Sappi Chief Executive Officer Steve Binnie, commenting on the group’s performance, said: “Our third quarter operating performance was in line with previous guidance with earnings (EBITDA ex special items) flat at US$155 million compared to a year ago. The third quarter is seasonally and historically our weakest quarter due to the slow-down in business activity during the Northern Hemisphere summer holiday period and Sappi’s choice to use this quarter to undertake major annual maintenance shuts. A strong performance by our European operations was offset by a number of once-off operational and production issues in our South African and North American businesses. “Capital expenditure increased due to the now completed paper machine conversion at Somerset Mill and the debottlenecking of dissolving wood pulp (DWP) production at our Ngodwana and Saiccor Mills. I am pleased that we have completed the conversion projects at Somerset and Maastricht Mills and that we can look forward to significantly improved packaging sales volumes in the coming financial year. Click Read More below for additional information.
Sequana, the parent company of Arjowiggins and currently the majority shareholder in Antalis is to be liquidated, a court has ruled.
The decision was announced yesterday by the Commercial Court of Nanterre.
Sequana will be liquidated over a two-year period by a court-appointed liquidator, and the group will ask Euronext to continue the suspension of its share trading on the Paris Stock Exchange.
The decision comes after a High Court ruling was upheld by the London Court of Appeal in February, ordering Sequana to pay a €163m (£143m) to British American Tobacco (BAT) in a protracted dispute over the distribution of dividends in 2008 and 2009.