Stora Enso’s Board at its meeting on 16 August 2001 approved purchasing of the remaining 26.5% minority holding in Stora Enso Timber owned by SPB Beteiligungsverwaltung GmbH of Austria. Following this purchase, Stora Enso Timber Oy Ltd will become a wholly-owned subsidiary of Stora Enso. By unifying ownership, the purchase will facilitate growth and enable Stora Enso Timber to take a more active role in the consolidation and development of the timber products industry. The deal is expected to be closed at the end of September, subject to approval by the EU competition authorities.
Managing Director of Stora Enso Timber Arno Pelkonen said, “It will be easier for us to develop Stora Enso Timber as a wholly-owned subsidiary. Our strategic aims are full integration of wood procurement and fibre supply, and strengthening of Stora Enso’s position as a leading supplier of timber products.”
Stora Enso Chief Executive Officer Jukka Härmälä said, “Despite volatility in the timber products market, Stora Enso Timber's return on capital employed over the cycle has clearly exceeded our target of 13%. There is great potential for developing the business as a fully integrated part of Stora Enso."
For further information, please contact:
Arno Pelkonen, Managing Director, Stora Enso Timber Oy Ltd, tel. +43 66 4312 1849
Stora Enso Timber is the world’s third-largest producer of sawn softwood, with a sawn timber production capacity of 5.7 million m3 and a further-processing capacity of 1.5 million m3 per year. Stora Enso Timber’s sales totalled EUR 1.2 billion in the year 2000. Its main markets are Europe, North Africa, North America and Asia.
