Stora Enso Oyj announces the proposed members for the Board of Directors of the new forest asset company planned to be demerged from Stora Enso (the “New Company”). The demerger is expected to be completed in the first half of 2027.
Proposed members to the Board of Directors of the new forest company planned to be separated from Stora Enso
Related Posts
Sappi Europe announces a price increase for Transjet, Basejet and Inkjet grades by 8-15 % valid for deliveries from 1July 2021. The unprecedented and ongoing rise of raw material costs, particularly pulp, chemicals and energy in combination with extremely high freight rates makes price adjustments unavoidable. Sappi’s sales team will be in contact with customers to discuss the detail and support the implementation.
Stora Enso has decided to permanently close its US-based Virdia operations during 2021. Virdia was acquired in 2014 and has focused on conversion of cellulosic biomass from sugar cane bagasse into refined sugars. The operations have consisted of a research centre in Danville, Virginia and a demo plant in Raceland, Louisiana, which will both be closed. The closure is in line with Stora Enso’s strategic choices in R&D to drive future growth and value creation from forest-based materials. Furthermore, today, the company’s innovation work focuses considerably more on applications further down the value chain instead of being a raw material supplier. There will be a stepwise process for discontinuing the operations and closing the sites during 2021. The employee impact will be approximately 65 Stora Enso employees and 18 contractors.
Kruger Products officially inaugurated its Sherbrooke Tissue Plant, which was commissioned in 2021, and also broke ground at its expansion project where another tissue plant will be built on a site adjacent to the Sherbrooke Plant by 2024. This second project, which represents further investments of $351.5 million, will deliver on the Company’s vision to make Sherbrooke a major premium-quality tissue product manufacturing hub in North America, featuring Canada’s most advanced and best-performing TAD tissue machine. In total, the Company will have invested nearly $1 billion in the Estrie Region since 2018. The Sherbrooke Plant’s inauguration and the ground breaking of the expansion project took place in the presence of Mr. Joseph Kruger II, Chairman of the Board and Chief Executive Officer, Kruger Inc.; François Legault, Premier of Québec; Pierre Fitzgibbon, Québec Minister of Economy and Innovation; Geneviève Hébert, Member for Saint-François and Deputy Government Whip; Évelyne Beaudin, Mayor of Sherbrooke; Dino Bianco, Chief Executive Officer, Kruger Products L.P.; and Patrice Bégin, General Manager, Kruger Products Sherbrooke Plant.