LUCIA MUTIKANI, Johannesburg | Tuesday 7.00pm
PAPER and pulp giant Sappi Ltd said on Tuesday that its various assets held in different companies across the pulp and paper group will be incorporated into Sappi Fine Paper Plc to strengthen its focus and global expansion.
It is expected that the restructuring will signal an intention by Sappi to make its primary listing overseas.
Announcing the restructuring, group executive chairman Eugene van As said that MD Ian Forbes will relinquish his position at the end of September and resign from the Sappi board. ”Sappi Fine Paper SA, now contract managed by Sappi Forest Products, will from October 1 report to Sappi Fine Paper Plc,” he said. Sappi Fine Paper Plc will become the corporate headquarters for the group’s fine paper division.
Van As said that Sappi Fine Paper Plc, whose main role is to give global focus and direction to the group’s fine paper business, will also establish a marketing division and take over product development, sales and marketing for the Fine Paper group.
Among other management changes announced by the group, Sappi Fine Paper North America CEO Trevor Larkan will be taking over at Sappi Fine Paper Plc in September. Henry Mollenhauer, Sappi Fine Paper North America senior vice president (marketing), will become director of marketing for Sappi Fine Paper Plc from October.
”The purpose of these changes is to achieve our long term objectives and to improve our focus on our core business,” Van As said. Van As said he will remain chief executive of Sappi Fine Paper Plc until a new chief executive is appointed. — Reuters