Stora Enso Timber has signed an agreement to acquire the majority ownership in AS Sylvester, Estonia’s largest wood products and timber procurement company.
The deal, which follows Stora Enso’s letter of intent to buy 66% of Sylvester‘s sawmilling operations last summer, needs to be approved by the competition authorities and should be finalised during the first quarter of 2003.
The timber giant will also acquire 100% of Sylvester’s procurement companies.
Arno Pelkonen, senior executive vice-president of Stora Enso Timber Products, said: “The acquisition strengthens Stora Enso’s position in the Baltic states in wood procurement and the wood products business.”