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Holmen CEO Magnus Hall steps down

Magnus Hall, President and CEO of Holmen Group.
Source: Holmen Group
13 Feb 2014 − 

Holmen Group will focus on taking advantage of the opportunities in the paperboard and sawmill business under new leadership. Henrik Sjölund is to take over as of 9 April.

Magnus Hall will resign from his position as President and CEO of the Swedish forest products company Holmen Group with effect from 8 April. Henrik Sjölund, CEO of Holmen Paper, was appointed his successor.

Henrik Sjölund serves as head of Holmen Paper since September 2011. In this role, he has led the restructuring and reorganisation of Holmen's paper operations towards specialty paper. Major focus under his presidentship at Holmen Group would be "taking advantage of the opportunities offered by the significant investments in paperboard and sawmill operations made in recent years", he said.

Operating losses at Holmen Paper soar to SEK449m

2013 has been another difficult year for Holmen Paper. Operating losses deepened more than four-fold to SEK449m on lower prices, stronger Swedish krona and lower volumes. Holmen Paper delivered 5% less paper in 2013 as a result of production curtailments and shutdowns in September and October, the company stated. Excluding items affecting comparability, operating loss was SEK309m compared to a SEK94m profit in 2012.

Holmen Group posted a net profit of SEK711m in 2013, 60% less than in the previous year. However, net profit for 2012 included a non-recurring income of SEK911m resulting from a reduction in corporate tax rate, the group explained. Net sales stood at SEK16,231m (2012: SEK17,852m). Operating profit was SEK1,069m (2012: SEK 1,520m).

As in 2012, weak sawn timber business had a negative impact on group's full-year results. Iggesund Paperboard, Holmen's virgin fibre board subsidiary, Holmen Skog and Holmen Energi performed good and positively contributed to 2013 results.

Find the entire article and any associated background information in EUWID Pulp and Paper no. 08.

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