Stora Enso divested the Pankakoski Mill in Finland to an international group of investors led by Dr Dermot Smurfit and including Lansdowne Capital Limited. The debt-free sales price is EUR 20 million and the Group's interest-bearing net liabilities decreased by the same amount. Pankakoski Mill was part of Stora Enso's Packaging Boards division. The mill produces speciality paperboards for packaging and graphical end uses on two board machines with a total annual capacity of around 100 000 tonnes. Pankakoski Mill, at Lieksa in Finland, employs about 200 people. Pankakoski Board Mill was divested as part of Stora Enso's Asset Performance Review (APR), which aims to secure a competitive European production base.
Pöyry Capital acted as the Exclusive Financial Advisor to Stora Enso Oyj.