Stora Enso has signed an agreement to divest its Corenso business operations, part of Stora Enso Renewable Packaging Division, to the Finnish packaging materials company Powerflute Oyj. The enterprise value of the transaction is approximately EUR 90 million, and the expected all cash consideration approximately EUR 75 million. Closing of the transaction is expected to take place during the fourth quarter 2014 subject to customary conditions.
Corenso is one of the world’s leading integrated producers of high-performance cores and high-quality coreboard. It employs about 920 employees in 10 countries in Europe, Asia and North America and has its head office in Lahti, Finland. In 2013 Corenso’s net sales were EUR 211 million and operational EBIT EUR 26 million.