Nampak boss plans to 'fix, sell or close' 20% of sites

packagingnews.co.uk: "Nampak's new chief executive Andrew Marshall has said he will 'fix, sell or close' one in five of the South African group's global operations as the group revealed a 61% drop in pre-tax profit.

Full-year results to 30 September, published yesterday, showed that while revenue had risen 6.1% to R19.6bn (1.57bn) in the last year, pre-tax profit had fallen 61% to R272.3m.
The fall in profits was blamed on losses in the group's corrugated business, lower volumes across the group, the collapse of key milk bottle customer Dairy Farmers of Britain in the UK and losses at the group's carton printing site in Leeds and at a number of smaller South African businesses."