BRIEF-Sappi Announces Closure of PM2 at Stockstadt Mill In Germany As Well As PM9 And The Energy Complex At Westbrook Mill In The USA

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BRIEF-Sappi Announces Closure of PM2 at Stockstadt Mill In Germany As Well As PM9 And The Energy Complex At Westbrook Mill In The USA
Credit: © Reuters.

July 9 (Reuters) - Sappi Ltd SAPJ.J :

* JSE: SAP - CLOSURE OF PM2 AT STOCKSTADT MILL IN GERMANY AS WELL AS PM9” AND THE ENERGY COMPLEX AT WESTBROOK MILL IN THE USA

* SAPPI LTD - TWO DECISIONS WHICH WILL CUMULATIVELY REMOVE CAPACITY, REDUCE COSTS, IMPROVE MACHINE UTILIZATION AND INCREASE COMPETITIVENESS

* SAPPI LTD - ONCE-OFF RESTRUCTURING CHARGES RELATED TO SAPPI STOCKSTADT MILL AMOUNT TO ABOUT EUR 27 MILLION

* SAPPI LTD - APPROXIMATELY 170 EMPLOYEES WILL LEAVE CO WITH PRODUCTION EXPECTED TO CEASE ON 30 SEPT 2020 AT STOCKSTADT MILL

* SAPPI LTD - SAPPI NORTH AMERICA HAS DECIDED TO PERMANENTLY SHUT PM9 AND MAJORITY OF ENERGY COMPLEX AT ITS WESTBROOK MILL IN STATE OF MAINE

* SAPPI LTD - RESTRUCTURING CHARGE OF APPROXIMATELY US$14 MILLION (US$11 MILLION CASH; US$3 MILLION NON-CASH) IS EXPECTED DURING SAPPI'S Q4

* SAPPI LTD - APPROXIMATELY 75 EMPLOYEES WILL BE IMPACTED

* SAPPI LTD - SAPPI WILL SHIFT PM9'S BASE PAPER PRODUCTION TO ITS MILLS IN CLOQUET, MINNESOTA AND SKOWHEGAN, MAINE

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