment of the shares is approximately EUR 12 million, subject to customary closing day adjustments. The transaction has no material income statement impact and is expected to be completed within one month.
“There have been major changes in the Komárom plant’s customer base, making the plant no longer strategic to Stora Enso. I believe that a new, solid, international owner can give the company the attention it deserves and develop it further in the new situation,” says Gilles van Nieuwenhuyzen, Head of Packaging Solutions division.
Based on 2014 annual figures, the divestment is expected to reduce Stora Enso’s annual sales by EUR 14 million and simultaneously decrease the annual corrugated packaging converting capacity by approximately 15 million m2. The Komárom plant employs approximately 90 people.
About Van Genechten Packaging International S.A.
VGPI is an independent industrial group with seat in Luxembourg. It consists of 11 folding carton factories in 8 countries, leading the European consumer goods industry with printed folding cartons, microflute and other packaging solutions. With an annual turnover of €295 million, the group converts more than 200,000 tons of cardboard each year and employs 1,600 people.
For further information, please contact:
Ulrika Lilja, EVP Global Communications, tel. +46 72 221 9228
Ulla Paajanen-Sainio, SVP Investor Relations, tel. +358 40 763 8767
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market. www.storaenso.com
Stora Enso’s Annual Report best in Finland in an international ranking
Stora Enso's Annual Report 2014 has been ranked the best Annual Report in Finland and in the sixth place globally in the Report Watch ranking. The ranking included 1 600 companies from 60 countries.
Stora Enso’s Annual Report was praised for its description of value creation, business transformation, and sustainability practices. Positive feedback was also given for spreading in-depth content over four books.
The Stora Enso Annual Report 2014 consists of the Progress Book, the Financial Report, the Global Responsibility Performance, and the Corporate Governance Report. The Progress Book was created in 2014 to explain Stora Enso’s strategy, how the company creates value and how its work is progressing.
All parts of the Annual Report are available in PDF format at storaenso.com/annualreport
The Progress Book (in English, Finnish and Swedish) and the Financial Report (in English) can be ordered as printed copies at www.storaenso.com/order
The Top 400 Annual Reports list by Report Watch:
http://www.reportwatch.net/annual-report-on-annual-reports-2015/top-400-annual-reports/
For further information, please contact:
Ulrika Lilja, EVP, Global Communications, tel. +46 72 221 92 28
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767
Hanne Karrinaho, Head of Financial Communications, tel. +358 40 766 9452
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market. storaenso.com
Stora Enso successfully issues two bonds
Stora Enso has successfully issued two bonds under its EMTN (Euro Medium Term Note) programme. The EUR 125 million ten-year bond pays a floating coupon of Euribor + 2.25%. The second one, EUR 25 million twelve-year bond pays a floating coupon of Euribor + 2.35%. There are no financial covenants. The sole lead manager for the deal was SEK (Swedish Export Credit Corporation).
The maturity of the bonds will extend Stora Enso’s weighted debt maturity profile, because Stora Enso has repurchased the remaining EUR 190 million in its bond issued in 2009 with a floating rate note with a coupon of Euribor +4.21% maturing in 2016. The total cost of the transactions is approximately negative EUR 5 million, which will be recorded under financial items in the third quarter 2015 results.
Stora Enso will use the proceeds of the new loans to finance its operations in Sweden, where the Group employs about 5 000 people and operates five paper and board mills, one pulp mill and two sawmills. Stora Enso has recently opened an innovation centre for biomaterials in the Stockholm area in order to host research, product application, business development, and strategic marketing.
“We have a good long-term relationship with Swedish Export Credit Corporation (SEK). We are delighted that SEK, through this agreement, will support the financing of our operations in Sweden. The terms of the loan are competitive, and through this transaction we enhance our maturity profile in an efficient way,” says CEO Karl-Henrik Sundström.
For further information, please contact:
Seppo Parvi, CFO, tel. +358 2046 21205
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market. www.storaenso.com
Stora Enso to divest its Barcelona mill in Spain
Stora Enso has signed an agreement to divest its Barcelona mill, which produces recycled-fibre based consumer board, to the private equity fund Quantum. The transaction is in line with Stora Enso’s strategy to focus its consumer board offering on high quality virgin-fibre products.
The initial cash consideration for the divestment of the shares is approximately EUR 10 million, subject to customary closing day adjustments. The transaction has no material income statement impact and is expected to be completed in the fourth quarter of 2015, subject to regulatory approvals.
