Stora Enso increases stake in Chinese subsidiary Inpac to 90%
Finland-headquatered paper manufacturer Stora Enso has entered into an equity transfer agreement to increase its ownership stake in its Chinese subsidiary, Stora Enso Inpac Packaging Co.
The company will increase its stake from 51% to 90% as part of a transaction based on the terms of an option agreement dated October 2010. The cash consideration, the Helsinki-based firm added, is approximately €46m. The transaction is subject to regulatory approval by Chinese authorities and is expected to be finalised during the first quarter of 2016.
The transaction gives Stora Enso a better opportunity to develop the Inpac Packaging business further and to execute its strategy in the region. The transaction will have no impact on group’s sales or operating profit, it said.
Stora Enso Inpac offers fibre-based packaging solutions with design, production, sales and R&D services. The company has production units in Qian’an, Dongguan and Jiashan in China and sales offices in Beijing, Shanghai and Dongguan, and serves leading global and local brand owners.
Stora Enso is a pulp and paper manufacturer headquartered in Helsinki, Finland, with significant operations in four continents. Founded in 1998, the company currently employs approximately 27,000 people in more than 35 countries.
