Bullish cuts pay off for Stora Enso

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Stora Enso reports Q4 and full year results
Stora Enso reports Q4 and full year results
Stora Enso has recorded increased sales in its Renewable Packaging segment in the quarter as it continues to streamline operations.

In the business unit, including Consumer Board, Packaging Solutions and Packaging Asia, sales grew from Q4 2012 by 5.4% to €798m compared to Q4 2011 but fell from Q3 2012 to Q4 2012 by 1.8%.

Board machine 2 at Ostrołęka Mill was permanently shut down last month and the permanent closure of the corrugated packaging plant at Ruovesi, Finland will happen at the end of July 2013.

Operations will be streamlined at the Heinola, Ingerois and Pori board plants in Finland and corrugated packaging operations at all the Swedish units announced in 2012. With targeted annual cost savings of €13mn expected to be achieved from Q4 2013 onwards.

On a brighter note, the joint venture Bulleh Shah Packaging (Private) Limited with Packages Ltd. of Pakistan is expected to be completed during Q1 2013.

The containerboard machine at Ostrołęka Mill, Poland started up last month six weeks ahead of schedule and is in the ramp-up phase, which is expected to take a couple of months.

Related topics: Processing & Packaging

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