Kemira's leadership changes follow profit warning, executive stock sale
Finnish chemicals group Kemira on Friday reported a drop in third-quarter profit and revenue, citing continued weak demand in the pulp and paper markets.
The results come a day after the company named a new chief financial officer, following a period that included a July profit warning and a controversial executive stock sale.
Revenue for the quarter ended Sept. 30 fell 5% to 687.7 million euros, while operative earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 7% to 137.3 million euros, the company said.
Kemira attributed the decline primarily to lower sales volumes and market softness.
"As for the rest of the year, we do not see improvement in the market environment in the packaging and pulp industry," President and CEO Antti Salminen said in the report.
The company maintained its full-year forecast, which it had lowered in July, expecting revenue between 2.7 billion and 2.95 billion euros and operative EBITDA between 510 million and 580 million euros.
The July profit warning was preceded by a share sale from the head of the underperforming packaging division.
On Thursday, Kemira appointed Tuomas Mäkipeska from construction firm YIT Oyj as its next CFO, expected to start by May 2026.
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