Paper maker delays $2.1bn China investment

Stora Enso (STERV.HEL), a Finnish paper and packaging maker, delayed a US$2.1 billion investment in China, in what analysts say is an effort to protect cash flow as the company seeks to transform itself, Reuters reported. The company said on Friday it had gained long-awaited approval for a pulp and packaging board plant in Guangxi but that the build-out would start later and take longer than originally planned to protect capital spending. Stora earlier this year launched a cost-cutting plan to slash US$263.2 million (EUR200 million) of annual fixed costs and said last month it that will eliminate around 2,500 jobs.