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Andritz Initiates Arbitration Proceedings
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Helsinki, Finland, 02 June 2014 -- (GLOBE NEWSWIRE) -- Celulosa y Energía Punta Pereira S.A. (“CEPP”), a joint-venture company in the Montes del Plata group formed by Stora Enso and Arauco, has been notified of arbitration proceedings initiated against it by Andritz Pulp Technologies Punta Pereira S.A., a subsidiary of Andritz AG, claiming EUR 200 million. The arbitration relates to contracts for the delivery, construction, installation, commissioning and completion by Andritz of major components of the Montes del Plata pulp mill project located at Punta Pereira in Uruguay. CEPP disputes the claims brought by Andritz and will also actively pursue claims of its own against Andritz for breach by Andritz of its obligations under the contracts.

No provisions have been made concerning the arbitration proceedings.

Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. We always rethink the old and expand to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 29 000 people worldwide, and our sales in 2013 amounted to EUR 10.6 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) in the International OTCQX over-the-counter market.

 


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