Displaying items by tag: Stora Enso

Stora Enso has signed a new EUR 700 million committed credit facility agreement with a syndicate of 16 banks, refinancing the existing EUR 1 400 million facility. The new facility matures in January 2014, and will be used as a backup for general corporate purposes. The loan has no financial covenants. The margin is based on a ratings grid, and at the current rating of BB/Ba2 the margin is 1.75% p.a. over Euribor.

Bookrunners and Mandated Lead Arrangers for the transaction are BNP Paribas, Citi, Goldman Sachs International, Nordea and The Royal Bank of Scotland PLC.

Mandated Lead Arrangers are Banc of America Securities Limited, Barclays Capital, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG London Branch, DnB NOR Bank ASA, Handelsbanken, HSBC Bank plc, JP Morgan plc, Pohjola Bank plc, SEB and UBS Investment Bank.

"We are pleased with the continued support and commitment of our relationship banks. The rationale for refinancing was to take advantage of prevailing market conditions and prolong the maturity," says Jyrki Tammivuori, SVP, Group Treasurer.

For further information, please contact:

Jyrki Tammivuori, SVP, Group Treasurer, tel. +358 2046 21043
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242

www.storaenso.com
www.storaenso.com/investors

Stora Enso is a global paper, packaging and wood products company producing newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging and wood products. The Group 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 listed in the Dow Jones Sustainability Index and the FTSE4Good Index. Stora Enso employs some 27 000 people worldwide, and our sales in 2009 amounted to EUR 8.9 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's www.storaenso.com/globalresponsibility web pages have won the European Excellence Award 2010 in the category of websites. The European Excellence Award competition focuses on outstanding achievements in different fields of communications. This year's Awards attracted an unprecedented number of over 1 450 entries. The paper,packaging,woodaward was handed over on 9 December 2010 in Prague.

Stora Enso's Global Responsibility website and a related Facebook page were launched in April 2010 to offer an open forum for straight talk about corporate responsibility. One of the highlights of the website is a dialogue between Sini Harkki of Greenpeace and Stora Enso's CEO Jouko Karvinen. The site also features comments from a CarrotMob representative, a forest owner, and a plantation specialist discussing various challenging topics related to responsibility.

"People have a lot of questions and concerns about how wood and paper are used today, the future fate of forests, and human rights in the context of plantations. We want to address these questions openly, and this is why we created the Global Responsibility web pages," says Lauri Peltola, Stora Enso's Head of Global Responsibility and Group Communications."We're extremely pleased with this recognition. For us it is a sign that our open way of communicating with our stakeholders is the right way to go forward."

Please visit:
www.storaenso.com/globalresponsibility
www.facebook.com/globalresponsibility

Read more about the European Excellence Awards
http://www.excellence-awards.eu/

Stora Enso is a global paper, packaging and wood products company producing newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging and wood products. The Group 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 listed in the Dow Jones Sustainability Index and the FTSE4Good Index. Stora Enso employs some 27 000 people worldwide, and our sales in 2009 amounted to EUR 8.9 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.

source:STORA ENSO OYJ

Stora Enso is investing EUR 30 million in its newsprint machine at Sachsen Mill in Germany. This project to improve paper quality is scheduled to be completed by the end of the second quarter of 2012.                                       

“This investment will enable Sachsen Mill to satisfy its customers' increasing quality demands, especially for lower grammage grades. The paper quality and productivity improvement will further enhance the mill's overall competitiveness in the challenging newsprint market situation in Europe,” says Juha Vanhainen, EVP, Publication Paper Business Area.                                           

For further information, please contact:                                        
Juha Vanhainen, EVP, Publication Paper Business Area, tel. +358 2046 21343      
Lauri Peltola, Head of Communications and Global Responsibility, tel. +358 2046 21380                                                                           
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242

