After a difficult financial year 2019, Ence decided to postpone investments in the pulp segment and focus on cost and debt reduction.
Spanish pulp and energy group Ence (Energía y Celulosa) is looking back on a very difficult fiscal year 2019. Falling pulp prices, declining pulp deliveries (also due to the upgrade of the Navia pulp plant), currency effects, and high investment costs led to a significant decline in EBIT and profit in 2019.
In order to keep the leverage in the pulp businesss unter 2.5 times, the Ence's Board of Directors decided to postpone the remaining investments foreseen in the Strategic Plan of this business segment. Instead, the focus would be on cost and debt reduction.
Please find the full article in our next issue, due to be published on 4 March.
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