Paper and packaging group Sappi’s delisting of its American depository shares from the New York Stock Exchange was finalised on Monday.
The company’s American depository receipts (ADRs) will now be traded in the US through a Level 1 over-the-counter ADR programme.
Further, Sappi also reported on Monday that Sappi Fine Paper Europe has started consultations regarding the future of its Nijmegen mill in the Netherlands.
As a result of the continued market decline and consequent overcapacity in the European coated paper markets, combined with high raw material costs not compensated for by higher selling prices, Sappi has generated a loss in its European activities.
To return its European operations to profitability, the company has undertaken a review of its European production assets and has identified the need to concentrate its production at fewer sites.
Exhaustive analysis has indicated that the preferred option would be to relocate the entire production of Nijmegen mill to other Sappi mills in Europe.
The mill currently employs 192 people.