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Suominen Corporaton Releases Results

May 11, 2011

Suominen Sales Up 9%

Suominen Corporation generated net sales of $65.6 million in the first quarter 2011.Net sales increased by 9% compared to the first quarter of the previous year. Average sales prices increased thanks to raised prices and raw material price mechanisms included in sales contracts.

In the first quarter, net sales of the Wiping segment were $41 million, an increase of 14% from the same period a year ago. The business area’s operating profit was -$444,081.

Net sales of Codi Wipes were $20.7 million, on a par with the previous year. The sales of personal care wipes increased, while baby wipe sales slightly decreased. A more marked decrease was observed for moist toilet wipe sales. Average sales prices remained at the first quarter level of 2010.

Measures agreed in the co-determination procedure completed in January decreased the unit’s operating expenses.

Net sales of nonwovens increased by a quarter to $22 million.Most of the sales were hydroentangled wiping material deliveries to European converters. Deliveries to the U.S. market, started during the autumn of 2010, were continued, albeit at a lower volume. Increased raw material prices burdened the unit’s profit.
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