Stora Enso Signs for EUR 165 Million Loan

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Stora Enso, Helsinki, Finland, this past week signed an agreement with the European Investment Bank (EIB) for a EUR 165 million loan to be used for research and development. The loan agreement is part of the commitment by EIB to lend altogether EUR 230 million to Stora Enso, including the EUR 65 million loan announced this past February 10.

 "We have a long and good relationship with EIB. This is its third loan for Stora Enso's research and development projects. We are pleased with the competitive terms of the loan," says Stora Enso CFO Markus Rauramo.

"Stora Enso invested EUR 71.1 million in research and development in 2009. Research and development concentrates on steering of networked strategic research as well as operations and product development in three research centers—Imatra in Finland, Karlstad in Sweden, and Monchengladbach in Germany. The Packaging Business Area, for instance, focuses its research and development on sustainable fiber-based packaging materials and solutions," says Jukka Kilpelaeinen, senior VP, Group R&D.