Stora Enso to acquire majority interest in Intercell of Poland

STORA ENSO OYJ Stock Exchange Release 29 October 2004 at 09.00

Stora Enso to acquire majority interest in Intercell of Poland

Stora Enso will acquire 66% of the shares in the Polish packaging 
producer Intercell S.A. from private shareholders and the 
International Finance Corporation. The acquisition is expected to 
be closed by the end of 2004, subject to approval by regulatory 

The Polish State Treasury owns the balance of the shares in 
Intercell. In February 2004 the Polish State Treasury announced 
its intention of privatising its shareholding in the Company.

The acquisition is part of Stora Enso’s strategy of increasing its 
Packaging Boards operations. The transaction will expand Stora 
Enso’s corrugated packaging business and strengthen its presence 
in the fast-growing Polish market. 

Intercell is one of Poland’s biggest corrugated packaging 
companies, with integrated operations from waste paper collection 
to corrugated packaging production. The Company has three 
corrugated packaging plants in Poland, as well as one sack factory 
in Poland and one in Serbia. Intercell’s paper and board mill at 
Ostroleka, Poland has an annual production capacity of about 
250 000 tonnes of containerboard and sack and kraft paper. Its 
annual corrugated packaging capacity is about 250 million m2. In 
2003 Intercell’s sales were EUR 150 million, 60% of which was from 
packaging and 40% from containerboards and paper. Its EBITDA in 
2003 was EUR 27 million. The Company employs about 1 700 people. 
Intercell also operates Poland’s largest recycled paper collection 
business, covering approximately 15% of the business in Poland.

International Finance Corporation, based in Washington D.C., is 
the private sector investment arm of the World Bank Group. It 
holds 12.4% of the shares in Intercell. 

For further details, please contact:
Pekka Laaksonen, Senior Executive Vice President, Stora Enso 
Packaging Boards,  
tel. +358 2046 21218
Veli-Jussi Potka, Senior Vice President, Business Development, 
Stora Enso Packaging Boards, 
tel. +358 2046 21486
Kari Vainio, Executive Vice President, Corporate Communications, 
tel. +44 7799 348 197
Keith B Russell, Senior Vice President, Investor Relations, tel. 
+44 20 7016 3146


Jyrki Kurkinen   Ulla Paajanen-Sainio