Stora Enso has signed an agreement to sell its 40.24% shareholding in the US-based processed kaolin clay producer Thiele Kaolin Company to Thiele Kaolin Company for USD 76 (EUR 56) million. Stora Enso will record a capital gain of EUR 37 million as a non-recurring item in its first quarter 2014 results. The consideration was paid fully in cash when the agreement was signed and is subject to final adjustments by the end of March 2014. The divestment will decrease the operational EBIT of the segment Other by approximately EUR 7 million annually.
The transaction was signed and finalised on 4 February 2014. Following the transaction, Stora Enso is no longer a shareholder of Thiele Kaolin Company.
Stora Enso’s shareholding in Thiele Kaolin was part of its North American operations but not included in the divestments in 2007. Thiele Kaolin’s divestment is part of Stora Enso’s programme of selling non-core assets and in accordance with its strategic transformation to a value-creating renewable materials company focusing on growth markets.