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SCA is a leading forest and forest products company that owns 2.6 million hectares of environmentally certified forestland in northern Sweden, and approximately 50,000 hectares of forestland in Estonia and Latvia, making up the largest private forest holdings in Europe.

With this unique resource as a foundation, SCA has developed a well-invested and resource-efficient industry designed to generate the highest possible value from the forest, where the entire tree is utilized. The company’s products include solid-wood products, pulp, containerboard and renewable energy. SCA creates value and contributes to a circular society by providing customers sustainable products based on raw material from responsibly managed forests and a resource-efficient value chain. The strategy is to focus on selected markets and product categories, use innovation to develop new business opportunities, and continuously improve efficiency.

Operations are organized in four segments. The Forest segment manages SCA’s forestland, of which 2 million hectares are used for timber production for SCA’s forest industries. Roughly an equal amount of timber that is harvested from its own forests is purchased from other forest owners. The Timber segment includes five sawmills in Sweden along with wood processing, distribution and wholesale operations. The Pulp segment produces sulfate pulp and chemi-thermomechanical pulp, which is made at the Östrand pulp mill. The Containerboard segment produces containerboard in Obbola and Munksund. With growing forests and renewable products, SCA is helping absorb carbon dioxide and retain fossil material in the ground.

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Active ownership in practice

In its capacity as a long-term active owner, Industrivärden engages itself in the portfolio companies’ strategic development. Against the backdrop of the Company’s business model, this concerns mainly matters pertaining to the portfolio companies’ boards and management teams, financial development and matters such as strategy, market position, efficiency, capital structure and more. Following are a few examples of important corporate governance matters and significant strategic activities for long-term value creation that the respective portfolio companies have taken in recent years, where Industrivärden has played an active role through work on the board and nomination committees.

Value-creating measures

Formation of company in 2017 through refinement and split of former SCA Group into two listed companies, with stronger focus on the core businesses

  • Election of Pär Boman as Chairman in 2015
  • Numerous new directors elected to board
  • Appointment of Ulf Larsson as CEO in 2017
  • Efficiency through continuous improvements
  • Strengthened focus on innovation with base of forest raw material
  • Distinct focus on the forest’s climate benefit with positive substitution effects from the company’s renewable products; targets set for reduced carbon footprint from own operations
  • Substantial investments in paper mills in Obbola and Munksund, and in pulp mill in Östrand
  • Discontinuation of publication papers business and investments in thermomechanical pulp
  • Revaluation of the company’s forest assets unveils higher value


  • Stronger financial position
  • Tangible cost reductions
  • Investments for greater exposure to attractive market segments and stronger competitiveness


For more information

Last update: 26 Apr 2021