Sappi to Cut European Costs by $100 Million a Year, CEO Says
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Sappi Ltd., the world’s largest maker of glossy paper, plans to cut costs in its European businesses by more than $100 million a year to compensate for rising input expenses, Chief Executive Officer Ralph Boettger said.
“We’re looking at $100 million-plus of cost savings that should start coming through in our results in our fourth quarter,” Boettger said in a phone interview from Johannesburg today. Sappi’s European business purchases more than half of its pulp requirements and has been affected by higher prices for the paper-making ingredient, wood, latex and energy.