Nordic Business Report-December 28, 2006-Stora Enso Oyj to invest EUR54.8m at Varkaus Mill in Finland (C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com Finnish forest products company Stora Enso Oyj said on Thursday (28 December) that it is investing EUR54.8m in rebuilding fine paper machine 3 (PM 3) at its Varkaus Mill in Finland to improve efficiency at the mill and profitability in the office paper business area. The investment will increase the mills annual production capacity by about 95,000 tonnes to 315,000 tonnes of uncoated fine paper, but the number of personnel will not increase. Following the investment, envelope paper production will be transferred from Veitsiluoto Mill to Varkaus Mill, allowing Veitsiluoto Mill to specialise in producing document printing paper. Meanwhile production of writing paper will be transferred from Varkaus Mill to Imatra Mills. The project is scheduled to be completed in December 2007. Stora Enso, headquartered in Helsinki, Finland, has some 46,000 employees in more than 40 countries, and reported sales of EUR13.2bn in 2005. Stora Enso is listed on the Nordic Exchange in Helsinki and Stockholm, and on the NYSE. One British pound (GBP) is worth approximately 1.49 euros (EUR). ((Comments on this story may be sent to [email protected]))