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Stora Enso Oyj Reorganizes Business Structure Subject to Outcome of Co-determination Negotiations; Company to Recruit New CFO

Tuesday, 23 Apr 2013 05:59am EDT 

Stora Enso Oyj announced that it plans to launch a Group streamlining and structure simplification project intended to achieve annual fixed cost savings of EUR 200 million, including the earlier announced EUR 30 million in the Building and Living Business Area, with the full impact starting from the second quarter of 2014. The project is to include all Business Areas and corporate functions. It is planned to change from four Business Areas to three Divisions by integrating the current Building and Living Business Area with the Printing and Reading Business Area in a new Division mainly focusing on mature businesses and geographies. The other two Divisions would be the existing Renewable Packaging and Biomaterials Business Areas. It is planned that the Divisions and corporate functions would undergo organizational streamlining. Further outsourcing alternatives in Group shared services and sale of non-core assets will be considered. As far as possible, it is planned to centralize functions in one location instead of several. The planned new Division combining the current Building and Living Business Area with the Printing and Reading Business Area would be led by Karl-Henrik Sundstrom, currently Chief Financial Officer (CFO) of Stora Enso. The Company will immediately begin the process of recruiting a new CFO. The plans announced concerning the Division structure would be effective by July 1, 2013. All detailed plans are subject to the outcome of co-determination negotiations. 

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0.0050 +0.05%
24 Dec 2014