Group starts a new journey with its customers in two key growth markets
STORA ENSO OYJ STOCK EXCHANGE RELEASE 27 October 2010 at 08.59 EET
HELSINKI, Finland, Oct. 26, 2010 (GLOBE NEWSWIRE) -- Stora Enso has signed an agreement to acquire 51% of the Chinese packaging company Inpac International. Inpac is a packaging company with production operations in China and India, and service operations in Korea. Inpac specialises in manufacturing consumer packaging, especially for global manufacturers of mobile phones and other consumer goods. The enterprise value of the company is EUR 82 million. In 2009 Inpac's sales were EUR 82 million and EBITDA EUR 16 million.
"This joint venture is an important step on the path to our future offering strong synergies with our existing Stora Enso consumer packaging businesses in Europe. This step supports our effort to become a market and consumer need driven renewable materials company - with access to the two fastest-growing consumer packaging markets globally," says Stora Enso CEO Jouko Karvinen.
"We believe that this acquisition provides an excellent opportunity to enhance our presence in China and India, and strengthen our existing relationships with customers and brand owners by supplying packaging directly to them in these markets, as well as Europe," says Mats Nordlander, Stora Enso Executive Vice President, Packaging and Asia Pacific.
"We are very pleased to be joining forces with Stora Enso. By combining our skills and knowledge through this partnership, we can continue to develop this packaging company further and serve global brand owners with innovative packaging solutions," says Inpac Chairman Guo Cai.
Inpac's main production plants are at Qian'an in northern China, Dongguan in southern China and Chennai in India. The company has approximately 3 100employees.
Stora Enso's annual operating profit is expected to be enhanced by EUR 11million. The all-cash acquisition is expected to be closed within six months, subject to approval by regulatory and competition authorities, and other customary closing conditions.
For further information, please contact: Jouko Karvinen, CEO, tel. +358 2046 21410 Mats Nordlander, EVP, Packaging and Asia Pacific, tel. +46 1046 72703 Lauri Peltola, Head of Communications and Global Responsibility, tel. +358 2046 21380 Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242 www.storaenso.com www.storaenso.com/investors
Inpac International is a leading packaging supplier to the mobile phone industry in the Asia-Pacific region. Inpac International Print & Packaging Co., Ltd. was founded in 1998. Over the years it has become an international group that provides innovative packaging solutions to its customers. Inpac has some 3 100 employees. Its headquarters are at Qian'an, Hebei Province, in northern China, and it has subsidiaries in Hebei, Beijing, Dongguan, India and Korea. www.inpac.com.cn/
Stora Enso is a global paper, packaging and wood products company producing newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging and wood products. The Group is the world leader in forest industry sustainability. We offer our customers solutions based on renewable raw materials. Our products provide a climate-friendly alternative to many non-renewable materials, and have a smaller carbon footprint. Stora Enso is listed in the Dow Jones Sustainability Index and the FTSE4Good Index. Stora Enso employs some 27 000 people worldwide, and our sales in 2009 amounted to EUR 8.9 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.