“Stora Enso is focusing its consumer board offering on high quality virgin-fibre products. The Barcelona mill is the only recycled-fibre based mill in our Consumer Board division. Despite positive results development in recent months, the Barcelona mill requires further development effort and investment if it is to remain on a profitable path. I believe that the mill can operate more efficiently under the new ownership,” says Jari Latvanen, Head of Consumer Board division.
Based on the annual figures for 2014, the divestment is expected to reduce Stora Enso’s annual sales by EUR 117 million and simultaneously decrease Stora Enso’s annual board production capacity by approximately 195 000 tonnes. The transaction does not have material impact on Stora Enso’s operational EBIT and cash flow going forward and it will improve operational EBIT and EBITDA margins slightly. The Barcelona mill employs approximately 220 people.
About Quantum
Quantum Capital Partners is a German Private Equity fund headquartered in Munich. Quantum focuses on corporate spin-offs and carve-outs in which the acquisition target has a turnover between EUR 20 and 500 million and can benefit from Quantum’s operational experience. Quantum has completed a series of successful transactions with leading global corporations such as BOSCH, BASF and AIRBUS Group. Quantum’s current portfolio consists of seven companies, with a combined turnover of some EUR 350 million. Quantum commands a newly established fund of more than EUR 57 million and is an active investor in the industry, having completed five transactions in 2014 and two in 2015. www.quantum-capital-partners.com/
For further information, please contact:
Ulrika Lilja, EVP Global Communications, tel. +46 72 221 9228
Ulla Paajanen-Sainio, SVP Investor Relations, tel. +358 40 763 8767
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market. www.storaenso.com
Stora Enso to close its packaging unit in Chennai, India
Stora Enso plans to permanently shut down the Group’s corrugated packaging converting unit in Chennai, India, due to unprofitability and a major decrease in local market demand.
The mill closure will involve negotiations with the local employees’ union. The mill employs 350 people, who will receive compensation and other support including training, medical care and assistance in finding new employment.
The packaging unit in Chennai has been part of Stora Enso since July 2011, following the Group’s acquisition of 51% of the shares in Inpac International in China. Today, Stora Enso Inpac offers fibre-based packaging solutions. Chennai Mill in India produces transport and consumer packaging made of corrugated board, for sale primarily in Chennai and Tamil Nadu region.
The total negative impact on Stora Enso’s operating profit in the second quarter of 2015 will be approximately EUR 8 million, mainly related to a restructuring provision. Excluding this one-time impact, the closure will not have a material impact on Stora Enso’s sales and operational EBIT.
For further information please contact:
Ulrika Lilja, EVP, Global Communications, tel. +46 72 221 92 28
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market. www.storaenso.com
Stora Enso sets new financial targets for the Group and divisions
All Stora Enso's five divisions will have financial targets set in order to support the Group in attaining its strategic goal.
Stora Enso has defined clear strategic targets for each division. The targets will enable the markets to better follow each division’s performance, while guiding the divisions in the implementation of the Group’s strategy – as it transforms itself from a traditional paper and board producer to a customer focused renewable materials company. As Stora Enso’s divisions operate in very distinct business environments, the targets will vary between the divisions.
The key divisional financial target is the Return on Operating Capital (ROOC) percentage – with the exception of the Paper division, which has Free Cash Flow to Net Sales, because its target focuses on the division’s cash flow generation. The targets are defined to be ambitious but reachable within a 5 year planning horizon.
STORA ENSO’S FINANCIAL TARGETS
| KPI | Target | |
| Group | Dividend | To distribute 50% of net income over the cycle |
| ROCE | >13% | |
| Net Sales growth excl. Paper | To grow faster than the relevant market | |
| Net Debt / Operational EBITDA | 3.0x | |
| Fixed Costs / Sales ratio | 20% | |
| Debt/equity ratio | 80% | |
| Consumer Board | ROOC | >20% |
| Packaging Solutions | ROOC | >20% |
| Biomaterials | ROOC | >15% |
| Wood Products | ROOC | >18% |
| Paper | Free Cash Flow to Net Sales | >7% |
ROCE = Return on Capital Employed
ROOC = Return on Operating Capital
For further information, please contact:
Seppo Parvi, CFO, tel. +358 2046 21205
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767
Ulrika Lilja, EVP, Global Communications, tel. +46 72 221 92 28
Hanne Karrinaho, Head of Financial Communications, tel. +358 40 766 9452
www.storaenso.com
www.storaenso.com/investor
Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wood and paper. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market.
