Good News from Wed, 19 September, 2012:

Stora Enso expands its packaging business to Pakistan

The joint-venture company Bulleh Shah Packaging Ltd. will employ some 950 people. The joint-venture company Bulleh Shah Packaging Ltd. will employ some 950 people.

Stora Enso is establishing a joint-venture company together with Pakistan’s largest packaging and board manufacturer, Packages Ltd., to serve the Pakistani market. The name of the resulting company will be Bulleh Shah Packaging Ltd. The new company will manufacture packaging products for both local and international markets.

— There is growing demand for packaging products and board in the Pakistani market, so it represents an attractive growth opportunity for us, says Stora Enso’s EVP, Renewable Packaging, Mats Nordlander.

Stora Enso’s initial shareholding will amount to 35 per cent, with an expected increase to 50 per cent at a later stage, subject to the fulfilment of certain conditions.

The joint venture will include the operations of the Kasur mill and Karachi plant, which are currently owned by Packages Ltd. Bulleh Shah Packaging Ltd. will employ some 950 people and its net sales are forecast to reach EUR 99 million this year.

www.storaenso.com

PI