7 March 2007 — Helsinki (FIN): Stora Enso is to expand its corrugated packaging business in Eastern Europe and Russia.
The company is building a €23 million ($30.2 million) offset printed micro-flute packaging plant in Balabanovo, Russia and a €15 million offset printed corrugated packaging plant in Komarom, Hungary.
It will also invest €8 million in expanding its existing heavy-duty corrugated box plant in Lodz, Poland.
In a statement, the firm said: The corrugated packaging markets in Eastern Europe and Russia are developing rapidly. Stora Enso’s expansions are targeted at meeting customers’ growing demand for value-added corrugated packaging. These developments are in line with our strategy of growing our packaging business and its operations in new growth markets."
Offset printed corrugated packaging products are used in consumer packaging for the electronics, food and beverage industries.
Last month, Stora Enso posted a return to net profit of €264.8 million during Q4, compared to a loss of €239.4 million in Q4 2005.