Finland-based pulp and paper manufacturer Stora Enso has divested its 100% stake in packaging machine producer Formeca to Amitec for undisclosed amount.
Formeca, Stora Enso’s Finnish subsidiary, is engaged in providing high-quality machines for automated packaging lines.
It supplies material handling machines and systems for packaging any product in corrugated board.
Upon completion of the deal, Stora Enso will become a reseller of Formeca machines as well as continue to support and consult customers on packaging automation solutions.
Stora Enso senior vice president and corrugated Nordics Division Packaging Solutions head Peter Torstensson said: “Supported by Amitec’s dedicated competence in this field, Stora Enso will be able to serve customers even more effectively.
“In addition, Amitec has the necessary strength to further develop Formeca and ensure its business progress.”
The transaction will result in transfer of few employees to Stora Enso to strengthen packaging automation support for its customers.The other Formeca personnel will remain in Formeca’s employ.
Amitec said that the acquisition strengthens its presence as material handling –solutions supplier.
Amitec managing director Harri Mononen said: “We see great potential in improving and complementing Formeca’s product range and developing the already great machines even further. Amitec is a very proud new owner of Formeca.”
Earlier, Stora Enso announced its plans to consolidate its corrugated packaging manufacturing in Finland to its Lahti facility.
The consolidation plan is part of the company’s plan to improve profitability and competitiveness by creating a centre of excellence for corrugated packaging at the Lahti plant.
