Stora Enso Oyj Stock Exchange Release 29 October 2004 at 06:00 GMT
Stora Enso will acquire 66% of the shares in the Polish packaging producer Intercell S.A. from private shareholders and the International Finance Corporation. The acquisition is expected to be closed by the end of 2004, subject to approval by regulatory authorities.
The Polish State Treasury owns the balance of the shares in Intercell. In February 2004 the Polish State Treasury announced its intention of privatising its shareholding in the Company.
The acquisition is part of Stora Enso's strategy of increasing its Packaging Boards operations. The transaction will expand Stora Enso's corrugated packaging business and strengthen its presence in the fast-growing Polish market.
Intercell is one of Poland's biggest corrugated packaging companies, with integrated operations from waste paper collection to corrugated packaging production. The Company has three corrugated packaging plants in Poland, as well as one sack factory in Poland and one in Serbia. Intercell's paper and board mill at Ostroleka, Poland has an annual production capacity of about 250 000 tonnes of containerboard and sack and kraft paper. Its annual corrugated packaging capacity is about 250 million m2. In 2003 Intercell's sales were EUR 150 million, 60% of which was from packaging and 40% from containerboards and paper. Its EBITDA in 2003 was EUR 27 million. The Company employs about 1 700 people. Intercell also operates Poland's largest recycled paper collection business, covering approximately 15% of the business in Poland.
International Finance Corporation, based in Washington D.C., is the private sector investment arm of the World Bank Group. It holds 12.4% of the shares in Intercell.
For further details, please contact:
Pekka Laaksonen, Senior Executive Vice President, Stora Enso Packaging Boards, tel. +358 2046 21218
Veli-Jussi Potka, Senior Vice President, Business Development, Stora Enso Packaging Boards,
tel. +358 2046 21486
Kari Vainio, Executive Vice President, Corporate Communications, tel. +44 7799 348 197
Keith B Russell, Senior Vice President, Investor Relations, tel. +44 20 7016 3146
www.storaenso.com
