Stora Enso Withdraws from Consumer Board Project in China
Stora Enso (NYSE:SEO) today announced that after detailed due diligence process, Stora Enso has decided to withdraw from the previously announced project in consumer board production in China. A letter of intent to start a joint venture with Chinese Foshan Huaxin Packaging Co., Ltd. was signed in August 2005.The decision to withdraw was taken after the due diligence process revealed that the project would not meet the profitability expectations set by Stora Enso because technical modification of the machine would be more challenging than initially estimated. The total cost of due diligence