About Stora Enso

Stora Enso is a global paper, packaging and wood products company producing newsprint and book paper, magazine paper, fine paper, consumer board,industrial packaging and wood products. The Group 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 listed in the Dow Jones Sustainability Index and the FTSE4Good Index. Stora Enso employs some 27 000 people worldwide, and our sales in 2009 amounted to EUR 8.9 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 will exercise its right to redeem all of the USD 421 million bond maturing in May 2011 through a make whole process. The bond will be redeemed on 9 December 2010.                                                

“The reason for the make whole is to manage cash efficiently and proactively. Because of our strong liquidity, we are able to exercise our right to redeem the entire bond five months prior the date on which it was due for repayment,” says Stora Enso CFO Markus Rauramo.                                                  

For further information, please contact:                                        
Jyrki Tammivuori, SVP, Group Treasurer, tel. +358 2046 21043                    
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242          

Company Info:
Stora Enso is a global paper, packaging and wood products company producing newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging and wood products. The Group 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 listed in the Dow Jones Sustainability Index and the FTSE4Good Index.

Stora Enso employs some 27 000 people worldwide, and our sales in 2009 amounted to EUR 8.9 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.

“Another strong earnings performance - time to build our future”

“The third quarter was yet another proof point of Stora Enso in action, determined to build a business that creates value for our shareholders. A very significant part of our earnings improvement again came through early cost reductions and active management of both pricing and customer mix. Only this year we are permanently removing about 700 000 tonnes of paper capacity or four machines in Europe, a demonstration of our commitment to do what it takes to improve our cost position and productivity. The recent quarters should also prove that our actions are starting to pay off.

“We are also continuing to build the future of Stora Enso in line with our strategy of fibre-based packaging and plantation-based pulp in growth markets, as well as a focussed competitive paper portfolio. We have been tested in unforeseen ways during the past few years, and now we are coming out stronger through our own actions. That is a good starting point for the next part of our journey.

“As a concrete sign of the next part of our journey, we have today announced the acquisition of the majority shareholding in Chinese packaging company Inpac International, which is strategically a perfect fit for our portfolio. The acquisition offers us an excellent opportunity to increase our presence in China and India, the two fastest-growing consumer packaging markets in the world.

“Looking into the fourth quarter, the market outlook remains generally favourable, but pressure on variable costs, seasonal demand weakness in some products and maintenance stoppages are expected to decrease our fourth quarter earnings quarter-on-quarter. As before, these challenges will only make us strive harder to improve the things we can influence ourselves.”

For further information, please contact:
Jouko Karvinen, CEO, tel. +358 2046 21410
Lauri Peltola, Head of Communications and Global Responsibility, tel. +358 2046 21380
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242

Stora Enso has signed an agreement to acquire 51% of the Chinese packaging company Inpac International. Inpac is a packaging company with production operations in China and India, and service operations in Korea. Inpac specialises in manufacturing consumer packaging, especially for global manufacturers of mobile phones and other consumer goods. The enterprise value of the company is EUR 82 million. In 2009 Inpac's sales were EUR 82 million and EBITDA EUR 16 million.

“This joint venture is an important step on the path to our future offering strong synergies with our existing Stora Enso consumer packaging businesses in Europe. This step supports our effort to become a market and consumer need driven renewable materials company - with access to the two fastest-growing consumer packaging markets globally,” says Stora Enso CEO Jouko Karvinen.

“We believe that this acquisition provides an excellent opportunity to enhance our presence in China and India, and strengthen our existing relationships with customers and brand owners by supplying packaging directly to them in these markets, as well as Europe,” says Mats Nordlander, Stora Enso Executive Vice President, Packaging and Asia Pacific.

“We are very pleased to be joining forces with Stora Enso. By combining our skills and knowledge through this partnership, we can continue to develop this packaging company further and serve global brand owners with innovative packaging solutions,” says Inpac Chairman Guo Cai.

Inpac's main production plants are at Qian'an in northern China, Dongguan in southern China and Chennai in India. The company has approximately 3 100 employees.

Stora Enso's annual operating profit is expected to be enhanced by EUR 11million. The all-cash acquisition is expected to be closed within six months, subject to approval by regulatory and competition authorities, and other customary closing conditions.

