Stora Enso has divested its three corrugated packaging plants in Russia. The company’s Lukhovitsy, Arzamas and Balabanovo packaging plants have been divested to local management. Source: Timberbiz
Stora Enso’s assessment is that due to the uncertainties in the Russian market, local ownership and operation will provide a more sustainable long-term solution for these businesses and their respective employees.
The divested sites are located in Lukhovitsy, Arzamas and Balabanovo employing approximately 620 people and have a total annual capacity of 395 million m² of corrugated packaging. The sites primarily produce corrugated packaging for grocery, home improvement, confectionery and pet food segments in the domestic Russian market.
Stora Enso announced on 2 March 2022 that it would stop all production and sales in Russia until further notice. On 25 April, Stora Enso announced the divestment of its two sawmills and forest operations in Russia to local management.
