Sonae Industria Q3 results reflect the tense situation on the wood based panel market worldwide and especially in Europe.
While in North America, Sonae was able to increase market share of shipments from Canada from 27% in 2008 to 35% in 2009 (year to year), in Germany it already closed production in Kaisersesch; in France, turnover declined by 45% year-to-year.
Total turnover in Q3, €301m, was lower than in Q2 (€325m) and significantly lower than in Q3/08 (€431m, 30% decrease).
The sale of Tafisa Brazil in August 2009 generated a capital gain in the consolidated results for the first nine months of 2009 of €56m.
Meanwhile Sonae’s subsidiary Glunz has commenced negotiations on the permanent closure of the Duisburg particleboard mill.
Production was suspended in Duisberg on February 1, 2009 by introducing zero-time working. This arrangement, whereby the workforce is given further training instead of working, was originally limited until the end of July 2009 but was then extended until the end of the year.
(Source: Euwid)
