The persistent global economic downturn is proving to be much tougher than anticipated with depressed markets, geopolitical instability and weak economic growth combining to put significant pressure on Sappi, particularly in Europe.
In response, the company announced on 10 October 2023 the start of a consultation process on the possible closure of the Lanaken Mill. The company has now completed this process and agreed on the social plan for employees. Production of paper ended in December 2023. The closure of the site should be completed during the second calendar quarter of 2024. Details regarding the financial impact once all closure elements are taken into account will be provided during the first quarter financial results announcement.
Sappi said its strategic focus includes reducing exposure to the graphic paper segment while expanding presence in packaging, speciality papers, pulp and biomaterials.
