Ahlstrom to close its Ascoli plant in Italy

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Source: Ahlstrom Corporation

Ahlstrom, a global leader in high performance fiber-based materials, has completed the review process of its Ascoli plant in Italy. The company has decided to close the Ascoli plant due to unsatisfactory long-term profitability and cash flow. Negotiations with the trade unions regarding the closure have been started.  Ahlstrom estimates to book a non-recurring cost of approximately EUR 15 million in its fourth quarter result in 2007 due to the closure.
 
The closure, effective by mid-January 2008, will affect approximately 200 employees and reduce annual production capacity of one-side coated papers by 65,000 tons. Ahlstrom strives to minimize the impact of the closure on both its employees and customers.
 
On October 10, 2007, Ahlstrom announced that it would put the Italian Ascoli and the French Chantraine plant under review due to unsatisfactory profitability and cash flow. Both plants are part of Ahlstrom's Release & Label Papers business area. The review process of the Chantraine plant is still ongoing and its results will be announced in due course.

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