Finland's Stora Enso to convert mill to make packaging board

Credit: REUTERS/INTS KALNINS

HELSINKI, May 28 (Reuters) - Stora Enso STERV.HE said on Tuesday it would convert its paper mill in Oulu, Finland into a packaging board mill by the end of 2020, involving investment of about 350 million euros ($391 million).

Stora said the investment would increase the group's capital expenditure for 2019 to 610 million to 660 million euros, from a previous estimate of 540 million to 590 million euros.

Stora said it would cut up to 400 jobs at the site.

($1 = 0.8943 euros)

(Reporting by Tarmo Virki Editing by Edmund Blair)

((tarmo.virki@thomsonreuters.com; +372 564 4562;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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