Stora Enso have divested Celulose Beira Industrial (Celbi) SA, its main asset being the Celbi Pulp Mill in Portugal, to Altri, a Portuguese company with steel, pulp and paper operations. The sales price of Celbi's equity is EUR 428 million and the company has no debt. Stora Enso will record a capital gain of approximately EUR 170 million on completion of the sale. Celbi's sales in 2005 were EUR 137 million the mill has an annual production capacity of about 305,000 tonnes of high quality short-fibre eucalyptus pulp, suitable for the production of printing, writing and speciality papers, and tissue. The mill obtains half of its fibre raw material from its own plantations of approximately 41,000 hectares. Celbi had 345 employees at the end of 2005.
Pöyry Capital and Morgan Stanley acted as joint Financial Advisors to Stora Enso Oyj.