Finland's Stora Enso Oyj, one of the largest paper and board makers in the world, said on Wednesday its capital expenditure will increase to €800 - €850 million ($884-939 million) in 2020 as it revamps its operations.
It has forecast capital expenditure of €610 - €660 million this year.
"The capital expenditure spend has been raised temporarily in order to accelerate Stora Enso's transformation into a renewable materials company," it said in a statement.
Stora Enso also said it would establish a forest division from the start of 2020, to wrap its forestry assets and make its reporting more transparent.
Stora Enso's new division will include its Swedish forest assets, a 41% share of forestry company Tornator, which holds mostly forests in Finland, and wood supply operations in Finland, Sweden, Russia and Baltic countries.
"As wood is the single most important raw material and the biggest share of our costs, as well as a large part of the balance sheet, it will make sense to increase the transparency of reporting," Stora Enso's chief executive Karl-Henrik Sundstrom said in a statement.
Stora Enso said it has forest assets valued at more than €4.1 billion.
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