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07.09.2012
International Paper has announced the start-up of its new fluff pulp operation in Franklin. The Company’s once-closed Franklin paper mill has been repurposed to manufacture fluff pulp, a key ingredient in super absorbent products such as baby diapers, adult incontinence and feminine hygiene products, and medical wipes.
“On behalf of the entire Franklin Team, we are very proud to embark on a new future for this facility,” said Franklin mill manager Allison Magness. “We have accomplished so much in the past year to get the mill up and running. I want to thank our entire Franklin team, those on the repurposing team, contractors, suppliers, all of the additional resources companywide and the local community, who have supported the start-up of the mill. It has been an amazing year of planning and execution that has brought us to where we are today. For us, this is the beginning of a new chapter, and we look forward to becoming the best at making fluff pulp.”
Magness said the mill began manufacturing operations this week. She emphasized that the facility is in the early stages of operation and will now be focused on transitioning to full production.
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07.06.2012
Walgreens had June sales of $5.63 billion, a decrease of 6.8 percent from $6.04 billion for the same month in fiscal 2011. Compared with prior months during this calendar year, June sales comparisons were significantly impacted by calendar day shifts and an increase in generic drug introductions.
Sales in comparable stores decreased by 10.0 percent. The effect of generic drug introductions in the last 12 months negatively impacted total comparable sales by 3.6 percentage points, while calendar day shifts negatively impacted total comparable sales by 1.4 percentage points.
Calendar year-to-date sales were $35.04 billion, a decrease of 3.0 percent from $36.11 billion in 2011.
Fiscal 2012 year-to-date sales for the 10 months were $60.19 billion, down 0.1 percent from $60.25 billion in fiscal 2011.
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07.06.2012
Stein Mart, Inc. today reported comparable store sales for the five-week period ended June 30, 2012 decreased 0.5 percent. Total sales for the period were $104.7 million, an increase of 0.2 percent from $104.5 million in the same period in 2011. For the year to date, comparable store sales increased 0.2 percent and total sales increased 0.7 percent to $509.9 million.
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07.06.2012
Rite Aid Corporation today announced sales results for June.
For the four weeks ended June 30, 2012, same store sales decreased 1.0 percent over the prior-year period. June front-end same store sales increased 0.3 percent. Pharmacy same store sales, which included an approximate 672 basis points negative impact from new generic introductions decreased 1.6 percent. Prescription count at comparable stores increased 2.9 percent over the prior-year period.
Same store sales for the 17-week period ended June 30, 2012 increased 1.7 percent over the prior-year period. Front-end same store sales increased 2.1 percent while pharmacy same store sales increased 1.4 percent. Prescription count at comparable stores increased 3.0 percent over the prior-year period.
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07.06.2012
Gap Inc. today reported that June 2012 net sales increased 2 percent compared with last year.
Net sales for the five-week period ended June 30, 2012 were $1.41 billion compared with net sales of $1.38 billion for the five-week period ended July 2, 2011. The company’s comparable sales for June 2012 were flat compared with a 1 percent increase for June 2011.
Year-to-date net sales were $6 billion for the 22 weeks ended June 30, 2012, an increase of 5 percent compared with net sales of $5.73 billion for the 22 weeks ended July 2, 2011. The company’s year-to-date comparable sales increased 3 percent compared with a 2 percent decrease last year.
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07.06.2012
Limited Brands, Inc. reported a comparable store sales increase of 7 percent for the five weeks ended June 30, 2012, compared to the five weeks ended July 2, 2011. The company reported net sales of $1.077 billion for the five weeks ended June 30, 2012, compared to net sales of $1.080 billion last year.
The company reported a comparable store sales increase of 7 percent for the 22 weeks ended June 30, 2012, compared to the 22 weeks ended July 2, 2011. The company reported net sales of $3.903 billion for the 22 weeks ended June 30, 2012, compared to sales of $4.015 billion last year.
