Stora Enso announced in February plans to permanently close down one paper machine 8 (PM8) and related reorganisation at the Kvarnsveden Mill in Sweden that could affect a maximum of 140 people at the mill. PM8 was permanently shut down in June, and the negotiations between central parties have now been concluded. The impact of the reorganisation and PM8 closure was mitigated through individual solutions, such as early retirement. Altogether the number of people affected will be 122. Stora Enso is convinced that through the measures taken, it is possible to improve the competitiveness of the Kvarnsveden Mill going forward. Production at Kvarnsveden Mill will continue on two lines, PM10 for improved newsprint paper and PM12 for SC papers.
Sequana, the parent company of Arjowiggins and currently the majority shareholder in Antalis is to be liquidated, a court has ruled.
The decision was announced yesterday by the Commercial Court of Nanterre.
Sequana will be liquidated over a two-year period by a court-appointed liquidator, and the group will ask Euronext to continue the suspension of its share trading on the Paris Stock Exchange.
The decision comes after a High Court ruling was upheld by the London Court of Appeal in February, ordering Sequana to pay a €163m (£143m) to British American Tobacco (BAT) in a protracted dispute over the distribution of dividends in 2008 and 2009.