Due to the strengthening of the U.S. dollar compared to euro, Suominen’s reporting currency increased the second quarter net sales by approximately €13 million ($14.4 million). In addition, the demand in the European market was higher than in the comparison period, which also impacted net sales positively. Suominen has two business areas, Convenience and Care. Net sales of the Convenience business area in April-June were €104.5 million ($115.6 million) and net sales of Care business area were €8.4 million ($9.3 million).
Suominen President & CEO Nina Kopola comments: “In light of financial key figures, Suominen had a very strong Q2. Thanks to the strengthening of the dollar and a brisker demand in the European markets than in the comparison period, the company’s net sales grew by 19% on the comparison period, totaling EUR 112.9 million.
“We confirmed in May that we will carry out our planned investment in a new wetlaid production line at our plant in Bethune in the United States. The investment is expected to create at least 25 new jobs at the plant. The investment is the single most important project in Suominen’s €30-50 million growth investment program. Our goal is to increase both our sales volumes and the proportion of value-added products in our portfolio, which is why the new production line will focus on higher-value nonwovens, which are used for, among other things, household and industrial wiping products and flushable wiping products. We expect the installation of the production line to be finished during the second half of 2016.”