June 2011 and 2011 year-to-date sales included $80.0 million and $362.9 million attributable to the third party apparel sourcing business, which was sold in November 2011.
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07.06.2012
Macy's, Inc. today reported total sales of $2.412 billion for the five weeks ended June 30, 2012, an increase of 0.8 percent compared with total sales of $2.392 billion in the five weeks ended July 2, 2011. On a same-store basis, Macy's, Inc. sales were up 1.2 percent in June 2012 as compared to June 2011.
For the year to date, Macy's, Inc.'s sales totaled $10.569 billion, up 3.4 percent from total sales of $10.217 billion in the first 22 weeks of 2011. On a same-store basis, Macy's, Inc.'s year-to-date sales were up 3.6 percent in 2012 over 2011.
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07.06.2012
Target Corporation today reported that its net retail sales for the five weeks ended June 30, 2012 were $6,419 million, an increase of 2.6 percent from $6,256 million for the five weeks ended July 2, 2011. On this same basis, June comparable-store sales increased 2.1 percent.
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07.06.2012
Nordstrom, Inc. today reported an 8.1 percent increase in same-store sales for the five-week period ended June 30, 2012 compared with the five-week period ended July 2, 2011. Preliminary total retail sales of $1.04 billion for June 2012 increased 12.6 percent compared with total retail sales of $927 million for the same period in fiscal 2011.
Quarter-to-date same-store sales increased 6.8 percent compared with the same period in fiscal 2011. Preliminary quarter-to-date total retail sales of $1.91 billion increased 11.1 percent compared with total retail sales of $1.72 billion for the same period in fiscal 2011.
Year-to-date same-store sales increased 7.8 percent compared with the same period in fiscal 2011. Preliminary year-to-date total retail sales of $4.45 billion increased 12.6 percent compared with total retail sales of $3.95 billion for the same period in fiscal 2011.
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07.06.2012
Kohl’s Corporation reported today that for the five-week month ended June 30, 2012 total sales decreased 2.6 percent and comparable store sales decreased 4.2 percent from the five-week month ended July 2, 2011.
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07.06.2012
Retailer Saks Incorporated today announced that owned sales totaled $274.0 million for the five weeks ended June 30, 2012 compared to $258.6 million for the five weeks ended July 2, 2011, a 6.0% increase. Comparable store sales increased 6.0% for the month.
On a quarter-to-date basis, for the two months ended June 30, 2012, owned sales totaled $489.8 million compared to $467.1 million for the prior year two months ended July 2, 2011, a 4.9% increase. Comparable store sales increased 5.1% for the two months.
On a year-to-date basis, for the five months ended June 30, 2012, owned sales totaled $1,233.9 million compared to $1,180.8 million for the prior year five months ended July 2, 2011, a 4.5% increase. Comparable store sales increased 4.9% for the five months.
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07.06.2012
The global consumer magazine market is expected to begin to increase in 2012, averaging 1.3 per cent compounded annually to $80 billion in 2016 from $75 billion in 2011, according to PwC’s Global Entertainment and Media Outlook 2012-2016. Citing principal drivers for the growth, the report said, improving economic conditions will lead to modest growth in print advertising during the next five years. However, it also said that in real terms print advertising will decline but growing digital readership will fuel digital advertising.
The report expects the print advertising growth in consumer magazines to be a modest 1.5 per cent compounded annually to $31 billion in 2016 but expects digital advertising in consumer magazines market to grow by a compounded 20.8 per cent compounded annually to $5.5 billion in 2016. “In 2016, digital advertising will account for 15.1 per cent of the total consumer magazine advertising compared to 7.0 per cent in 2011,” it said.
In Asia Pacific region the print consumer magazine advertising is expected to rise from $6 billion in 2011 to $7 billion in 2016, a 3.2 per cent compound annual increase while digital advertising will total an estimated $684 million in 2016 from $250 million in 2011, a 22.3 per cent increase compounded annually.
