Product category:
Printing Substrates - Paper, Forms and Stationery
News Release from: M-real
Edited by the Printingtalk Editorial
Team on 12 January 2006
Paper Company's Results Slide Further -
60 Jobs Go
M-real Corporation's fourth quarter result were weaker than expected, mainly due to 40 million Euros of non-recurring expenses.
M-real Corporation's fourth quarter result were weaker than expected, mainly due to 40 million Euros of non-recurring expenses It is also weaker than the third quarter performance and the full year result for 2005 before taxes and including non-recurring items, will be clearly negative
This article was originally published on Printingtalk on 24 Jun 2004 at 8.00am (UK)
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Out of the total of 40 million Euros, 25 million Euros is attributable to the cost savings and efficiency improvement programme in the company's Pont Sainte Maxence mill in France.
The number of employees will be further reduced by approximately 60 people, causing redundancy and other non-recurring expenses amounting to four million Euros.
Furthermore, the book value of the mill's intangible and tangible assets, excluding land, amounting to 21 million Euros, will be written down in their entirety.
The remaining non-recurring items are mainly attributable to the already decided cost savings and efficiency improvement programmes carried out at M-real's other operations in 2006.
The cost savings and efficiency improvement programme announced by M-real in 2004 is progressing in-line with targets, added the company.
According to the current estimate, the non-recurring expenses caused by the programme will amount to a total of 20 - 30 million Euros in 2006.
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