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Korsnäs fourth quarter results lower than expected

Jan 19 2011  Korsnäs operating result for the fourth quarter of 2010 will be lower than anticipated.

Investment AB Kinnevik, owner of Korsnäs, announces that, as a result of production disturbances in the fourth quarter, the production and operating profit in Korsnäs is lower than anticipated. Production was approximately 240,000 tons, and the operating profit is expected to amount to approximately 115-120 million Kronor in the fourth quarter 2010, compared to 242 million the corresponding period 2009. Operating profit for 2010 is still expected to increase to approximately 925-930 million Kronor (851 million).The lower production in the fourth quarter is explained by problems at the Gävle plant in connection with the start-up after the annual maintenance stop in October and a fire in a power station in December. The problems have been analyzed and measures have been implemented to ensure that they will not reoccur.

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