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Stora Enso plans to divest plant in China

Reuters
·1 min read
FILE PHOTO: Stora Enso company logo is seen near a packaging mill in Riga

HELSINKI (Reuters) - Finnish forestry company Stora Enso on Friday said it plans to divest its consumer board production plant in Beihai, China.

"The divestment ... would allow Stora Enso to accelerate its strategy by focusing on cost-efficient sites serving the growing global packaging market," the company said, adding it had no timeline for completion of a sale.

Stora, which has now initiated a sales process, would also sell its eucalyptus plantation operations that supply the site, it said.

Operating since 2016, the Beihai factory employs 1,000 people and has an annual capacity of 250,000 tonnes of mechanical pulp and 550,000 tonnes of consumer board.

J.P. Morgan acts as Stora's financial advisor in the sales process.

(Reporting by Essi Lehto, editing by Stine Jacobsen)