HELSINKI (News release) -- Stora Enso has completed the divestment of its Maxau paper production site in Germany, and all related assets to Schwarz Produktion, part of Schwarz Group. The divestment announced on 13 September 2022 was completed today after regulatory approvals. The enterprise value of the transaction is approximately EUR 210 million.

The transaction will reduce Stora Enso's annual SC (supercalendered) paper capacity by 530,000 tonnes. Based on the 2022 figures, the divestment is expected to reduce Stora Enso's annual sales by approximately EUR 385 million. Subject to closing date adjustments, Stora Enso will book a one-time disposal gain of approximately EUR 55 million in its IFRS operating profit in the first quarter of 2023, considered as an item affecting comparability.

This transaction is part of the earlier announced plan to divest four of Stora Enso's five paper production sites. The plan was concluded earlier this year when Stora Enso signed an agreement to divest its paper production site in Hylte and discontinued the Anjala site divestment process. The divestment of the Nymölla paper site in Sweden was completed on 2 January with ownership transferred to Sylvamo. In line with its strategy, Stora Enso's focus is on long-term growth potential for its renewable products in packaging, building solutions and biomaterials innovations.

About Schwarz Produktion
Schwarz Produktion is the umbrella brand for the production companies of Schwarz Group. In total, more than 4,500 employees in the Schwarz Produktion companies produce high-quality food as well as sustainable packaging and materials for the retail companies Lidl and Kaufland. In addition to mineral water and soft drinks, the Schwarz Produktion companies also produce chocolate, dried fruit, baked goods, coffee and ice cream. In addition, three plastic and recycling plants are a central component of a unique PET materials cycle. Further information about Schwarz Group here: gruppe.schwarz/en.

Recent releases about Stora Enso's paper assets:
27 January 2023: Stora Enso signs an agreement to divest its Hylte paper site and will discontinue the Anjala site divestment process
2 January 2023: Stora Enso completes the divestment of its Nymölla paper site to Sylvamo
13 September 2022: Stora Enso has signed an agreement to divest its Maxau paper site to Schwarz Produktion
29 March 2022: Stora Enso plans to divest four paper sites to focus on strategic growth areas