In response to the coronavirus pandemic, Sonae Arauco has decided to temporarily shut down its industrial units in Spain and South Africa.
Moreover, the company says that its North American business has partially and temporarily shut down its industrial activity in Lac-Mégantic, Quebec, Canada.
In its annual financial report Sonae Arauco sees a deterioration already at the beginning of 2020 that will be challenging for the business considering doubled by the the situation that the world is currently facing due to the Covid-19 pandemic.
“Our business will undoubtedly be affected in the short term and some of our operations have already had to close temporarily or are in the process of doing so over the next few weeks ”, warns Paulo Azevedo.
Despite recognizing the “enormous challenge” that this pandemic poses, Paulo Azevedo says that he is “confident that we have the resources and people to mitigate these difficulties and ultimately overcome them, knowing that this additional challenge will require a significant effort from all stakeholders “.
The company decided to distribute to its shareholders 50% of the company's yearly profits.