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Stora Enso Sells Shuttered Finnish Mill to Google

Feb. 12, 2009 - Stora Enso said that it has signed an agreement to sell the buildings and most of the Summa Mill site in Finland to Google for approximately EUR 40 million.

Stora expects the deal to close by the end of the first quarter 2009.

Google said that it plans to build a data center, or what is also know as a "server farm," at the site.

The Summa mill, which had an annual capacity of 270,000 tons of newsprint and 80,000 tons of uncoated magazine paper, was permanently closed at the end of January 2008. The mill relied on imported wood fiber as its raw material, making it a high cost operation that resulted in mounting losses for Stora Enso.

The mill had employed 450 people.

Stora Enso and Google have agreed that part of the mill site will be further transferred to the City of Hamina for other industrial uses.

SOURCE: Stora Enso




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