Stora Enso has completed the sale of its forestry assets in Finland and the US.
A new company established by Finnish institutional investors bought 59% of shares in Tornator, Stora Enso’s forest asset company, which has 600,00ha of forest worth €502m. Stora Enso, which owns 41% of shares in the new company, realised a capital gain of €24m.
Meanwhile the sale of 125,000ha of US forest was finalised with Plum Creek Timber Company on December 3 for €142m, representing an operating profit of €51m.
