Stora Enso buys U.S. biotech firm Virdia for $33 million

HELSINKI Mon Jun 23, 2014 2:27am EDT

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HELSINKI (Reuters) - Finnish papermaker Stora Enso (STERV.HE) said on Monday it had bought U.S. based biotechnology firm Virdia for $33 million, with potential additional payouts totaling $29 million.

Virdia develops extraction and separation technologies for conversion of cellulosic biomass into highly refined sugars and lignin, which can be used in chemicals and construction materials, among other uses.

Virdia's impact on Stora's sales and earnings is expected to be limited this year, Stora said.

(Reporting by Sakari Suoninen, editing by Louise Heaven)

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