For further information, please contact:
Jouko Karvinen, CEO, tel. +358 2046 21410
Mats Nordlander, EVP, Packaging and Asia Pacific, tel. +46 1046 72703
Lauri Peltola, Head of Communications and Global Responsibility, tel. +358 2046 21380
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242

Stora Enso is ranked the best Nordic company by the Carbon Disclosure Project (CDP) for its reporting on carbon emissions. The company received the highest scores in CDP's Carbon Disclosure Leadership Index (CDLI) that highlights companies with the most complete and professional approach to reporting on carbon management.

Stora Enso is also one of the five companies that are included in CDP's new  Carbon Performance Leadership Index (CPLI). This index complements the CDLI and features companies which have demonstrated commitment to their climate strategy, and most all, reduction in their carbon emissions.

“I am humbled by the recognition of Stora Enso as the best Nordic company on climate change disclosure. The inclusion of Stora Enso into the Carbon Performance Leadership Index together with four other companies, based on our actual carbon performance improvements will inspire us to continue on this important path,” says Jouko Karvinen, CEO.

The Carbon Disclosure Project's Nordic 200 report was launched today in Helsinki. The report ranks the 200 largest companies listed on the Nordic stock exchanges that have integrated climate change into a key part of their business strategies. The report is based on analysis of the companies' responses to CDP's 2010 questionnaire. Stora Enso has participated in the Carbon Disclosure Project since 2003.

About CDP
The Carbon Disclosure Project (CDP) is an independent non-profit organisation backed by over 534 institutional investors with a combined USD 64 trillion of assets under management. The CDP gathers information on corporations' greenhouse gas emissions, climate change related risks and opportunities, and sets standards for carbon disclosure methodology and processes. In 2010, over 3 000 corporations worldwide answered the CDP questionnaire.

For further information, please contact:
Eija Pitkänen, Head of Sustainability, Tel. +358 2046 21348
Heidi Puusa, Director, Group Identity and Sustainability Communications, Tel. +358 2046 21309

Stora Enso's Annual General Meeting (AGM) on 31 March 2010 decided to appoint a Nomination Board to prepare proposals concerning (a) the number of members of   
the Board of Directors, (b) the members of the Board of Directors, (c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors and (d) the remuneration for the Chairman and members of the committees of the Board of Directors.

The Nomination Board shall consist of four members: the Chairman of the Board of Directors, the Vice Chairman of the Board of Directors and two members appointed by the two largest shareholders (one each) according to the register of shareholders on 30 September 2010.

Stora Enso's Nomination Board has now been appointed. The composition of the Nomination Board is as follows: Gunnar Brock (Chairman of the Board of  Directors), Juha Rantanen (Vice Chairman of the Board of Directors), Marcus Wallenberg (appointed by shareholder Foundation Asset Management) and Keijo Suila (appointed by shareholder Solidium). Keijo Suila is the Chairman of the Nomination Board.

For further information, please contact:
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242

About Stora Enso

Stora Enso is a global paper, packaging and wood products company producing newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging and wood products. The Group 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 listed in the Dow Jones Sustainability Index and the FTSE4Good Index. Stora Enso employs some 27 000 people worldwide, and our sales in 2009 amounted to EUR 8.9 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's and Neste Oil's joint venture, NSE Biofuels Oy, is to commence environmental impact assessments for a commercial-scale biorefinery at Porvoo and at Imatra in Finland. The two locations are seen as potential alternative sites for a unit capable of producing approximately 200 000 tonnes of premium-quality renewable diesel per year from wood biomass.                    

“The results from the demonstration plant have been promising, but no decision on the possible commercial plant has been taken. The first full-scale commercial plant will represent an investment of at least EUR 500 million. Given the fact that we plan to use the latest technology, with all the challenges that brings, it is clear that major public support would be necessary to ensure the profitability of the project,” say Matti Lievonen, CEO of Neste Oil, and Jouko Karvinen, CEO of Stora Enso.

