Stora Enso Shuts down Coated Magazine Paper Machine in Finland
March 31 2014 - 3:04AM
STORA ENSO OYJ STOCK EXCHANGE RELEASE 31 March 2014 at 10.00 EET In
January 2014, Stora Enso announced that it planned to permanently
shut down paper machine 1 (PM 1) at Veitsiluoto Mill in
Finland, due to structural weakening of magazine paper demand in
Europe. Co-determination negotiations with employees at the mill
have now concluded and PM 1 will be permanently shut down by
the end of April 2014. The shutdown will affect 88 employees.
PM 1 has an annual capacity of 190 000 tonnes of coated
magazine paper. The shutdown will decrease Stora Enso's coated
mechanical paper capacity by about 15%, which represents about 2%
of total European coated mechanical paper capacity. Stora Enso will
be able to serve its NovaPress customers from Veitsiluoto Mill
PM 5 and from Kabel Mill in Germany. Stora Enso will make
every effort in co-operation with the local community to help the
affected personnel find new employment opportunities, and all job
openings in other Stora Enso units will be available to those
affected.
For further information, please contact:
Karl-Henrik Sundstrom, EVP, Printing and Living, tel. +46 1046
71660 Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046
21242 Ulrika Lilja, SVP Communications, Printing and Living, tel.
+46 72 221 92 28 www.storaenso.com www.storaenso.com/investors
Stora Enso is the global rethinker of the paper, biomaterials,
wood products and packaging industry. We always rethink the old and
expand to the new to offer our customers innovative solutions based
on renewable materials. Stora Enso employs some 28 000 people
worldwide, and our sales in 2013 amounted to EUR 10.5 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
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