Stora Enso North America is to sell 300,000 acres of forestland to Plum Creek Timber Company for e151m in cash.
The sale follows an earlier statement by Stora Enso about restructuring of its forest ownership in Finland and the US. It will be concluded in the fourth quarter, earning the company an operating profit of e52m.
It involves timberland in northern Wisconsin and the Upper Peninsula of Michigan.
Stora Enso will be left with 16,000 acres in North America, within Minnesota, which it also intends to divest. It expects to reach an agreement with Plum Creek regarding wood supply from the acreage being sold.
