Stora Enso Timber has completed its acquisition of the former AS Sylvester in Estonia.
The company announced that it has bought the final 33% shareholding for about €42m, giving it total ownership.
A year ago, Stora Enso Timber bought 66% of Sylvester‘s sawmilling operations, which became its Baltic Production Group. At the same time it acquired 100% of Sylvester’s wood procurement operations. The total purchase price was €121.7m.
Stora Enso Timber’s production assets in Baltic countries include four sawmills and a component mill in Estonia, one sawmill in Latvia and one in Lithuania. Total production capacity is 1.4 million m3 of sawn wood products, of which 0.5 million m3 is further processed.
Latest investments in Estonia include a glue laminated beam mill in Imavere and a planing line in Paikuse, both of which will start production this summer.
