Stora Enso finalises acquisition of minority shareholding in Corenso
HELSINKI 5/31/2005 10:00 PM GMT (TransWorldNews)
Stora Enso has finalised the previously announced acquisition of UPM's 29% minority shareholding in Corenso United Oy Ltd following approval of the acquisition by the regulatory authorities. Stora Enso has bought the shares to gain 100% ownership and full control of Corenso and to develop this strategic business area independently.
Corenso United Oy Ltd is a leading producer of coreboard and cores and tubes for industrial use. The main users of cores and tubes made from Corenso's coreboard include manufacturers of paper and board, textile yarn, plastic films and flexible packaging, and metal foil. Corenso has four coreboard mills and 14 core factories in Europe, China and North America, and associated companies in Canada and Spain. It supplies customers in more than 70 countries all over the world.
For further information, please contact:
Kai Korhonen, Senior Executive Vice President, Stora Enso Packaging Boards,
tel. +358 2046 21496
Kari Vainio, Executive Vice President, Corporate Communications, tel. +44 7799 348 197
Keith B Russell, Senior Vice President, Investor Relations, tel. +44 7775 788 659
The previous press release concerning Stora Enso's acquisition of UPM's minority shareholding in Corenso is available at www.storaenso.com/press