Review by the President & CEO of Suominen Corporation in the Annual General Meeting to be held today
Helsinki, Finland, 2016-03-16 09:00 CET (GLOBE NEWSWIRE) --
Suominen Corporation Stock Exchange Release 16 March 2016 at 10:00 am (EET)
Review by the President & CEO of Suominen Corporation in the Annual General Meeting to be held today
The Annual General Meeting of Suominen Corporation will be held today in Helsinki, starting at 10:00 am. In her review in the Annual General Meeting, Ms. Nina Kopola, President & CEO of Suominen, will discuss the financial development and the strategy implementation of Suominen in 2015 as well as the demand during the first months of 2016.
”As we stated in the Financial Statement Release published on 29 January 2016, some customers postponed their orders in the last quarter of 2015 until after the turn of the year. Even though we have received these postponed orders, the demand has not been at last year’s level during the first months of the year. We anticipate the change in demand to be temporary, deriving from the new manufacturing capacity just recently launched in Europe and North America, which are our main market areas”, Nina Kopola says in her review.
In longer term, the demand forecasts for nonwovens have not changed. Suominen continues to anticipate its target markets to grow annually by some 2–9%, depending on the product segment and geographical region. In addition, Suominen’s outlook statement regarding its net sales and operating profit development in 2016, disclosed on 29 January 2016, remains unchanged. Suominen expects that for the full year 2016, its net sales and operating profit excluding non-recurring items will improve from year 2015.
In 2015, Suominen implemented its strategy and focused particularly on advancing its 60 million euro growth investment program and on enhancing its product development.
”At our plants in Alicante and Paulínia, we modernized the existing manufacturing capacity in order to increase the share of products with higher added value, such as medical nonwovens, in the offering of both plants. The investment at Alicante plant is currently in ramp up phase, and in Paulínia we already supply the new products. Moreover, the largest initiative in our growth investment program, the new production line at our Bethune, SC plant, is progressing as planned and on schedule. Based on the concept products of the new line, we are currently negotiating with both customers and raw material suppliers. We repeat our earlier estimate and state that the installation of the new line is expected to be completed during the second half of 2016.
The relevant new content of the review by the President & CEO has been presented in this release. The presentation material related to the review will be available at www.suominen.fi after the Annual General Meeting.
Suominen Corporation
Nina Kopola, President & CEO
Suominen in brief
Suominen manufactures nonwovens as roll goods for wipes as well as for medical and hygiene products. The end products made of Suominen’s nonwovens – wet wipes, feminine care products and swabs, for instance – bring added value to the daily life of consumers worldwide. Suominen is the global market leader in nonwovens for wipes and employs over 600 people in Europe and in the Americas. Suominen’s net sales in 2015 amounted to EUR 444.0 million and operating profit excluding non-recurring items to EUR 31.2 million. The Suominen share (SUY1V) is listed in Nasdaq Helsinki Stock Exchange (Mid Cap). Read more at www.suominen.fi.
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Nasdaq Helsinki
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www.suominen.fi
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