As part of the process of standardising the corporate structure of Norske Skog, the following transfers of operations from Norske Skogindustrier ASA to other group companies are implemented today, 1 June 2011:
The paper-making activities at Skogn, Saugbrugs and Follum, respectively, are separated and transferred to the following newly established and wholly-owned subsidiaries of Norske Skogindustrier ASA:
- Norske Skog Saugbrugs AS, where the Managing Director is Olle Axell
- Norske Skog Skogn AS, where the Managing Director is Svein Aurstad
- Norske Skog Follum AS, where the Managing Director is Oddvar Sandvei
Furthermore, various corporate functions such as invoice handling, IT and accounting, as well as the sales office for the Nordic market and export markets for the group's European mills are separated in the following newly established and wholly-owned subsidiaries of Norske Skogindustrier ASA:
- Norske Skog Shared Services AS, where the general manager is Anne-Marie Roeyert
- Norske Skog Nordic and Export Sales AS, where the general manager is Torgeir Ose
The transfer of operations from Norske Skogindustrier ASA is conducted as assets sales, and the transactions will not have any impact on the consolidated financial statements. The changes in the legal organisation of Norske Skog's operations in Norway will not change the daily operations in the affected departments, and all operations will be wholly-owned by Norske Skogindustrier ASA.
Oxenoeen, 1 June 2011
Norske Skog
Corporate Communication
| For further information: | |
| Media: Vice President Corporate Communication Carsten Dybevig Mob: (+47) 917 63 117 | Financial markets: Senior advisor Investor Relations Frode Tegnér Mob: +47 906 19 102 |
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Norske Skog via Thomson Reuters ONE
