Stora Enso to Acquire Scaldia Papier from International Paper
Press release from the issuing company
HELSINKI, Finland, July 15 -- Stora Enso today announced that Stora Enso has signed an agreement to acquire Scaldia Papier B.V. from International Paper. Scaldia Papier, which has 180 employees and had net sales of EUR 109 million in 2003 from a sales volume of 55 000 tonnes of paper, will become part of Stora Enso Merchants division. The debt free transaction value is EUR 30 million. The acquisition is expected to be closed in the end August 2004, subject to approval by regulatory authorities.
Stora Enso is acquiring Scaldia Papier to strengthen its presence in the rapidly changing European paper merchant market and to achieve synergies with its Papyrus merchant operations.
Papyrus is a wholly-owned paper merchanting subsidiary of Stora Enso with annual sales of about 500 000 tonnes of paper. Papyrus holds a leading position in the Nordic countries with an average market share of some 40%. Papyrus currently has a presence in twelve European markets, including operations in the Netherlands with net sales of EUR 35 million in 2003 and about 70 employees.
"Scaldia has over the years built a strong identity in the Dutch market for service, quality, assortment and customer base. It will therefore complement and enhance Papyrus's business in Western Europe and help us achieve critical mass in the Netherlands," says Mats Nordlander, President of Papyrus.
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