Italy's Fedrigoni group has definitely ceased fine paper production at the Fabriano mill, Euwid report. Last paper reel was produced at the mill in the morning of 10 December. The closure means that the Group will terminate its office paper business.
The fine paper machine had a total production capacity of 150,000 tpy, and was the biggest paper machine of the entire group.
The closure will affect 174 employees, according to Euwid. Following an agreement with the Ministry of Labour and Social Policies, the employees will be temporarily laid-off for one year and during this time, Fedrigoni will try to offer them redeployment within the group.
Fedrigoni recently published its 3Q 2024 results.
The Group is set to end the year with revenues over 2 billion euros. “2024 was characterized again by a discrete volatility,” comments CEO Marco Nespolo, ”we started with good results in the first six months, partially driven by a recovery in the destocking trend across the value chains we serve. In the latter part of the year we had a gradual slowdown mainly due to softening growth in some end markets such as luxury and wine&spirit. Overall it was a pretty positive year that we estimate to close with about 10% growth in Revenues and Ebitda. In fact, barring any particular surprises in the last months of the year, we expect 2024 revenues to exceed €2 billion (up from €1.8 billion in 2023) and pro forma Ebitda to exceed €370 million, up about 10% from the previous year (€337.7 million)”
With nearly 6,000 people in 28 countries and 78 plants including production sites, cutting and distribution centers, Fedrigoni sells and distributes its 25,000 products in 132 countries around the world.