Stora Enso and NXP to develop intelligent packaging solutions
Stora Enso's packaging businesses are in a phase of rapid development. Stora Enso and NXP have begun co-operation on intelligent packaging solutions. To enhance the development a new Innovation Centre will open in Helsinki later this year. First commercial products are ready in the micro-fibrillated cellulose (MFC) business.
Co-operation with NXP
Stora Enso and NXP Semiconductors have entered into joint development of intelligent packaging solutions. The development will focus on integrating RFID (Radio frequency identification) into packages for consumer engagement and supply chain purposes. The collaboration will also focus on brand protection and the development of tamper evidence applications. These solutions will benefit both consumers and brand owners.
By using NXP RFID technology such as near field communication (NFC) and ultra-high frequency (UHF), Stora Enso will in the future have smart packages that can be easily tracked and traced through the entire supply chain providing full end-to-end transparency. The integrated technology will also be able to detect if the intelligent package has been tampered with en route to the consumer and, once in the hands of the consumer, could provide additional information and interaction through an NFC-enabled smart phone. This visibility and insight is critical for brands and major manufacturers to ensure their products are being shipped and handled correctly. For consumers the benefits are two-fold; the intelligent packaging will be able to verify the authenticity of the product and also provide care, usage and other important information via the NFC-enabled tag.
“The co-operation with NXP offers substantial business opportunities for Stora Enso. We have already worked on several concept cases with customers and partners within intelligent packaging. The co-operation with NXP will enable us to bring this development closer to market and provide faster scalability in intelligent paper and board solutions,” says Karl-Henrik Sundström, CEO, Stora Enso.
“Our RFID technology in combination with Stora Enso’s packaging solutions creates additional value to both consumers and brand owners by providing information and insights along the complete supply chain,” says Ruediger Stroh, EVP & GM Security & Connectivity and Member of the International Board of Management, NXP Semiconductors. “The ability of the RFID tag to detect when a package has been compromised and also provide additional product information via NFC truly enables a unique, smart, engaging brand experience and is another example of how security can be broadly implemented to protect our everyday lives.”
Commercial phase for micro-fibrillated cellulose (MFC)
Commercial activity at Stora Enso’s MFC pre-commercial production plant at Imatra, Finland started in early 2015. This is the world’s largest MFC facility and now provides raw material for selected commercial consumer board solutions enabling lighter weight packaging. The development of MFC solutions continues with a focus on source reduction and even more sustainable fibre based packaging using less raw material, as well as barrier coating solutions for grease and oxygen barriers. In the future, it could additionally provide biodegradable aluminium film replacement.
Innovation Centre
Stora Enso’s packaging businesses will open an Innovation Centre at the Group’s head office in Helsinki. The cross-functional centre will offer a stimulating space for customers seeking new ideas in packaging. The focus will be on idea generation, design, new business development and incubation. The space is also designed to host product launches and stakeholder events and there will be a prototype and sample laboratory with state-of-the-art equipment. The official opening will take place later this year.
Capital Markets Day webcast
Stora Enso’s Capital Markets Day takes place in London today. You are welcome to follow the presentations focusing on Stora Enso’s packaging business and innovation in a live webcast starting at 13.00 UK time (14.00 CET, 15.00 EET, 08.00 EDT). Watch at http://edge.media-server.com/m/p/nvkju4nc.
For further information, please contact:
Ulrika Lilja, EVP, Global Communications, tel. +46 72 221 92 28
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767
Hanne Karrinaho, Head of Financial Communications, tel. +358 40 766 9452
About NXP Semiconductors
NXP Semiconductors N.V. (NASDAQ: NXPI) creates solutions that enable Secure Connections for a Smarter World. Building on its expertise in High Performance Mixed Signal electronics, NXP is driving innovation in the application areas Connected Car, Security, Portable & Wearable and Internet of Things. NXP has operations in more than 25 countries, and posted revenue of USD 5.65 billion in 2014. Find out more at nxp.com.
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market. storaenso.com
Stora Enso utilizes Metso's valve know-how in its Varkaus Mill rebuild in Finland
Metso will supply altogether hundreds of valves for Stora Enso's conversion of the Varkaus Mill fine paper machine in Finland to light-weight containerboard. In addition, Metso has carried out an installed base audit of its valves in the recycled fiber plant. The analysis ensures applicability and future performance of the valves in the rebuild. Metso also takes care of the spare part inventory services to the mill.
