Stora Enso Increases Ownership in Chinese Subsidiary Inpac Packaging
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Stora Enso, Helsinki, Finland, has entered into an equity transfer agreement to increase its ownership stake from 51% to 90% in its Chinese subsidiary Stora Enso Inpac Packaging Co. The transaction is based on the terms of an option agreement dated October 2010. The cash consideration is approximately EUR 46 million.
The transaction is subject to regulatory approval by Chinese authorities and is expected to be finalized during the first quarter of 2016.
The transaction gives Stora Enso a better opportunity to develop the Inpac Packaging business further and to execute the strategy in the region. The transaction will have no impact on the group's sales or operating profit.
Stora Enso Inpac provides fiber-based packaging solutions with design, production, sales, and R&D services. The company has production units in Qian'an, Dongguan, and Jiashan in China and sales offices in Beijing, Shanghai, and Dongguan, and serves global and local brand owners.
Stora Enso employs some 27,000 people in more than 35 countries, and its sales in 2014 totaled EUR 10.2 billion.
