Finnish woodworking giant Stora Enso is selling its plants in Russia

Finnish wood processing giant Stora Enso is selling its sawmills in Russia to local management, the company said in a press release.
“Stora Enso has entered into an agreement to sell its two sawmills in Russia. The deal includes Stora Enso-owned sawmills as well as a Russian timber procurement company that supplies timber to the sawmills. The sawmills and timber operations will be sold to Stora Enso’s local management,” the statement said.
The transaction is expected to close in the second quarter of 2022 after the necessary approvals are obtained and will not have a material impact on Stora Enso’s annual net sales or operating income.
“Due to the deterioration in the economic outlook of the businesses sold, a €70 million impairment loss was recognized in Stora Enso’s first quarter results,” the press release said.