Serco (TG:SEO)
Historical Stock Chart
From Jan 2020 to Jan 2025
Stora Enso Signs Loan Agreement with International Financing
Corporation
HELSINKI, Finland, June 10 /PRNewswire-FirstCall/ -- Stora Enso (NYSE: SEO)
today announced that Stora Enso today signed a loan agreement with
International Financing Corporation (IFC). The package includes a USD 50
million Tranche A IFC facility and USD 25 million Tranche B co-financing
facility, for which Nordea Bank is the lead arranger.
The loan will be used to finance Stora Enso's current activities and future
investments in China. Stora Enso's current projects in China include further
development of eucalyptus plantations in Guangxi province in southern China,
and investment to expand the product range and increase the capacity of Suzhou
Mill as announced in February 2004.
As part of Stora Enso's emerging markets strategy, China has been identified as
one of Stora Enso's growth areas. "Our aim is to increase the Company's
profitability through targeted investments in the fast-growing Chinese market,"
comments Markku Pentikainen, head of Stora Enso Asia Pacific.
Stora Enso has set up a sustainability action plan for the plantations in
Guangxi addressing environmental and social issues.
"A sustainably managed fibre base will be a strong foundation for Stora Enso's
industrial operations in China. We also hope that Stora Enso will be seen as a
good example of how sustainability can be implemented in plantation and mill
operations in China," says Pentikainen.
"We are pleased to note that investors such as IFC appreciate our
sustainability approach in both forestry operations and paper production. IFC
sets a good example for other investors in the region through its emphasis on
socially responsible investment."
For further information, please contact:
Tim Laatsch, Senior Vice President, Communications, Stora Enso North America,
tel. 715 422 4023
Scott Deitz, Vice President, Investor Relations, Stora Enso North America, tel.
715 422 1521
Previous press releases concerning Stora Enso's activities in China:
- 31 March 2005: UNDP to assess environmental and social impact
of forestry investment project in Guangxi, China
- 28 October 2004: Stora Enso joint venture in China
- 4 February 2004: Stora Enso to modernise its fine paper machine
at Suzhou, China
Stora Enso is an integrated paper, packaging and forest products company
producing publication and fine papers, packaging boards and wood products,
areas in which the Group is a global market leader. Stora Enso sales totalled
EUR 12.4 billion in 2004. The Group has some 45 000 employees in more than 40
countries in five continents and an annual production capacity of 16.4 million
tonnes of paper and board and 7.7 million cubic metres of sawn wood products,
including 3.2 million cubic metres of value-added products. Stora Enso's shares
are listed in Helsinki, Stockholm and New York.
Stora Enso Oyj
Business ID 1039050-8
DATASOURCE: Stora Enso Oyj
CONTACT: Tim Laatsch, Senior Vice President, Communications, Stora Enso
North America, +1-715-422-4023, Scott Deitz, Vice President, Investor
Relations, Stora Enso North America, +1-715-422-1521