Stora Enso Oyj Concludes Second Phase of Planning EUR 200 Million Streamlining and Structure Simplification Program; Estimates Personnel Reduction of Approximately 2,500

Stora Enso Oyj announced that the Company is to conclude second phase of EUR 200 million streamlining and structure simplification program announced on 23 April, 2013. According to preliminary estimates, the plans could reduce the total number of employees by approximately 2,500, depending on the outcome of the co-determination negotiations and processes. In Finland it is expected to reduce the number of employees by 650, in Sweden by 750, in Europe excluding Nordic countries by 850, and outside Europe by 250. The cost-efficiency and rightsizing actions are being planned by each Business Area, Group Service and Function. The actions planned in the Business Areas include identifying process efficiencies in production units and services, and the potential to reduce and centralise mill administration tasks, and to simplify organization structures and reduce management layers in Business Area administration. Group Services and Functions are rethinking their priorities, rightsizing and simplifying structures. Some will go through further strategic assessment in order to optimize the service level and approach.