Stora Enso buys US biotech firm

Finnish papermaker Stora Enso has bought US biotechnology firm Virdia for 24 million euros.

If commercial and technical targets are met by 2017, a possible additional payment of 21 million euros is in the offing.

Virdia develops extraction and separation technologies for conversion of cellulosic biomass into highly refined sugars and lignin.

These can be used, for example, in specialty chemicals, construction, coatings, personal care and the food industries

— This acquisition is in line with our strategy of growing in bio-based chemicals, ingredients and solutions, building on cost-effective, non-food-competing raw materials, said Juan Carlos Bueno, EVP, Stora Enso Biomaterials.

— We are now investing in a new technology platform that will enable us to reach new industries and value chains.