Stora Enso acquires US-based biotechnology company
23 Junho 2014 - 3:08AM
STORA ENSO OYJ STOCK EXCHANGE RELEASE 23 June 2014 at 9.00 EET
Stora Enso has acquired 100% of the shares of the US-based company
Virdia, a leading developer of extraction and separation
technologies for conversion of cellulosic biomass into highly
refined sugars and lignin. The upfront debt-free transaction value
is approximately USD 33 million (EUR 24 million) with additional
potential payouts totalling approximately USD 29 million (EUR 21
million) following completion of specific technical and commercial
milestones by 2017. Virdia's impact on Stora Enso's 2014 sales and
earnings is expected to be limited. The acquisition of Virdia
supports the vision of Stora Enso's Biomaterials Division in
becoming a significant player in biochemicals and biomaterials. The
technology enables more efficient extraction of different valuable
fractions of the biomass, allowing the possibility to develop and
commercialise cost-effective renewable solutions to address
well-identified market-driven needs. This is a new step in
implementing the Division's strategy, following the recent lignin
extraction investment at Sunila Mill in Finland. "This acquisition
is in line with our strategy of growing in bio-based chemicals,
ingredients and solutions, building on cost-effective,
non-food-competing raw materials. These solutions will contribute
to a more sustainable future by replacing fossil-based materials in
various applications with renewable and cost-effective choices. We
are now investing in a new technology platform that will enable us
to reach new industries and value chains, and create significant
sustainable profit growth for our company," says Juan Carlos Bueno,
EVP, Stora Enso Biomaterials. Founded in 2007, Virdia is a private,
venture-capital-backed company. It runs a pilot facility in
Danville, Virginia, USA. The main advantages of its technology are
the cost-competitiveness and high purity of the output, which
enable a variety of further conversion and upgrading possibilities
for sugars and lignin as renewable intermediates for the specialty
chemicals, construction, coatings, personal care and food
industries, among others.
For further
information, please contact: Juan Carlos Bueno, EVP, Stora
Enso Biomaterials, tel. +55 11 3065 5223 Ulla Paajanen-Sainio, SVP,
Investor Relations, tel. +358 2046 21242 Kirsi Seppalainen, Head of
Communications and Sustainability, Stora Enso Biomaterials, tel.
+358 2046 21444 www.storaenso.com
biomaterials.storaenso.com Stora Enso is the global rethinker of
the paper, biomaterials, wood products and packaging industry. We
always rethink the old and expand to the new to offer our customers
innovative solutions based on renewable materials. Stora Enso
employs some 29 000 people worldwide, and our sales in 2013
amounted to EUR 10.6 billion. Stora Enso shares are listed on
NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In
addition, the shares are traded in the USA as ADRs (SEOAY) in the
International OTCQX over-the-counter market. STORA ENSO OYJ
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