HELSINKI, Finland (AP) — Stora Enso Oyj, one of the world's largest paper makers, announced plans Monday to invest euro260 million (US$375 million) to improve energy efficiency at two European mills.
The Finnish-Swedish group said the projects — at the Langerbrugge Mill in Belgium and Maxau Mill in Germany — would be completed in the second quarter of 2010.
''These investment projects will significantly reduce fuel costs while increasing the use of bio energy at each mill,'' Juha Vanhainen said of the company's newsprint section. ''Through these investments, the group will reduce its annual carbon dioxide emissions by some 105,000 (metric) tons.''
Both mills produce newsprint and uncoated magazine paper, mostly from recycled paper.
Stora Enso is one of the world's largest forest product companies, making magazine paper, newsprint, fine paper, pulp and packaging boards. It employs 44,000 people in more than 40 countries.
The group was formed in a 1998 merger between Finland's Enso and Stora of Sweden. Finland's government is the major shareholder with more than 10 percent of the stock.