World Paper Giant to Move Asia-Pacific Headquarters to Shanghai

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Last updated at: (Beijing Time) Thursday, November 28, 2002

World Paper Giant to Move Asia-Pacific Headquarters to Shanghai

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Stora Enso, one of the world's leading forest industry companies, will move its Asia-Pacific headquarters from Singapore to China's economic center Shanghai, the company's chief executive officer announced Thursday.

"This decision demonstrates our persistence and confidence in expanding business in China," said CEO Jukka Harmala, who is in China as a member of a Finland business delegation led by Finnish President Tarja Halonen.

"Confronted with the fast development of China's economy, we plan to enlarge investment in China as well as enhance cooperation with our Chinese partners," Harmala added.

Listed by Fortune 500 and one of the world's largest forest industry companies, Stora Enso is a global market leader in producing magazine paper, newsprint, fine paper, packaging boards and wood products.

In October this year, Dow Jones ranked Stora Enso as the most sustainable forest product company in the world. In 2001, its sales reached 13.5 billion Euros and annual paper and board production capacity was approximately 15 million tons.

In the 1950s, the Finnish company began exporting paper products to China and set up its first sales office in China in the mid-1980s. Currently, Stora Enso's offices in China number seven, with the total sales volume hitting 700 thousand tons.

In 1998, Stora Enso acquired a majority share holding of the Stora Enso Suzhou Paper Co., Ltd., whose annual production capacity has now reached 150 thousand tons.

Harmala said Stora Enso plans to further increase its coated wood free paper production capacity in China and secure its long-term supply of fiber.

Currently, the second phase of a Stora Enso Suzhou plant is being planned, and Stora Enso is working with relevant Chinese departments on a feasibility analysis of an industrial scale plant,so as to integrate pulp, paper and board production.

Harmala said, in addition to expanding business in the paper industry, Stora Enso will also take pursue more cooperation with China in other areas.

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