Stora Enso to sell Russian sawmills, forest operations
The firm says it will sell two sawmills and its forest operations to local management.
YLE NEWS
25.4. 07:12
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Updated 25.4. 07:15
Finland-based forestry firm Stora Enso announced on Monday that it was offloading some of its Russian operations to local management.
The firm said that two sawmills in Karelia and Novgorod will be sold along with the Russian forest operations that supply wood to the mills, according to a company statement.
About 330 people are employed at those sawmills and an additional 170 workers in forest operations. The mills have an annual capacity of 350,000 cubic metres of sawn timber and the forest operations include harvesting rights of roughly 370,000 hectares.
The company said the deal is expected to be concluded during the second quarter. The company said the transaction will not have an impact on its annual revenue or operating profit.
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