Friday, April 1, 2016 1:45 pm

BRAZIL -- The divestment of Stora Enso's entire 80% shareholding in the Arapoti magazine paper mill in Brazil to Papeles Bio Bio, a Chilean paper producer, has been completed, the company announced.

The consideration for the divestment of the shares is approximately Euro 17 million. The loss on disposal amounts to approximately Euro 59 million of which Euro 31 million was recorded as a non-recurring item in Stora Enso's 4Q 2015 results. The remaining approximately Euro 28 million is a cumulative translation adjustment loss, which will be recorded as a negative non-recurring item on operating profit in Stora Enso's 1Q 2016 results, as announced earlier.

Arapoti Mill is the only producer of coated magazine paper (LWC) in South America.