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07.06.2012
Walgreen Co. announced today that it has entered into an agreement to purchase a regional drugstore chain in the mid-South region of the United States from Stephen L. LaFrance Holdings, Inc. and members of the LaFrance family.
The transaction includes 144 stores currently operated under the USA Drug, Super D Drug, May’s Drug, Med-X and Drug Warehouse stores located in Arkansas, Kansas, Mississippi, Missouri, New Jersey, Oklahoma and Tennessee. The acquisition also includes corporate offices, a distribution center located in Pine Bluff, Ark., and a wholesale and private brand business, for a total of approximately $438 million subject to adjustment in certain circumstances. The chain recorded sales of $825 million in 2011.
“This acquisition expands our business in an important region of the country,” said Walgreens President and CEO Greg Wasson. “It will provide significant new pharmacy business for us in this region while also enabling us to bring the Walgreens experience to many additional smaller communities where USA Drug has developed strong operational expertise.”
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07.06.2012
The campaign features the attractiveness and sustainability of magazines and newspapers. Research by Two Sides has revealed consumers are surprised to learn that:
•Almost 70% of paper across Europe is collected and recycled. In fact it’s one of the most recycled materials of all.
• Forests in Europe, which provide wood for making into paper and many other widely used materials, are 30% larger than in 1950. In fact they’re increasing by 1.5 million football pitches every year!
Martyn Eustace, Director of Two Sides, comments, “This is a really important campaign which is urgently needed to correct consumer misunderstandings. Our research tells us that magazine and newspaper readers are unaware of the industry’s great record on recycling and that European forests, where the majority of raw material is sourced, are actually growing in size. 80% of UK consumers prefer reading from paper than reading off a screen (*) and we want to let them know the facts about the industry’s record on important environmental issues”.
Barry McIlheney, CEO of the Professional Publishers Association (PPA) states: “We live in a multi-media world and readers now look for a choice of media channels. Print is still vital for magazine publishers and offers a unique reading experience that will live on. We want to make sure that, in choosing a printed magazine, readers fully understand that print media also offers a natural reading experience and can be a sustainable way to read”.
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07.06.2012
Buckeye Technologies Inc. today announced that its Florida wood cellulose manufacturing facility has returned to full operation. Both of the plant’s paper machines were damaged when a steam drum failure occurred on June 17. The specialty pulp line returned to production on June 23; the fluff pulp line began its start-up on July 4, as previously targeted and communicated in the Company’s June 25 press release.
As of today, production on the fluff pulp line was operating within normal ranges and we are producing fluff pulp per our ISO 9001:2008 quality standards. Returning the fluff pulp line to operation will allow the Company to fully optimize the product mix on the specialty line. The root cause of the drum failure was identified by the failure analysis team and preventive actions have been taken on both lines to prevent reoccurrence.
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07.06.2012
AAA’s Fuel Gage Report as of 7/06/12
National Unleaded Regular:
Current Average - $3.358/gallon
Month Ago Average - $3.565/gallon
Year Ago Average - $3.569/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $3.662/gallon
Month Ago Average - $3.872/gallon
Year Ago Average - $3.890/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 7/05/12
American Dollar to Canadian Dollar = 0.987762 (120 day high - 1.01905 on April 26, 2012; low 0.961252 on June 5, 2012)
American Dollar to Chinese Yuan = 0.157037 (120 day high – 0.159363 on May 2, 2012; low 0.156858 on June 8, 2012)
American Dollar to Euro = 1.2426 (120 day high - 1.3454 on February 28, 2012; low 1.2322 on June 1, 2012)
American Dollar to Japanese Yen = 0.0125338 (120 day high – 0.0131387 on February 2, 2012; low 0.0119026 on March 21, 2012)
American Dollar to Mexican Peso = 0.0750244 (120 day high – 0.0793808 on March 14, 2012; low 0.0691788 on June 1, 2012)
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07.06.2012
Oil fell a second day in New York, paring a weekly gain, as the IMF warned it will trim growth forecasts while interest-rate cuts in Europe and China failed to assure investors the moves will be enough to support demand.
