EY Corporate Finance acted as financial advisor to Stora Enso in the transactions with Infinited Fiber Company and Nevel.
On 20th June 2022, Stora Enso Oyj (“Stora Enso”), a leading provider of renewable products, announced that it is leasing a former paper machinery hall at its Veitsiluoto site to Infinited Fiber Company, a textile technology firm, for the company’s first commercial-scale factory. Earlier in June Stora Enso sold its Veitsiluoto-based district heating business to utility infrastructure company Nevel.
Infinited Fiber Company is planning to invest approximately 400 million euros in its Veitsiluoto factory, creating an estimated 270 new jobs in the Kemi region. The company’s technology enables cotton-rich textile waste to be transformed into its proprietary textile fiber that is fully biodegradable and free of microplastics. Infinited Fiber Company’s customers are global leaders in the fashion and apparel industry. The factory is expected to operate at full capacity in 2025.
Stora Enso, assisted by EY Corporate Finance, has been exploring future business opportunities in the Veitsiluoto area since summer 2021. Work to find additional activity to the site continues.
Contact details for more information:
Director, Corporate Finance, EY Finland
+358 503 366 396
Manager, Corporate Finance, EY Finland
+358 503 237 560