Product category:
Printing Substrates - Paper, Forms and Stationery
News Release from: M-real
Edited by the Printingtalk Editorial
Team on 04 July 2006
French Paper Mill Sold As Cost-Cutting
Continues
M-real has sold the Pont Sainte Maxence paper mill in France to a German company, Arques Industries.
M-real has sold the Pont Sainte Maxence paper mill in France to a German company, Arques Industries The sale of the mill causes about EUR35 million sales loss, which is booked in the result of the second quarter, said M-real
This article was originally published on Printingtalk on 24 Jun 2004 at 8.00am (UK)
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The annual capacity of the Pont Sainte Maxence mill is 120,000 tons and it employs 200 people.
As a result of the transaction M-real's turnover will be decreased by about EUR70 million.
In addition, an efficiency programme has been started at the French Alizay paper mill, as a result of which the number of personnel at the mill will be reduced by about 100 people.
The non-recurring cost of EUR13 million arising from that move will weaken the company's result for the second quarter.
Hannu Anttila, president and chief executive officer of M-real, said: "The profitability of our French mills has been for a long period at a very unsatisfactory level.
The efficiency programme at Alizay and the sale of Pont Sainte Maxence will have a positive effect on M-real's result in the future." According to Hannu Anttila M-real has now achieved the savings objective of EUR200 million set for the savings programme launched in the spring of 2004.
Planning of new savings programmes is already in progress.
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