Stora Enso buys U.S. biotech firm Virdia for $33 million
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)
DETROIT - General Motors Co reported a much lower second-quarter profit on Thursday due to numerous recalls and the expected cost of at least $400 million for a compensation fund for those killed or injured by a defective ignition switch linked to at least 13 deaths. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.