Stora Enso has signed an agreement to divest the key assets of its Suzhou Mill in China, including the land-use rights and buildings, to the local government of Suzhou National New & Hi-tech Industrial Development Area (SND). During its 20 years of operation, the city of Suzhou has grown around the mill, making it difficult to develop and continue industrial operations at the current site. The cash consideration for the divestment of assets is approximately EUR 240 million. The total gain on disposal to be reported in operating profit amounts to approximately EUR 180 million of which EUR 26 million will be recorded as a positive non-recurring item in Stora Enso’s second quarter 2016 results and EUR 154 million is expected to be recorded as a positive non-recurring item in Stora Enso’s fourth quarter 2016 results. The total net gain including the closure related costs after tax will be approximately EUR 150 million. Production is planned to be stopped during June 2016 and the transaction is expected to be completed in the fourth quarter of 2016.
The waters have receded after the record flooding of Hurricane Florence, but many families in North and South Carolina still face the extraordinary challenge of recovering and rebuilding. We at Domtar are doing our part to help people in our communities through diaper donations and other assistance as Hurricane Florence relief efforts continue.
Comfort and Care Donations
We’re meeting needs in coastal and inland areas through our Comfort and Care program and our ongoing partnership with Good360, a global leader in product philanthropy and purposeful giving. This partnership has enabled us to deliver more than 850,000 diapers for adults and infants to agencies in storm-ravaged areas as part of our region’s Hurricane Florence relief efforts.
“We know that we can’t solve all of the problems families are facing, but we are able to help by providing personal hygiene products,” says Heather Stowe, Domtar’s corporate social responsibility manager. “We hope that these donations can meet an essential need for families and children and allow them to focus resources on their recovery. We will continue to look for opportunities to support them in the coming weeks.”
Partners such as Diaper Bank of North Carolina and agencies in Myrtle Beach and Dillon County, South Carolina, have been distributing the donated diapers.
“Maintaining personal health and hygiene is a vital yet often overlooked need following a disaster the magnitude of Hurricane Florence,” says Michelle Old, executive director of Diaper Bank of North Carolina. “As the only statewide diaper bank in North Carolina, we have been on the front lines to provide diapers, feminine hygiene products, adult incontinence supplies, toilet paper and underwear. Domtar Personal Care has been a crucial partner in these Hurricane Florence relief efforts, embracing the importance of basic comfort and dignity by donating two truckloads of supplies.”
Our product donations, as well as items collected at local Hurricane Florence relief drives, went directly to storm-stricken areas in 17 counties.
“Domtar contacted us in advance of the storm’s landfall to see how they could assist. Their help allowed us to plan ahead and ready an immediate response to storm victims,” says Old. “After delivering over a million diapers in a single week, our next task is to sustain support over the upcoming months as individuals and families work to resettle and rebuild their lives. We continue to be grateful to Domtar for the ongoing support and solidarity in our mission to deliver dignity to the residents of our state.”
Savannah McBride, senior financial analyst in our Raleigh office, is originally from Morehead City, North Carolina, which is in a coastal area that was hit hard by the storm. She organized a supply drive at work, with plans to drive the supplies to Morehead City. However, McBride’s colleagues donated so generously that she couldn’t fit everything in her car. In a show of goodwill, a local courier company agreed to help transport the Hurricane Florence relief supplies to Morehead City, free of charge.
more at: https://newsroom.domtar.com/hurricane-florence-relief/