In line with the earlier announcement, Stora Enso Timber and the owners of AS Sylvester, Estonia's largest wood products and wood procurement company, have signed an agreement for Stora Enso Timber to acquire majority ownership of Sylvester. The agreement is being filed for approval by the competition authorities, and the transaction should be closed during the first quarter of 2003.
A letter of intent to acquire 66% of Sylvester's sawmilling operations was signed in August 2002. The agreement also includes acquisition of 100% ownership of Sylvester's wood procurement companies by Stora Enso Mets.
"The acquisition strengthens Stora Enso's position in the Baltic States in wood procurement and the wood products business. Competitive local production complements Stora Enso Timber's product range for the global wood products markets," says Arno Pelkonen, Senior Executive Vice President, Stora Enso, Timber Products.
For further information, please contact:
Arno Pelkonen, Senior Executive Vice President, Stora Enso, Timber Products,
tel. +43 664 312 1849
Seppo Vainio, Director, R&D and TQM, Stora Enso Timber, tel. +358 400 701 504
Kari Vainio, Executive Vice President, Corporate Communications,
tel. +44 77 9934 8197
Stora Enso Timber Oy Ltd is an international wood products company that provides customer-focused solutions to industry and trade worldwide. With annual net sales of EUR 1.2 billion, Stora Enso Timber's annual production capacity is 5.8 million cubic metres of sawn wood products, including 2.2 million cubic metres of value-added products. The company employs 3 600 people in 19 sawmills and 15 further processing plants in Northern and Central Europe.
