March 20, 2012 / 11:14 AM / 5 years ago

Stora Enso to invest 1.6 bln euros in China mill

HELSINKI, March 20 (Reuters) - Finnish paper company Stora Enso said it plans to invest 1.6 billion euros ($2.1 billion) to build a new mill in China, as it expands in the growing Asian market instead of Europe where it faces weakening demand and overcapacity.

Stora Enso said it aimed to build an integrated board and pulp mill in Guangxi, southern China, with a paperboard capacity of 900,000 tonnes with production scheduled to start in the fourth quarter of 2014.

The project will be financed by around 60 percent in debt and 40 percent in equity, the company said on Tuesday. ($1 = 0.7552 euros) (Reporting by Ritsuko Ando)

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