Stora Enso has finalised the divestment of its integrated Kotka mills, including the sawmilling business.
The sale to private equity firm OpenGate Capital is expected to reduce Stora Enso’s annual sales by €203m and improve annual operating profits by €11m.
The transaction also reduces annual production capacity by 230,000m³ of sawnwood.
The 570 employees affected are transferring to the new owner.
Stora Enso and OpenGate have made an agreement about wood supply as part of the divestment.