Futures declined as much as 1.8 percent. The International Monetary Fund will lower its estimate for global growth this year on weakness in Europe, the U.S., Brazil, India and China, Managing Director Christine Lagarde said. The European Central Bank cut rates to a record low yesterday and the People’s Bank of China reduced borrowing costs. Brent oil slid on speculation Norway’s government will stop a strike by energy workers.
“The growth outlook has been bleak,” said Thina Saltvedt, an analyst at Nordea AB in Oslo, who predicts the U.S. jobs data will be lower than forecast. “We expect to see some more soft data from the world’s largest oil consumer before we see a turnaround for the better later this summer.”
Oil for August delivery fell as much as $1.35 to $85.62 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.70 at 11:04 a.m. London time.
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07.06.2012
The U.S. Postal Service this week began to consolidate and close processing plants to cut expenses. Up to 48 service facilities will be impacted over the next two months.
The USPS plans to close about 140 plants in its next fiscal year, which begins Oct. 1, and another 90 the following year. In addition, the USPS is offering buyouts and retirement packages to 21,000 postmasters as well as 45,000 mail handlers.
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07.05.2012
NewPage Corporation (NewPage) today announced that it has been engaged in a series of discussions with its various constituents, including first lien note holders, second lien note holders and the Unsecured Creditors' Committee, in an effort to finalize a consensual Chapter 11 plan. Information relating to these discussions has been posted on the NewPage restructuring website www.NewPageRestructuring.com.
During these discussions, an ad hoc group of second lien note holders presented to an ad hoc group of first lien note holders an unsolicited proposal to combine NewPage and Verso Paper Corp. (Verso). After thoroughly evaluating this proposal, NewPage determined that the combination posed significant downside risks to its stakeholders, employees, and business. NewPage has also been advised that the first lien note holder group did not support the proposal. Accordingly, NewPage does not anticipate further discussions regarding this proposal.
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07.05.2012
A California Senate committee gave its OK on a bill that would issue a ban on the distribution of plastic bags by retailers in the state.
Assembly Bill 298 passed the Senate Environmental Quality Committee by a 5-2 vote on July 2, according to state records.
The bill would outlaw retail establishments from handling out single-use plastic and paper bags to customers beginning on Jan. 1, 2014.
The bill offers some exceptions, as the store must have a gross annual sales of more than $2 million, have at least 10,000 square feet of retail space or is a convenience store or food store. Stores would be allowed to offer paper bags and compostable bags for sale.
The bill passed the Assembly, 49-25, and now moves to another committee before the full Senate.
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07.05.2012
The Bon-Ton Stores, Inc. today announced comparable store sales in the five weeks ended June 30, 2012 decreased 0.8%. Total sales decreased 1.0% to $238.3 million in the current year compared with $240.8 million in the prior year period.
Year-to-date comparable store sales decreased 0.7%. Year-to-date total sales decreased 0.9% to $1,062.2 million compared with $1,071.8 million in the same period last year.
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07.05.2012
The European Commission has today, 5 July 2012, approved SCA's acquisition of Georgia-Pacific's European tissue business. The purchase price amounts to EUR 1.32 bn on a debt free basis. The operations have approximately 4,700 employees.
The acquisition confirms SCA’s position as a European leader in the industry with an enhanced, integrated European tissue business and well-known brands.
Georgia-Pacific’s European tissue business, which comprises of15 plants located in seven countries and the well-known Lotus brand, will be transferred to SCA´s ownership in connection with the closing of the deal which is expected 20 July.
EU´s clearance requires divestment of Georgia-Pacific´s consumer tissue business in the UK including production capacity, Georgia-Pacific´s Benelux consumer tissue branded business under the Lotus brand and some of Georgia-Pacific´s and SCA`s retailer branded business in Scandinavia including production capacity.
