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Management Side
Chesapeake Lowers Expected 2007 Results
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Richmond, Virginia, USA, 18 December 2007 -- /PRNewswire/ -- Chesapeake Corporation (NYSE:CSK) today announced that its year-over-year operating results, excluding special items, are expected to be somewhat lower than previously expected, resulting in 2007 operating income being slightly below the prior year.

Lower than expected fourth quarter volumes, most notably in the South African beverage business and certain areas within the company's pharmaceutical and healthcare business, combined with start-up expenses for a new product line in the alcoholic drinks packaging business, are the primary reasons for the expected shortfall. Additionally, the company is incurring expenses relating to a new process improvement project in its pharmaceutical and healthcare business, which will not generate savings until 2008.

"Although we remain confident in our actions to reposition the company, near-term profit improvement is slower than expected," said Andrew J. Kohut, Chesapeake president and chief executive officer. "We expect to begin seeing tangible benefits in 2008 from recent gains in positions with customers, our process improvement project, and other profit enhancing initiatives."

Chesapeake Corporation protects and promotes the world's great brands as a leading international supplier of value-added specialty paperboard and plastic packaging. Headquartered in Richmond, Virginia, the company is one of Europe's premier suppliers of folding cartons, leaflets, and labels, as well as plastic packaging for niche markets. Chesapeake has 47 locations in Europe, North America, Africa, and Asia and employs approximately 5500 people worldwide.

Source: Chesapeake Corporation
 

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