Helsinki, Finland, 03 December 2009 -- Stora Enso has been ordered to pay a EUR 30 million penalty for collaboration and exchange of information with other forest products companies concerning prices for purchasing roundwood in Finland from 1997 to 2004.
In its ruling issued today, the Finnish Market Court found that Stora Enso, UPM-Kymmene, and Metsäliitto Cooperative had infringed the Act on Competition Restrictions by exchanging detailed information. Although the companies had not been proved to have agreed prices for purchasing roundwood, the Market Court regarded the collaboration as intended to stabilize roundwood prices. In the opinion of the Market Court, no specification of the economic benefit of the infringement of competition restrictions had been presented. Initially, the Competition Authority had proposed in 2006 that a EUR 30 million penalty payment be imposed on Stora Enso.
Stora Enso will examine the ruling and then decide whether to appeal to the Supreme Administrative Court. No provision has been made in Stora Enso's accounts for this matter. Stora Enso will record a EUR 30 million negative nonrecurring item related to it in its fourth quarter 2009 results.
Stora Enso is a world leader in forest industry sustainability, offering customers solutions based on renewable raw materials. Stora Enso is included in the Global 100 list of the world's most sustainable companies. Stora Enso also is listed in the Dow Jones Sustainability Index, the FTSE4Good Index, and the Climate Disclosure Leadership Index. Stora Enso employs 29,000 people worldwide; 2008 sales amounted to EUR 11.0 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 United States as ADRs (SEOAY) in the International OTCQX over-the-counter market. For more information, visit www.storaenso.com