Finnish pulp and paper manufacturer Stora Enso has decided to suspend the sale of its Anjala paper site in Finland.

Earlier this month, the company integrated the site into its Packaging Materials division along with its paper site in Langerbrugge, Belgium.

Stora Enso is currently conducting a feasibility study for converting one of the site’s two paper lines into a packaging materials line.

The feasibility study is expected to be completed in the first half of this year.

The two sites will continue producing paper for their respective customers.

Stora Enso has also agreed to sell its paper production site in Hylte, Sweden, and all its associated assets to sawmill and planning mill company Sweden Timber.

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The deal is valued at around €18m ($19.5m) and due to close in the first half of this year.

Stora Enso’s Hylte site has an annual production capacity of 245,000t of newsprint paper.

The company expects the sale to reduce its annual sales by €90m, based on 2021 figures.

Stora Enso said the deal will not impact the formed fibre and biocomposite operations of its packaging solutions division at the site.

Stora Enso CFO Seppo Parvi said: “I am pleased that Sweden Timber will continue to serve Hylte’s paper customers with the intent to further develop the operations.

“For the Anjala site, we have concluded that the benefits from retaining the site within the group exceed the value of explored divestment opportunities.”

The sale of Stora Enso’s Hylte site and the discontinuation of its Anjala divestment completes the firm’s plan to sell four of its five paper production sites.

Earlier this month, the company sold its paper site in Nymölla, Sweden, and acquired De Jong Packaging Group for an enterprise value of around €1.02bn.

Its sale of its paper site in Maxau, Germany, is due to close in the coming weeks.