Stora Enso announced that it has completed the divestment of its Corenso business operations to the Finnish packaging materials company Powerflute Oyj.

The enterprise value of the transaction is approximately Euro 90 million, and the all cash consideration approximately Euro 102 million. The transaction is estimated to result in a capital gain of approximately Euro 12 million that will be reported as a positive non-recurring item in Stora Enso's fourth quarter 2014 operating profit.

Corenso was part of the Stora Enso Renewable Packaging Division. Stora Enso said it is focusing on select packaging segments in Packaging Solutions and Consumer Board, and further developing and investing in these businesses. The divestment is a natural step in streamlining the business and transforming Stora Enso into a customer-focused renewable materials company, the company said.

Corenso is one of the world's leading integrated producers of high-performance core and high-quality coreboard. It employs about 920 employees in 10 countries in Europe, Asia and North America, and has its head office in Lahti, Finland.