Stora Enso Divests Packaging Machine Producer Formeca in Finland
Formeca Oy designs, produces, and markets high-quality packaging machines and production lines.
Jan. 2, 2017 - Stora Enso today announced the divestment of its 100% shareholding in its Finnish subsidiary Formeca Oy, a provider of high-quality machines for automated packaging lines, to Amitec Oy, an engineering and machine construction company based in Finland.
Following this transaction, Stora Enso will become a reseller of Formeca machines and retain the ability to support and consult customers on packaging automation solutions.
“Supported by Amitec's dedicated competence in this field, Stora Enso will be able to serve customers even more effectively,” said Peter Torstensson, SVP and Head of Corrugated Nordics, Division Packaging Solutions. “In addition, Amitec has the necessary strength to further develop Formeca and ensure its business progress.”
The transaction is a share deal and will have a limited financial impact.
After the divestment, a few employees will transfer to Stora Enso to strengthen packaging automation support for its customers, while the rest of the Formeca personnel will remain in Formeca's employ, Stora Enso noted.
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