Stora Enso said in a statement on 2nd March that it will stop all production and sales in Russia until further notice due to the ongoing invasion in Ukraine.
Stora Enso has three corrugated packaging plants and two wood products sawmills in Russia, employing around 1,100 people. The company will also stop all export and import to and from Russia. A mitigation plan has been activated to secure availability of input materials from other sources.
“The war in Ukraine is unacceptable and we are fully behind all sanctions. We will now focus all our attention on supporting our customers and the well-being of our employees,” says Annica Bresky, President and CEO.
Stora Enso’s sales in Russia is approximately 3% of total Group revenues. The impact on Stora Enso’s sales and EBIT is not material.