Stora Enso, Helsinki, Finland, signed an agreement on Monday (August 31) to divest its offset printed micro-flute packaging plant in Komárom, Hungary to Van Genechten Packaging International S.A., a Belgian packaging company. 

The initial cash consideration for the divestment of the shares is approximately EUR 12 million, subject to customary closing day adjustments. The transaction has no material income statement impact and is expected to be completed within one month.

"There have been major changes in the Komárom plant’s customer base, making the plant no longer strategic to Stora Enso. I believe that a new, solid, international owner can give the company the attention it deserves and develop it further in the new situation," said Head of the Packaging Solutions Division, Gilles van Nieuwenhuyzen.

Based on 2014 annual figures, the divestment would reduce Stora Enso’s annual sales by EUR 14 million and simultaneously decrease the annual corrugated packaging converting capacity by approximately 15 million sq. meters. The Komárom plant employs approximately 90 people.