Helsinki, Finland 22 May 2014 -- (GLOBE NEWSWIRE) -- Stora Enso has acquired 405 shares in Bergvik Skog, a Swedish forest company, from SPP Livförsäkring for SEK 2.2 million per share, or in total SEK 891 million (EUR 99 million). The transaction increases Stora Enso’s shareholding from 43.26% to 49% in the company. Stora Enso will continue to account for Bergvik Skog as an equity accounted investment following the transaction.
Bergvik Skog is a strategic asset for Stora Enso. Bergvik Skog’s forests are well located close to Stora Enso’s Swedish mills. This transaction underlines Stora Enso’s long-term engagement in Bergvik Skog and the importance to Stora Enso of securing stable access to wood raw material near the mills.
About Bergvik Skog
Bergvik Skog owns approximately 2.3 million hectares of land in Sweden and about 0.1 million hectares in Latvia and is one of Europe’s largest private-sector forest owners. Bergvik Skog’s forests are certified. In addition to wood fibre sales the company leases out land for hunting and fishing, etc. Bergvik Skog annually produces about 60 million seedlings in its three nurseries. The company supports the transition to increased utilisation of renewable energy by developing wind farms and by leasing out land for wind turbines.
Bergvik Skog AB (publ) was founded in 2004 to acquire Stora Enso’s and Korsnäs’ forestland in Sweden.