Stora Enso to restart production at Sunila Pulp Mill
STORA ENSO OYJ STOCK EXCHANGE RELEASE 30 November 2009 at 07.30 GMT
Stora Enso is restarting production at Sunila Pulp Mill in Finland.
The state of the pulp market has improved since the beginning of the summer.
However, uncertainties remain concerning trends in the market, the profitability
of Sunila Mill in the long term and the availability of reasonably priced wood
in Finland. Next spring Stora Enso will therefore reassess the option of
permanently closing down Sunila Pulp Mill.
Following the decision to restart production at Sunila Pulp Mill, Stora Enso is
releasing approximately EUR 10 million of restructuring provision recorded in
the third quarter of 2009. The amount released will be recorded as a positive
non-recurring item in the fourth quarter 2009 financial results.
“We are very aware that although the mill is being restarted, for the employees
uncertainty will persist, and we very much regret that. However, we think this
is on the whole the best alternative for our employees. We hope long-term
measures will soon be found to secure the viability of the forest products
industry in Finland and a lasting favourable solution concerning Russian wood
duties can be reached. Solutions to those issues could extend the economic life
of Sunila Mill,” says Juha Vanhainen, Country Manager, Finland.
Sunila Pulp Mill at Kotka has been temporarily shut down since April 2009. The
co-determination negotiations that commenced when the initial closure plans were
announced in August 2009 have concluded, and production at the mill is scheduled
to resume by the end of the year.
For further information, please contact:
Juha Vanhainen, Country Manager Finland, tel. +358 2046 21343
Jouni Kostama, Mill Manager, Sunila, tel. +358 5 229 8220
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 40 763 8767
Päivi Kauhanen, Director, Communications in Finland, tel. +358 2046 21292
www.storaenso.com
www.storaenso.com/investors
Stora Enso is the world leader in forest industry sustainability. We offer our
customers solutions based on renewable raw materials. Our products provide a
climate-friendly alternative to many non-renewable materials, and have a smaller
carbon footprint. Stora Enso is included in the Global 100 list of the world's
most sustainable companies. Stora Enso is also listed in the Dow Jones
Sustainability Index, the FTSE4Good Index, and the Climate Disclosure Leadership
Index. Stora Enso employs 29 000 people worldwide, and our sales in 2008
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 USA as ADRs (SEOAY) in the International OTCQX
over-the-counter market.
STORA ENSO OYJ
Jari Suvanto Ulla Paajanen-Sainio
