Stora Enso Oyj Halts All Exports and Imports From Russia
Stora Enso stops production and sales in Russia
On Tuesday (3-2-22), Stora Enso Oyj, the Helsinki Finland-based integrated paper, packaging, and forest products company, which operates three corrugated packaging plants and two wood products sawmills in Russia, said it will stop all exports and imports to and from Russia. The company also announced that a mitigation plan has been activated to secure availability of input materials from other sources.
In a statement released to accompany the announcement, Stora Enso’s president and CEO Annica Bresky said: “The war in Ukraine is unacceptable and we are fully behind all sanctions. We will now focus all our attention on supporting our customers and the wellbeing of our employees.”
Stora Enso’s sales in Russia are approximately 3% of total group revenues. The impact on Stora Enso’s sales and EBIT is not material. The company was employing approximately 1,100 people in Russia at the time of the announcement.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.