Stora Enso stops all production and sales in Russia

Image for representation purpose only

Image for representation purpose only

Photo - Stora Enso

Stora Enso announced that they will stop all production and sales in Russia until further notice due to the ongoing invasion in Ukraine. Stora Enso has three corrugated packaging plants and two wood products sawmills in Russia, employing around 1,100 people. The company will also stop all export and import to and from Russia. A mitigation plan has been activated to secure availability of input materials from other sources.

Annica Bresky, president and chief executive officer, says, “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 well-being of our employees.”

Stora Enso’s sales in Russia is approximately 3% of total Group revenues. The impact on Stora Enso’s sales and EBIT is not material.

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. The company believes that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and its sales in 2021 were EUR 10.2 billion.

Related Stories

No stories found.
FoodTechBiz.com
www.foodtechbiz.com