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07.05.2012
WS Packaging Group Inc. of Green Bay has acquired Boelter Industries Inc., a folding-carton company based in Winona, Minn.
Terms of the acquisition were not disclosed.
Boelter specializes in the design, manufacturing, and distribution of folding cartons and converted paperboard products for a broad range of applications. It has been in business for 40 years.
WS Packaging operates printing and label converting operations at 20 manufacturing plants in North America. It has been in business for more than 45 years.
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07.05.2012
Business appears to be improving, according to a survey by Levin Management Corp. The firm conducted the study among its retail tenants in 90 properties.
The mid-year survey, which polled 250 retailers, indicated positive changes year-over-year. At mid-year 2012, 64.2% of respondents reported the same or higher sales volume compared with this time last year; 35.7% reported lower sales. At mid-year 2011, 50.1% of respondents reported the same or higher sales; 49.8% reported lower sales.
At mid-year 2012, 62.9% of respondents said traffic is the same or higher than at this time last year; 36.9% said that fewer consumers are visiting their stores. At mid-year 2011, only 50.4% of respondents reported the same or higher traffic; 49.4% said that traffic was slower.
“This is real, tangible progress,” said Matthew K. Harding, Levin Management’s president and COO. “Last year, we saw a 50/50 split. Half our tenants were experiencing satisfactory sales performance, and the other half had discouraging sales and store traffic. While 2012’s results show we still have a way to go, the numbers clearly have gotten better.”
Levin Management’s mid-year 2012 survey captured a general feeling of optimism among retail tenants, according to Harding. More than nine out of 10 respondents (91.4%) feel that the second half of 2012 will see sales remain at the same level or improve; only 8.5% expect sales to decrease. A notable number, 28.1%, reported higher inventory levels than one year ago. Promotional pricing and markdowns continue to be a key to overall retail marketing: 43.1% of respondents said that these strategies are even more important today than one year ago.
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07.05.2012
Online advertising will account for 20.6% of all advertising in the United States by 2016,up from 14.0% in 2011, as digital continues to take marketing dollars away from print, radio and direct mail, according to a report this week from IDC.
The market research firm’s “Worldwide and U.S. Internet Advertising 2012-2016 Forecast” projects that marketers will spend $67.4 billion on Internet ads in 2016 in the United States, up from $35.5 billion in 2011, a compound annual growth rate of 13.7%. The report says that U.S. spending on Internet ads will overtake spending on print ads this year and direct marketing in 2014.
Western Europe, by contrast, will experience relatively little growth for spending on Internet ads, to $33.7 billion in 2016 from $25.6 billion in 2011, a compound annual growth rate of 5.7%. By 2016, online advertising will command 23.7% of all ad spend in Western Europe, compared with 18.4% in 2011, the report says.
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07.05.2012
Costco Wholesale Corporation today reported net sales of $9.18 billion for the month of June, the five weeks ended July 1, 2012, an increase of six percent from $8.69 billion during the similar period last year. Both year's five-week periods included 34 days in the U.S. and Canada (U.S. warehouses closed Memorial Day; Canadian warehouses closed July 1st, Canada Day).
For the forty-four weeks ended July 1, 2012, the Company reported net sales of $80.46 billion, an increase of ten percent from $73.44 billion during the similar period last year.
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07.05.2012
Oil fell in New York on speculation data from Europe and the U.S. will signal an economic slowdown that threatens to cut demand.
Futures slipped as much as 1.3 percent from July 3. Factory orders in Germany, the euro zone’s biggest economy, probably dropped 6 percent in May from a year ago, a Bloomberg News survey of economists showed before a report today. The U.S., the world’s largest crude user, may have had its weakest quarter for employment in more than two years, according to analysts polled before data today and tomorrow. London-traded Brent decreased yesterday amid signs a strike by oil workers in Norway may end.
