Sappi on Thursday 1 August announced alongside its third-quarter results that it had acquired the Matane hardwood pulp mill in Quebec, Canada, from Rayonier Advanced Materials for $175-million. The company said the acquisition would support its “fast-growing packaging businesses in both North America and Europe.”
The transaction will also reduce the cost of pulp for the company and is part of a pivot to areas with prospects for higher margins. Such diversification is probably needed as Sappi has struggled of late, a point reflected in its share price. Its share price over the past 12 months is down over 50% versus about 15% for rival Mondi . The company’s Q3 results for the three months to the end of June 2019 showed a fall in profit to $8-million from $51-million in the same period last year.
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