Stora Enso to Sell Its Sheeting Business in Baienfurt, Germany to Pyroll
"This divestment supports Stora Enso's growth strategy for its consumer board business . . . Running sheeting centre operations is not part of Stora Enso's core business."
Nov. 22, 2017 - Stora Enso has signed an agreement to divest its sheeting centre business in Baienfurt, Germany to Pyroll, a Finnish converting firm. The sheeting centre operations started in April 2009 and is 100% owned by Stora Enso.
Financial terms of the deal were not disclosed.
The sheeting centre employs approximately 60 people excluding outsourced personnel and had sales of EUR 15 million in 2016.
In a press release, Stora Enso said, “This divestment supports Stora Enso's growth strategy for its consumer board business, where the focus is to generate value to customers by being the global benchmark in high quality virgin fibre carton board. Running sheeting centre operations is not part of Stora Enso's core business.
“The new owner has sheeting operations as its core and is in a better position to further develop Baienfurt. Stora Enso will remain a key customer to the Baienfurt sheeting centre.”
The transaction is expected to be completed during the first quarter of 2018 and it is not expected to have any significant effect on the net debt or financials of Stora Enso.
Pyroll is one of the leading paper, cardboard, paperboard, and plastic converters in the Nordic countries. Today Pyroll employs nearly 600 people, and turnover is about 100 million euros. Operations are divided into three business branches: Pyroll Packages, Pyroll Paper Merchant, and Pyroll Converting.
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets. To learn more, please visit: www.storaenso.com.
SOURCE: Stora Enso