“The key factor to look at is the payroll figures on Friday,” said Dominic Schnider, the global head of non- traditional assets at UBS AG’s wealth-management unit, who sees Brent crude falling back to $90 a barrel. “This is the most serious factor for the oil market to consider. The market isn’t going to react positively to a drop” in German manufacturing.
Oil for August delivery declined as much as $1.16 to $86.50 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.96 at 2:34 p.m. Singapore time.
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07.05.2012
Microsoft Corp. plans to take a $6.2 billion accounting charge related to online ad service aQuantive Inc. That amount is almost the entire price Microsoft paid for the underperforming unit in 2007.
“While the aQuantive acquisition continues to provide tools for Microsoft's online advertising efforts, the acquisition did not accelerate growth to the degree anticipated, contributing to the write-down,” Microsoft said in a statement. AQuantive faced stiff competition in particular from Google's DoubleClick online ad service.
The aQuantive acquisition was Microsoft's costliest until last year, when it bought online communications company Skype Communications for $8.5 billion.
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07.05.2012
“Greener” profiles Appleton Coated’s growing sustainability, summarizing five years of progress in this 2011 Corporate Sustainability Report (CSR). Published in May 2012, “Greener” details Appleton Coated’s commitment to environmental responsibility and its goals for the future. It is available in print or as a digital download from www.AppletonCoated.com.
“We cannot control the economic recovery, but we can continue to improve the sustainability of Appleton Coated – environment, economy and community,” says Appleton Coated Chief Executive Officer Sandra Van Ert. “I have witnessed our determination and talent in the past, and I know this: The Appleton Coated family has what it takes to meet these challenges.”
Regarding the 2011 CSR, she adds, “Each number is more than a metric; it’s a reflection of enormous dedication and effort from our people. Being sustainable includes finding new opportunities as technology and customer needs change.
A highlight of its 2011 CSR notes that the company significantly increased the non-fossil fuel sources used to produce its paper. “In 2011, 29.2% of the total energy used to produce our paper came from alternative energy. This is up from 6.7%,” explains Ann Whalen, Appleton Coated’s senior vice president, marketing and customer service. “We have steadily increased our use of biomass to replace coal, and have grown our purchases of renewable electricity, primarily from wind power.”
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07.05.2012
The Confederation of European Paper Industries has just released its latest statistics which give a clear picture of the performance of the industry in 2011. These key statistics include data about production, consumption and the trade of pulp, paper and raw materials, as well as data concerning energy, the environment, and social affairs.
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07.03.2012
International Paper today announced that it has finalized the sale of its Ontario and Oxnard, California containerboard mills to New-Indy Containerboard LLC, along with its New Johnsonville, Tennessee containerboard mill to Hood Container Corporation. By completing these transactions, the company satisfies its divestiture obligations under its February 2012 settlement agreement with the U.S. Department of Justice. The settlement agreement, in which the company agreed to divest the three mills, was entered into in connection with the company's acquisition of Temple-Inland.
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07.03.2012
UPM is entering into exclusive negotiations with VPK Packaging Group NV and Klingele Papierwerke through their newly created joint venture company, for the sale of assets and part of the land at the UPM Stracel paper mill site in Strasbourg, France. VPK and Klingele have made an offer on the acquisition of assets from UPM. The offer is subject to finalization of its review by the bank mandated for the financing. According to the plan, UPM would retain part of the Stracel real estate in its possession for potential future production of advanced biofuels.
VPK and Klingele plan to convert the Stracel mill into a recycled fibre-based containerboard unit, producing fluting and test-liner. The planned production of the mill would be approximately 300 000 tonnes per year. The conversion from the current magazine paper production would require a considerable investment by the two buying companies. The new converted mill would create 140 jobs.
This transaction is subject to completion of the employee information and consultation process on the planned closure of Stracel and the social plan implemented by UPM at such occasion, which the contemplated transaction is a part of, due to the 130 job offers it is to provide to former UPM employees. This process will be launched shortly and is expected to be completed during the second half of 2012.
