Sappi adapts to changing packaging market as shares slide on lower profit
Sales fell 5% amid ‘sluggish’ demand, as the group races to ramp up packaging production as the world switches from plastic to paper
01 August 2019 - 11:31
Sappi’s R2.5bn acquisition of a pulp mill in Canada comes as the group races to ramp up packaging production to take advantage of a global switch from plastic to paper, CEO Steve Binnie says.
Sappi’s shares slumped as much as 15.4% on Thursday to R44.17 — their worst level in nearly four years — after the pulp, packaging and paper company said profit in the three months ended June plunged to $8m from $51m a year before...
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