The valve delivery contains Metso's Neles® ball valves, V-port segment valves and triple eccentric Neldisc® butterfly valves for on-off and control applications. The control valves are equipped with Metso's ND9000 series intelligent valve controllers, which have capability for advanced performance follow-up. They also allow predictive maintenance planning activities.
In the installed base audit of its valves conducted in the recycled fiber plant in Varkaus, Metso analyzed the applicability of the valves for the plant's process and made recommendations for future maintenance needs. Properly scheduled maintenance activities with the spare part inventory services support mill availability, process performance and enhance risk control.
"Stora Enso and Metso have a long-term relationship in the Varkaus Mill. We are pleased that Stora Enso counts on our expertise to meet their valve solutions needs. In addition to the valve supply contract, the results of Metso's audit ensure that they can utilize the existing valve equipment in the containerboard machine, and the necessary maintenance measures can be foreseen and scheduled. Our spare part inventory services ensure that critical parts are available for them. This will bring cost savings and will ensure optimum process efficiency," emphasizes Marko Lindeman, Sales Director, Pulp and Paper industry in Finland, Metso.
Metso and Stora Enso have a long-term relationship. Metso's flow control solutions are contributing to Stora Enso's process efficiency at several plants globally.
The order was included in Metso's first-quarter 2015 and 2014 fourth-quarter orders received. The values of the orders are not disclosed. The rebuilt containerboard machine is scheduled to start up during the fourth quarter of 2015.
Leading flow control offering and service solutions to pulp and paper customers
Metso has a long track record of delivering engineered performance and reliability to the pulp and paper industry. Metso is the market leader in control and on-off valves for pulp and paper customers globally - about 75% of the world's pulp flows through Metso's valves. Additionally, Metso is one of the leading suppliers of intelligent valve controllers.
Metso has strong pulp and paper industry expertise in valve solutions, and its comprehensive value-added services improve customers' process efficiency. Metso's flow control offering and services for the pulp and paper industry focus on three main areas: solving technical and process issues, improving business performance, and managing a business area. Today Metso has more than 40 valve and field device service centers worldwide.
Metso's valve technology centers and valve production facilities are located in Finland, the United States, Germany, China, South Korea, India and Brazil.
Stora Enso in brief
Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wood and paper. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market.
Metso is the world's leading industrial company in the mining and aggregates industries and in the flow control business. Our knowledge, people and solutions help drive sustainable improvements in performance and profitability in our customers' businesses.
Metso has an uncompromising attitude towards safety. Our products range from mining and construction equipment and systems to industrial valves and controls. Our solutions are delivered and supported by decades of process knowledge and a broad scope of services backed by a global footprint of over 90 service centers, thousands of service employees, and an extensive logistics network.
Metso is listed on the NASDAQ OMX Helsinki, Finland. In 2014, Metso's net sales totaled EUR 3.7 billion. Metso employs approximately 14,000 industry experts in more than 50 countries. Expect results.
www.metso.com, www.twitter.com/metsogroup
For further information, please contact:
Marko Lindeman, Sales Director, Pulp and Paper industry in Finland, Flow Control, Metso, Tel. + 358 20 483 6008, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Jussi Ollila, Vice President, Global Marketing and Communications, Metso Corporation, Tel. +358 20 484 3212, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Stora Enso appoints new Head of Communications for Paper Division and Finnish media relations
Stora Enso has appointed Liisa Nyyssönen as SVP Communications for the Paper division and Finnish media. Liisa Nyyssönen joins Stora Enso from Ahlstrom Corporation where she has worked as Vice President, Group Communications since 2011. Prior to Ahlstrom she worked as ICT and media sector consultancy lead at Hill and Knowlton Helsinki. Before that she held several communications leadership positions at Nokia.
“I am pleased to welcome Liisa to Stora Enso’s communications team. Her broad experience in media relations, communications strategies and coaching brings a valued addition to our team. Liisa will have a strong role in building our media relations in Finland,” says Ulrika Lilja, EVP Global Communications.
Liisa Nyyssönen will join Stora Enso at the latest in June 2015 and she will report to Ulrika Lilja. She will be based in Helsinki.
For further information, please contact:
Ulrika Lilja, EVP Global Communications, tel. +46 1046 71668
www.storaenso.com
www.storaenso.com/investors
Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wood and paper. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market.