0M32 Stora Enso Oyj

- STORA ENSO OYJ STOCK EXCHANGE RELEASE 4 December 2019 at 9.00 EET

HELSINKI, Dec. 4, 2019 /PRNewswire/ -- Stora Enso is merging its container board business in the Packaging Solutions division with the Consumer Board division, creating a new Packaging Materials division. The remaining business in Packaging Solutions together with Stora Enso's recently created formed fiber unit, will constitute a more focused Packaging Solutions division. The change is effective as of 1 January 2020. Based on the new structure, 2018 sales for the Packaging Materials division were approximately EUR 3 400 million and for Packaging Solutions EUR 700 million. The restated figures for the new divisional structure will be published during the first quarter of 2020.

Hannu Kasurinen is appointed EVP, Head of Consumer Board and member of the Group Leadership Team, with immediate effect and as of 1 January 2020, EVP, Head of Packaging Materials. Gilles van Nieuwenhuyzen will leave his position as EVP Packaging Solutions on 6 December 2019 to pursue new career opportunities outside the company. The search for a new divisional head for Packaging Solutions will be initiated. David Ekberg, currently SVP and head of Business Unit Corrugated Nordics in the division, is taking on the role as acting Head of Packaging Solutions as of 6 December 2019.

"As the development towards a circular bioeconomy is accelerating in society, we are creating an organisation that further strengthens our ability to drive innovation and sustainability with a common agenda. The Packaging Materials division will provide an even stronger customer offering for converters, brand owners and retailers containing both virgin and recycled board material. For Packaging Solutions, we are increasing our focus on growing new services and packaging solutions as well as innovation collaborations throughout the value chain for developing new renewable packaging. One example is our new formed fiber business, which will be included in the Packaging Solutions division. We will also be able to focus more on renewable packaging design," says Stora Enso President and CEO Annica Bresky.

Hannu Kasurinen was previously SVP, Liquid Packaging and Carton Board in the Consumer Board division. He has held several leadership positions in Stora Enso, including Group Treasurer, SVP of Strategy and EVP of Wood Products division.

"Hannu Kasurinen has long and diverse experience of working in demanding leadership positions in Stora Enso, previously including also a position in the Group Leadership Team. I am very happy to appoint him to our Group Leadership Team again. I am confident that his experience will be a valuable asset to the team, when we continue on our transformation journey as the renewable materials company," says Annica Bresky.

"I am looking forward to continuing to build our Packaging Materials business together with our customers. Circularity is an integral part of Stora Enso's business and a key driver for our product development. We will continue to innovate and answer consumers' expectations for renewable, recyclable, fiber-based packaging materials with a low carbon footprint," Hannu Kasurinen concludes.

"I thank Gilles van Nieuwenhuyzen for his valuable contributions in developing our packaging business during his years with Stora Enso," Annica Bresky concludes.

Part of the bioeconomy, Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has some 26 000 employees in over 30 countries. Our sales in 2018 were EUR 10.5 billion. Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com 

STORA ENSO OYJ 

For further information, please contact:
Ulrika Lilja
EVP, Communications
tel. +46-72-221-9228

Investor enquiries:
Ulla Paajanen
SVP, Investor Relations
tel. +358-40-763-8767

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https://news.cision.com/stora-enso-oyj/r/changes-to-stora-enso-s-consumer-board-and-packaging-solutions-divisions,c2981608

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