Metsä Tissue to book an impairment and restructuring provision of approximately EUR 107 million in total
Metsä Group press release 21 May 2019
Metsä Tissue, part of Metsä Group, has updated its strategy. Strategy implementation includes an operational review with the target to improve internal efficiency, reduce complexity and focus on the tissue business.
As part of this operational review an impairment test according to IAS 36 has been conducted. As a result, the company will in the second quarter of 2019 book a mainly goodwill related impairment of approximately EUR 102 million. In addition, the company will book a restructuring provision of approximately EUR 5 million related to the ongoing and already completed co-determination negotiations.
These bookings have a weakening impact to Metsä Tissue’s equity ratio of approximately 8 percentage points. Impact to the whole Metsä Group’s equity ratio is minor.
For further information, please contact:
Esa Kaikkonen, CEO Metsä Tissue, tel. +358 10 4654749
Metsä Group is a forerunner in sustainable bioeconomy utilising renewable wood from sustainably managed northern forests. Metsä Group focuses on wood supply and forest services, wood products, pulp, fresh fibre paperboards and tissue and cooking papers.
In 2018, Metsä Group’s sales totalled EUR 5.7 billion, and it employs approximately 9,300 people. Metsäliitto Cooperative is the parent company of Metsä Group and is owned by approximately 103,000 Finnish forest owners.
With its high-quality tissue and greaseproof papers, Metsä Tissue makes life more comfortable for consumers, customers and end-users every day. Metsä Tissue is a leading tissue paper products supplier to households and professionals in Europe and the world’s leading supplier of greaseproof papers. Our main brands are Lambi, Serla, Mola, Tento, Katrin and SAGA. With production units in five countries, we employ a total of about 2,800 people. Our sales in 2018 were EUR 1 billion. Metsä Tissue is part of Metsä Group.
www.metsatissue.com Twitter LinkedIn