Stora Enso to sell its 2 sawmills and Russian forest operation to local management due to uncertainty about its future in Russia

Posted on May 2, 2022   |  

• The Finland-based forestry firm, Stora Enso announced on Monday that it will be selling its two sawmills, one in Karelia and the other in Novgorod, along with the Russian forest operation that supplies wood to both mills to local management, due to uncertainty about its future in Russia.
• There are 330 people employed at those sawmills and an extra 170 workers in forest operations, the mills have an annual capacity of 350,000 cubic meters of sawn timber, and the forest operations include harvesting rights of roughly 370,000 hectares.
• The deal will conclude during the second quarter and will not impact its annual revenue or operating profit.
• Stora Enso holds three packaging plants in Russia, but production at the facility was stopped following Russia’s invasion of Ukraine.