Sweden: Company Acquisition Stora Enso Acquires Swedish Cellulose Technology Company Cellutech
Stora Enso has increased its ownership up to 100 % in the Sweden-based company Cellutech AB. The company specialises in the development of new materials and applications based on cellulose, micro-fibrillated cellulose (MFC) and other wood-based components.
Helsinki/Finland — The acquisition of Cellutech is in line with Stora Enso’s strategy of replacing fossil-based materials with renewable ones originating from wood. The acquired company works, among others, in the areas of foams for packaging and hydroponics where the markets are continuously growing. Cellulosic foams can, for example, be used in packaging to replace polystyrenes which are the most widely used plastics.
According to Markus Mannström, EVP, Stora Enso Biomaterials, the acquisition of Cellutech will add a new dimension to the company's fibre and cellulose capabilities particularly in lightweight cellulose foams and spheres. Established in 2013, Cellutech is an agile team of eight scientists and researchers serving as a link between academia and industry. The company announced that the transaction will not have a material financial impact on the Group.