Mar 24, 2010
Daily podcast – March 24, 2010Back
Johannesburg|Sappi|SEW Eurodrive|South Africa|ZAR|Drive Technology|Pulp Manufacturer|Jeff Osborne|Ralph Boëttger|Drive Technology
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Wednesday, March 24, 2010.
From Creamer Media in Johannesburg, I'm Shannon de Ryhove.
Making headlines today:
Paper and pulp manufacturer Sappi has announced a proposed 814-million-rand broad-based black economic empowerment deal that will benefit employees and communities surrounding its mills and plantations in South Africa.
CEO Ralph Boëttger says that the manufacturer will issue about 4,5% of its issued share capital as part of the BBBEE deal. This will translate into the empowerment of about 30% of its South African business.
The transaction will also involve the restructuring of Sappi's 2006 Plantation BEE Land Deal.
He said that the local market should reach sales of 427 952 units this year, which would bring it back to 2003 sales levels.
Osborne said 2010 passenger car sales were expected to jump 9,5% on a dismal 2009 performance, with sales of light commercial vehicles to gain 6%, medium trucks 4% and heavy-duty trucks 7%.
South Africa's consumer inflation slowed back into the central bank's 3 to 6% target range in February.
That's a round up of news making headlines today.
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