Chesapeake forecasts profit slump

The group said the introduction of a new process improvement project in the pharmaceutical and healthcare business had incurred expenses, as had a new product line in its alcoholic drinks packaging business.

Chesapeake president Andrew Kohut said near-term profit improvement was "slower than expected".

"We expect to begin seeing tangible benefits in 2008 from recent gains in positions with customers, our process improvement project and other enhancing initiatives," he added.

Chesapeake has 47 operations across Europe, North America, Africa and Asia, and employs approximately 5,500 people worldwide.

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