Stora Enso acquires remaining minority shareholding in former Sylvester
STORA ENSO OYJ Stock Exchange Release 16 March 2005 at 9.15
Stora Enso acquires remaining minority shareholding in former
Sylvester
Stora Enso Timber has acquired the remaining 34% shareholding in
the Estonian Stora Enso Timber AS, former AS Sylvester,
according to the original purchase agreement, and thus has
gained 100% ownership of the company. The purchase price is
about EUR 42 million.
In February 2003 Stora Enso Timber acquired 66% of Sylvesters
sawmilling operations which later formed Stora Enso Timbers
Baltic Production Group. At the same time Stora Enso acquired
100% of Sylvesters wood procurement operations. The total
purchase price was EUR 121.7 million.
Stora Enso Timbers production assets in Baltic countries
include four sawmills and a component mill in Estonia, one
sawmill in Latvia and one in Lithuania. The total production
capacity is 1.4 million cubic metres of sawn wood products, of
which 0.5 million cubic metres is further processed. The latest
investments include a glue laminated beam mill in Imavere and a
planing line in Paikuse. Both mills are located in Estonia and
will commence production during summer 2005.
For further information, please contact:
Peter Kickinger, Executive Vice President, Stora Enso Timber,
tel. +358 2046 21806
Seppo Vainio, Director, Baltic Production Group, Stora Enso
Timber, tel. +358 400 701 504
Kari Vainio, Executive Vice President, Corporate Communications,
tel. +44 7799 348 197
Keith B Russell, Senior Vice President, Investor Relations, tel.
+44 7775 788 659
www.storaenso.com
Previous press releases concerning Stora Ensos Sylvester acquisition
available at www.storaenso.com/press
- 15 August 2002: Stora Enso Timber to acquire Estonian sawmilling company
- 19 December 2002: Stora Enso Timber signs agreement to acquire Sylvester
- 21 February 2003: Stora Ensos Sylvester deal approved by competition
authorities
STORA ENSO OYJ
p.p. Jukka Marttila Anu Vesmanen