March 16, 2005
Stora Enso acquires remaining minority shareholding in former Sylvester
Stora Enso Timber has acquired the remaining 34% shareholding in the Estonian Stora Enso Timber AS, former AS Sylvester, according to the original purchase agreement, and thus has gained 100% ownership of the company. The purchase price is about EUR 42 million.
In February 2003 Stora Enso Timber acquired 66% of Sylvester's sawmilling operations which later formed Stora Enso Timber's Baltic Production Group. At the same time Stora Enso acquired 100% of Sylvester's wood procurement operations. The total purchase price was EUR 121.7 million.
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. The total production capacity is 1.4 million cubic metres of sawn wood products, of which 0.5 million cubic metres is further processed. The latest investments include a glue laminated beam mill in Imavere and a planing line in Paikuse. Both mills are located in Estonia and will commence production during summer 2005.
For further information, please contact:
Peter Kickinger, Executive Vice President, Stora Enso Timber, tel. +358 2046 21806
Seppo Vainio, Director, Baltic Production Group, Stora Enso Timber, tel. +358 400 701 504
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
Previous press releases concerning Stora Enso's Sylvester acquisition available at www.storaenso.com/press
- 15 August 2002: Stora Enso Timber to acquire Estonian sawmilling company
- 19 December 2002: Stora Enso Timber signs agreement to acquire Sylvester
- 21 February 2003: Stora Enso's Sylvester deal approved by competition authorities
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