Stora Enso is leasing the former paper machinery hall at its Veitsiluoto site in Finland to the textile technology company Infinited Fiber Company, which plans to build a commercial-scale factory to produce regenerated textile fiber from textile waste. Earlier this month Stora Enso sold its district heating business at Veitsiluoto to utility infrastructure company Nevel, a provider of advanced industrial and municipal infrastructure solutions. “We always want to find sustainable and financially robust long-term solutions to ensure a viable future for our former sites. I am pleased with our rapid progress in signing a lease with companies that can take advantage of the Veitsiluoto infrastructure and bring new business to the area. Our work at Veitsiluoto continues in order to bring more activity and jobs to the site," says Seppo Parvi, Stora Enso's CFO and Country Manager for Finland.

Building Strong Relationships reviews 2021 and looks at both our achievements and our opportunities to do better. In particular, it highlights the work we did in building relationships with the Indigenous communities in whose traditional territories we operate and our corporate giving campaign which had a greatly increased budget in 2021. The report also looks at our environmental and economic impacts nationally and on a mill-by-mill basis. From an environmental standpoint, 85% of our total energy use was renewable in 2021 and we have continued to reduce our greenhouse gas emissions—now down by 66% since 1990. From an economic perspective, the total economic activity created by Paper Excellence Canada operations was $4.8 billion. “Paper Excellence Canada’s spent this last year putting our words into action and I’m proud of what we have achieved,” said Graham Kissack, Vice President, Environment, Health & Safety and Corporate Communications. “Our vision is to be a profitable, sustainable, and globally competitive fibre products provider that is environmentally and economically beneficial to all stakeholders and this year’s achievements have supported us in that aim.”

Cascades Inc. is pleased to announce that it has entered into an agreement with an affiliate of funds managed by affiliates of Apollo Global Management, Inc. to sell its 57.6% equity interest in Reno De Medici S.p.A. for an all-cash price of €1.45 per share, corresponding to a total net cash consideration of approximately €315.3 million. The purchase price is not subject to adjustment, except in case of potential leakages of value to the seller, provided that RDM's 2020 dividend that was paid to the shareholders in May 2021 will not be considered a leakage. The selling price represents a 24% premium to RDM's 90-day volume weighted moving average share price, and a 6.9x multiple to RDM's last twelve months adjusted operating income before depreciation as of March 31, 2021. Upon closing of the recently announced acquisition of Eska Group, the RDM group operations will grow to nine mills and five specialized cutting and sheeting centers across Europe and the USA.