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Stora Enso has signed an agreement to divest its offset printed micro-flute packaging plant in Hungary to Van Genechten Packaging International, a leading Belgian packaging company, reported PaperAge.

“There have been major changes in the Komarom 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,” says Gilles van Nieuw-enhuyzen, head of packaging solutions division.

Based on 2014 annual figures, the divestment is expected to reduce Stora Enso’s annual sales by EUR 14 million and simultaneously decrease the annual corrugated packaging converting capacity by approximately 15 million m2.

The initial cash consideration for the divestment of the shares is approximately EUR 12 million.

Stora Enso’s Komarom plant produces high quality packaging materials, multi-colour offset printed corrugated board consumer packaging in flute profiles B, E, F and N.

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