Profit improvement initiatives at Arctic Paper

After 3 quarters 2010 Arctic Paper S.A. recorded a net loss of nearly PLN 6.2 million, which has been communicated previously. The financial result was mainly due to very high prices of pulp and to unfavourable foreign exchange rates. Arctic Paper is working with its previously launched profit improvement plan. During last year Arctic Paper implemented further revenue stimulating initiatives. Price increases have been implemented for its products. The Group is working with cost rationalization activities.

As part of the profit improvement plan, the mill Arctic Paper Munkedals in Sweden intends to reduce staff by approximately 45 employees. Negotiations with the trade unions at the mill have been initiated.

"We expect that Arctic Paper Munkedals will meet its financial targets this year. The mill offers unique high quality products, we are developing new product offers and the Munken brand is well recognized", says Michał Jarczyński, CEO of Arctic Paper S.A.