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
"Very insightful Stern.
My analysis?
Squeaky bum time!"
"But in April there was an article with the Headline "Landa boosts top team as it scales up to meet market demand", where they said they came out of last year’s Drupa with a burgeoning order..."
"Yep. Tracked is king."
Up next...
Print services required
Trio of new tenders up for grabs
Greater automation and ease-of-use
Konica Minolta enhances AccurioPress C7100 series
Energy savings and wider gamut
Wilmot-Budgen takes first LED Onset
Weekly one million mark