Stora Enso and Packages Ltd. Complete Agreement
Helsinki, Finland 31 May 2013 -- Stora Enso and Packages Ltd. have completed the process of establishing a joint venture called Bulleh Shah Packaging (Private) Limited as announced on 18 September 2012. Stora Enso’s initial shareholding is 35% with a commitment to increase the shareholding at the agreed value to 50% at a later stage subject to certain conditions being met. The agreed value for 100% of the joint-venture company is approximately USD 108 million (EUR 83 million) on a cash and debt free basis. The cash consideration for the 35% shareholding amounted to approximately USD 39 million (EUR 30 million) in the second quarter of 2013. 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 28 000 people worldwide, and our sales in 2012 amounted to EUR 10.8 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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