Midland PaperclipsIndustry News
Södra and Mayr Melnhof Karton have signed a Letter of Intent where Mayr Melnhof Karton intends to purchase 100% of the shares in Södra Cell Folla AS and thereby take over Södra's pulp mill in Follafoss.
Mayr Melnhof Karton intends to resume operations at Folla as soon as possible, hopefully early in 2013. The parties' intention is to close the deal during the first quarter of next year.Södra's pulp mill in Follafoss, Norway, has a capacity of 105,000 tpy of CTMP pulp. Södra announced its intention to divest the mill earlier this year. Mayr Melnhof, based in Vienna, is a world leader in the field of coated, recycled cartonboard and Europe's leading manufacturer of folding cartons. The group's business is focused on MM-Karton and MM-Packaging.
End User News,
Discover Financial Services today reported net income of $551 million or $1.07 per diluted share for the fourth quarter of 2012, as compared to $513 million or $0.95 per share for the fourth quarter of 2011. The company’s return on equity was 23%.
Fourth Quarter HighlightsTotal loans, credit card loans and Discover card sales volume all grew 6% from the prior year. Credit card net charge-offs reached historic lows with a net charge-off rate of 2.29%. Credit card loan delinquencies over 30 days past due increased 5 basis points sequentially to 1.86%. Payment Services pretax income was down 21% from the prior year to $33 million. Transaction volume for the segment was $49.0 billion in the quarter, an increase of 13% from the prior year.