Clement Chan, Lee and Man Paper.
Most manufacturers have it tough during recessions, as inventories become a burden, sales fall and pricing pressure intensifies.
But the tough conditions can sometimes favour bigger players, particularly if they react quickly. Take Lee and Man Paper Manufacturing, one of the largest containerboard producers in China. Its balance sheet is healthy thanks to a combination of pricing power, a green marketing message and prudent financial management.
“We came out of the financial...