Sappi executive chairman Eugene Van As said the coated woodfree market was one of the worst sectors to be in as he announced a 41% fall in net profits to 38m ($55m) for the third quarter.
Group sales dropped 15% to 560m, while in Europe they fell to 281m due to weak demand for coated woodfree paper. This hit operating profits, which fell 61% to 18m.
Van As said Sappi was not averse to participating in the consolidation within the industry, but only when it could be certain of significant market gains.
Have your say in the Printweek Poll
Related stories
Latest comments
""longer run litho work had “now returned to the Far East”?
Is this happening a lot?"
"Thanks Jo, look forward to reading it in due course. Administrators generally argue that they need to act with lightning speed in order to protect the business/jobs, thereby overlooking the fact that..."
"Hello Keith,
The details will be in the administrators' report but that's not available yet. I will write a follow-up piece when that's filed.
Best regards,
Jo"
Up next...
Complimentary litho kit provides synergy
Brightsea acquires Hedgerow Print in Devon merger
Interim replacement is in place
Xaar CFO steps down
Mail seen as most trustworthy
Mail most influential marketing medium for winning election votes
Steve Dobbs steps into MD role