Stora Enso to move group's financial center to Estonia
The Nordic wood and paper group will move its financial services centre to Tallinn and hire 60 new employees this year.
"We got a positive answer from Enterprise Estonia to our support request for expanding the financial services centre of Stora Enso Group that is moving to Tallinn," member of the management board at Stora Enso Eesti AS, Argo Aavik, told BNS on Monday.
The revenue of Stora Enso Eesti increased by 7.5% last year to a total of €210 million, its operating profit by 7% percent to €15.1 million, and its net profit by 117% to €43.5 million.
The company's workforce shrank by 15 to 603 employees, while labour expenses increased by 5.8% percent to €15.4 million.
Stora Enso Eesti is not planning to pay out dividends this year, which means the company's retained profit will increase to €78.9 million.
Editor: Dario Cavegn