The entire production chain - from raw material, in the shape of wood biomass, all the way to biowax suitable for refining into renewable diesel - has been tested at the company's demonstration plant at Varkaus, which was commissioned in 2009. Trial runs will continue at the Varkaus facility until next year at least. Decisions on the future of the demonstration plant and the possible go-ahead for a commercial plant will be taken in the early part of next year when the relevant business plans and cost calculations have been completed.     

The public environmental impact assessment (EIA) will get under way in Porvoo and Imatra in early November and will last around a year. The Southeast Finland Centre for Economic Development, Transport and the Environment will act as the official body for the assessment. The choice of Porvoo and Imatra as possible locations for a commercial-scale plant is based on the local availability of the raw materials needed and the good logistic connections on offer. The existing plants of Neste Oil and Stora Enso at Porvoo and Imatra would among other things enable efficient year-round utilisation of heat energy generated in the biorefinery.

Details of the EIA process                                                      

The environmental impact assessment will focus on the potential impact of a biorefinery on the immediate environment and will not involve any decision-making related to the project. Residents, associations, organisations and others interested in the project based close to the Kilpilahti industrial area in Porvoo and Stora Enso's Imatra Mills will be able to take part in the assessment work.

In early November the official body for the assessment will post details of the EIA programme on the Internet and in printed format in Porvoo and Imatra for a period of two months, during which time local people and organisations will be able to register their views on whether the scope of the planned assessment meets their expectations with the Southeast Finland Centre for Economic Development, Transport and the Environment.

More detailed information about the display of the EIA programme, public events and feedback channels will be given in a public notice by the official body for the          
assessment in early November. The public notice will be published in, among others, the most popular newspapers available in Imatra and Porvoo.             

The results of the assessment will be collated and subsequently published in an official EIA report. At that point, the report will be displayed and feedback can be given. The intention is to complete the EIA process by the end of September 2011, after which NSE Biofuels could obtain an environmental permit for a biorefinery.            
                                                                   
For further information, please contact:                                        

Stora Enso:                                                                     
Lauri Peltola, Head of Communications and Global Responsibility, tel. +358 2046 21380                                                                           
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242          

Neste Oil:                                                                      
Lars Peter Lindfors, SVP, Technology and Strategy, tel. +358 10 458 3605        
Hanna Maula, Communications Director, tel. +358 50 458 4618

Stora Enso is continuing to expand in solid biofuels by investing EUR 10 million in starting pellet production at Imavere Sawmill in Estonia. The pellet plant project will commence in the fourth quarter of 2010 and is expected to be completed in the fourth quarter of 2011.

“This investment is part of our strategy to grow in solid biofuels with the aim of becoming the leading integrated supplier of pellets in Northern Europe. With this investment we are targeting industrial and residential customers through our already established distribution and marketing channels, for example in Sweden, which is the largest pellet market in Europe. Imavere is also very well located to start serving the pellet market in southern Finland,” says Hannu Kasurinen, EVP, Stora Enso Wood Products.

The annual capacity of the plant will be 100 000 tonnes of pellets. The pellet production will be fully self-sufficient in raw material and will utilise by-products from the sawmill and further processing operations.

“Imavere is one of our core sawmill sites, with a strong business concept and good basis for future development. Through this investment we will further enhance the sawmill's long-term competitiveness,” says Hannu Kasurinen.

The annual capacity of Imavere Sawmill is 400 000 m3 of sawnwood, joinery components and glue-laminated beams. Stora Enso Wood Products already produces pellets at four sites in Sweden and Russia with total annual capacity 310 000 tonnes.

For further information, please contact:
Hannu Kasurinen, EVP, Stora Enso Wood Products, tel. +358 2046 21222
Matti Mikkola, SVP, Solid biofuels, Stora Enso Wood Products, tel. +358 2046 21710
Päivi Kauhanen, Director, Communications, tel. +358 50 598 9560
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242