UK markets closed
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • FTSE 250

    19,123.71
    +430.71 (+2.30%)
     
  • AIM

    896.27
    +10.41 (+1.18%)
     
  • GBP/EUR

    1.1605
    -0.0041 (-0.35%)
     
  • GBP/USD

    1.2255
    -0.0005 (-0.04%)
     
  • BTC-GBP

    17,316.79
    -4.60 (-0.03%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • DOW

    31,500.68
    +823.28 (+2.68%)
     
  • CRUDE OIL

    107.06
    +2.79 (+2.68%)
     
  • GOLD FUTURES

    1,828.10
    -1.70 (-0.09%)
     
  • NIKKEI 225

    26,491.97
    +320.77 (+1.23%)
     
  • HANG SENG

    21,719.06
    +445.16 (+2.09%)
     
  • DAX

    13,118.13
    +205.53 (+1.59%)
     
  • CAC 40

    6,073.35
    +190.02 (+3.23%)
     

Finland's Stora Enso completes exit from Russia

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: Stora Enso company logo is seen near a packaging mill in Riga
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

HELSINKI (Reuters) -Finland's Stora Enso has divested the last of its Russian operations, three corrugated packaging plants, to local management, the forestry firm said on Monday.

"We have sold all our operations in Russia," a company spokeswoman told Reuters, adding the divestment was pending regulatory approvals by local authorities.

On March 2, Stora Enso announced it would stop all production and sales in Russia, condemning Russia's invasion of Ukraine.

Prior to what Moscow calls "a special operation" in Ukraine, Stora Enso employed around 1,100 people in Russia and its Russian sales accounted for approximately 3% of the group's total sales.

At the end of April, Stora said it had entered into an agreement to sell its two sawmills and their forest operations in Russia to local management, causing it to record a 130 million euro loss.

On Monday, Stora Enso said local ownership and operation would "provide a more sustainable long-term solution" for its three corrugated packaging plants and their employees in Lukhovitsy, Arzamas and Balabanovo, due to the uncertainties in the Russian market.

The company decline to reveal the financial value of the transaction, but said it would record an additional loss of 55 million euros ($57 million) for it, having already recorded an impairment of 35 million euros in the first quarter.

($1 = 0.9618 euros)

(Reporting by Anne Kauranen; editing by Edmund Blair and Jason Neely)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting