Stora Enso has agreed to redeem ABB’s 49% shareholding in Efora Oy on October 31 and become the sole owner of the company.
The transaction is subject to approval from the Finnish Competition and Consumer Authority.
Efora, established in 2009, is a joint-venture company owned by Stora Enso (51%) and ABB (49%) providing maintenance services at Stora Enso’s Heinola, Imatra, Oulu, Uimaharju, Varkaus and Veitsiluoto mills in Finland.
It employs about 1,000 people. Efora will remain responsible for the maintenance operations at Stora Enso’s mills after the change in ownership.
Stora Enso is examining various options for Efora’s future ownership.
The planned transaction will have a limited impact on Stora Enso’s sales and operational EBIT.