Stora Enso has decided to halt the divestment of its North Sea consumer paperboard mill and forestry operations announced in December 2022. Stora Enso believes that the own-use value of these assets exceeds the realizable transaction value and therefore chooses to retain these operations within the group.

　　Stora Enso's strategic goal is to consolidate its global leading position in the wood fiber packaging materials market. The business at the North Sea site will be further developed through a continued focus on operational excellence, cost optimization and product development. By adjusting the product mix and increasing the share of liquid packaging paperboard and other high-end products, the North Sea plant will consolidate Stora Enso's leading position as a global supplier. The North Sea plant is not expected to require significant capital expenditure in the medium term.

　　The Group's other liquid packaging paperboard production sites include Imatra in Finland and Skoghall in Sweden, which, together with the North Sea site, serve major global customers while also supplying local customers. High quality product.

　　Stora Enso President and CEO Hans Sohlström said: “After comprehensive consideration and final negotiations with potential buyers, we have decided to terminate the divestment process and focus on developing our existing business. We firmly believe that Stora Enso’s Dora Enso is the best choice to continue operating the North Sea mill and forestry business. Given the recent increase in global timber and logistics costs, the relative cost competitiveness of the North Sea mill has been improved. Through the North Sea mill, we will continue to move higher in the Asia-Pacific region. Providing high-quality packaging cardboard to global customers with strict standards.”

　　Stora Enso holds about 80% of the North Sea plant and forestry, with other investors including local partners and the International Finance Corporation (IFC).