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Stora Enso’s subsidiary Corenso strengthens UK market presence

Press release from the issuing company

3/30/01 - Corenso (UK) Ltd, a British core and tube manufacturing company owned by Stora Enso’s subsidiary Corenso United Oy Ltd, has reached an agreement with the British company BPB Paperboard Ltd whereby Corenso (UK) will acquire the core and tube business and assets of BPB’s Centacor division. This acquisition continues the process of integrating core and tube production with Corenso’s coreboard production. BPB Centacor has three factories in Great Britain at Newcastle, Westhoughton and Maidstone. Altogether they produce some 24,000 tonnes of cores and tubes a year and employ about a hundred people. Centacor’s annual turnover is approximately EUR 19 million. Olli Voutilainen, Chairman of the Board of Corenso (UK) Ltd, will be Managing Director during the transitional period with overall responsibility for assimilating Centacor’s operations into the Corenso group. Stuart Gibson will become Deputy Managing Director of Corenso (UK) Ltd, responsible for marketing. Corenso United Oy Ltd is a Stora Enso Oyj subsidiary in which UPM-Kymmene Oyj has a 29% shareholding. Corenso owns and operates several coreboard mills and core factories in Europe and North America. Last year Corenso had a total turnover of EUR 185 million and 820 employees.

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