Business News

Stora Enso divests Summa Mill premises in Finland for EUR 40 million

Thursday 12. February 2009 - Stora Enso has signed an agreement to sell the buildings and most of the Summa Mill site in Finland to Google Group of Companies for approximately EUR 40 million.

The sale is expected to close by the end of the first quarter 2009. The transaction will improve operating profit by approximately EUR 38 million, of which approximately EUR 15 million is a reversal of earlier impairment, and will be recorded as a non-recurring item in the first quarter 2009 results.

Stora Enso and Google have agreed that part of the mill site will be further transferred to the City of Hamina for other industrial uses.

Paper production at Summa Mill ended in January 2008 and will not be resumed. Google will announce its plans or future investment in due course.