Stora Enso has acquired 100 percent of the shares of the U.S.-based company Virdia, a leading developer of extraction and separation technologies for conversion of cellulosic biomass into highly refined sugars and lignin. The upfront debt-free transaction value is approximately $33 million with additional potential payouts totaling approximately $29 million following completion of specific technical and commercial milestones by 2017. Virdia&rsquo;s impact on Stora Enso&rsquo;s 2014 sales and earnings is expected to be limited. The acquisition of Virdia supports the vision of Stora Enso&rsquo;s Biomaterials Division in becoming a significant player in biochemicals and biomaterials. The technology enables more efficient extraction of different valuable fractions of the biomass, allowing the possibility to develop and commercialize cost-effective renewable solutions to address well-identified market-driven needs. This is a new step in implementing the division&rsquo;s strategy, following the recent lignin extraction investment at Sunila Mill in Finland. &ldquo;This acquisition is in line with our strategy of growing in biobased chemicals, ingredients and solutions, building on cost-effective, non-food-competing raw materials. These solutions will contribute to a more sustainable future by replacing fossil-based materials in various applications with renewable and cost-effective choices. We are now investing in a new technology platform that will enable us to reach new industries and value chains, and create significant sustainable profit growth for our company,&rdquo; said Juan Carlos Bueno, executive vice president of Stora Enso Biomaterials. Founded in 2007, Virdia is a private, venture-capital-backed company. It runs a pilot facility in Danville, Virginia. The main advantages of&nbsp;its technology are the cost-competitiveness and high purity of the output, which enable a variety of further conversion and upgrading possibilities for sugars and lignin as renewable intermediates for the specialty chemicals, construction, coatings, personal care and food industries, among others. &nbsp;&nbsp;
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Stora Enso has acquired 100 percent of the shares of Virdia, a developer of extraction and separation technologies for conversion of cellulosic biomass into refined sugars and lignin. The upfront debt-free transaction value is about $33 million.

Stora Enso acquires U.S.-based biotechnology company

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