Brief: Norske Skog To Close The Tasman Mill In New Zealand And Sell Mill Assets

Norske Skog ASA

09/06/2021 06:03

June 9 (Reuters) - Norske Skog ASA  NSKOG.OL :
    * NORSKE SKOG TO CLOSE THE TASMAN MILL IN NEW ZEALAND AND SELL MILL ASSETS
    * NORSKE SKOG ASA - ANNOUNCES CLOSURE OF TASMAN MILL IN NEW ZEALAND AND A SALES PROCESS FOR
MILL'S
ASSETS
    * NORSKE SKOG ASA - CLOSURE PERMANENTLY REDUCING NORSKE SKOG'S NEWSPRINT CAPACITY BY
APPROXIMATELY
150,000 TONNES
    * NORSKE SKOG ASA - MILL ASSET SALES ARE EXPECTED TO BE COMPLETED DURING SECOND HALF OF 2021
    * NORSKE SKOG ASA - GROSS PROCEEDS AND WORKING CAPITAL RELEASE EXPECTED TO AMOUNT TO
APPROXIMATLEY
NZD 60 MILLION
    * NORSKE SKOG ASA - WILL HONOUR ALL REDUNDANCY AND CONTRACTUAL OBLIGATIONS TO MILL'S ABOUT
160
EMPLOYEES
    * NORSKE SKOG ASA - WORKFORCE IS PROGRESSIVELY REDUCED DURING Q3
    * NORSKE SKOG ASA - Q2 FINANCIAL ACCOUNTS ARE EXPECTED TO BE IMPACTED BY RECOGNITION OF
RESTRUCTURING COSTS OF APPOXIMATELY NZD 40 MILLION
    * NORSKE SKOG ASA - NON-CASH LOSS OF APPROXIMATELY NZD 15 MILLION WILL BE RECOGNISED IN Q2
    * NORSKE SKOG ASA - MILL ASSET SALES ARE EXPECTED TO BE COMPLETED DURING SECOND HALF OF 2021
    * NORSKE SKOG ASA - GROSS PROCEEDS AND WORKING CAPITAL RELEASE RELATED TO CLOSURE EXPECTED
TO
AMOUNT TO ABOUT NZD 60 MILLION
    * NORSKE SKOG ASA - NET POSITIVE CASH EFFECT OF APPROXIMATELY NZD 20 MILLION IS EXPECTED
ONCE
EVERYTHING IS SETTLED

Source text for Eikon:  ID:nObiS2rWya 
Further company coverage:  NSKOG.OL 

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