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Stora Enso to Divest Packaging Plant in Hungary

Divest offset printed micro-flute packaging plant to Van Genechten Packaging International S.A.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Stora Enso has signed an agreement to divest its offset printed micro-flute packaging plant in Komárom, Hungary to Van Genechten Packaging International S.A., a leading Belgian packaging company.

The initial cash consideration for the divestment is approximately €12 million, subject to customary closing day adjustments.

Based on 2014 annual figures, the divestment is expected to reduce Stora Enso’s annual sales by €14 million and simultaneously decrease the annual corrugated packaging converting capacity by approximately 15 million square meters. The Komárom plant employs approximately 90 people.

“There have been major changes in the Komárom plant’s customer base, making the plant no longer strategic to Stora Enso. I believe that a new, solid, international owner can give the company the attention it deserves and develop it further in the new situation,” said Gilles van Nieuwenhuyzen, head of Packaging Solutions division.

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