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07.03.2012
Verso Paper Corp. announced today that it has held discussions with certain holders of the 11.375% first-lien senior secured notes of NewPage Corporation in an effort to achieve a potential business combination involving Verso and NewPage as part of a consensual plan of reorganization in NewPage's Chapter 11 bankruptcy proceedings.
The terms of Verso's proposed transaction would provide NewPage's first-lien noteholders with $1.425 billion of value, consisting of $1.075 billion of new Verso first-lien notes, $150 million of Verso common stock, and $200 million of cash. In addition, the proposed transaction would include a 100% recovery in cash to repay NewPage's debtor-in-possession financing, a 100% recovery in cash for the allowed priority and administrative claims in the bankruptcy proceedings, a to-be-determined amount of Verso common stock for the holders of NewPage's second-lien notes, and a to-be-determined recovery for NewPage's unsecured creditors. To facilitate the transaction, a $200 million cash equity investment in Verso was contemplated. The proposed transaction would be subject to customary conditions, including the satisfactory completion of due diligence and the completion of antitrust review.
Verso believes that a combination with NewPage would create a stronger business in the global coated and supercalendered paper industry because of the material cost savings that would be achieved. Verso also believes that a combination with NewPage would provide a compelling option for a restructuring in that it would afford NewPage's first-lien noteholders a very attractive recovery, while at the same time treating fairly the other NewPage constituencies, including its employees, other creditor classes, and customers. Despite these advantages, Verso has been disappointed with the lack of progress in advancing its discussions with the first-lien noteholders. Verso continues to believe that its proposed transaction is the most sensible.
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07.03.2012
Hicks Acquisition Company II, Inc., a special purpose acquisition company sponsored and headed by Thomas O. Hicks, announced today that the Registration Statement on Form S-4 filed by HACII in connection with its proposed business combination with Appleton Papers Inc. (which will begin doing business as “Appvion” at closing) was declared effective by the Securities and Exchange Commission (the “SEC”) on June 29, 2012. HACII’s proxy statement, included as part of the registration statement, is in the process of being mailed to HACII’s security holders as of the applicable record dates.
HACII also announced today a revised proposal to amend the terms of its outstanding warrants in connection with the proposed business combination with Appleton. Under the revised warrant amendment proposal, the number of shares of common stock of HACII issuable upon exercise of HACII’s outstanding warrants will be reduced by half and, in addition, the holders of HACII’s outstanding public warrants will receive $0.625 per warrant at closing. The terms of the warrants will only be amended with the approval of warrantholders who own at least 65 percent of the outstanding public warrants.
HACII previously announced that a special meeting of its stockholders to consider and vote on the proposed business combination with Appleton and other related matters would be held on July 11, 2012 at 10:00 a.m. Central Daylight Time. HACII has changed the date of this special meeting to July 12, 2012 at 10:00 a.m. Central Daylight Time. HACII will also hold a special meeting of its public warrantholders on July 12, 2012 at 9:00 a.m. Central Daylight Time to vote on the proposal to amend the terms of HACII’s outstanding warrants, as discussed above. Each of these meetings will be held at the offices of Akin Gump Strauss Hauer & Feld LLP, 1700 Pacific Avenue, 39th Floor, Dallas, Texas 75201.
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07.03.2012
The National Association for Printing Leadership (NAPL) has announced that Baltimore-based Mount Royal Printing has merged with Fannon Color Printing, located in Alexandria, VA. Daniel Fannon, who was CEO of Fannon, will lead the sales effort and become a senior staff person at Mount Royal.
NAPL, serving as Mount Royal’s strategic M&A advisor, counseled on the transaction price and structure and prepared the letter of intent for the transaction. Senior Vice President John Hyde, head of NAPL’s Mergers and Acquisitions Advisory Team, stated, “The transaction reinforces the importance for serious acquirers such as Mount Royal to get the word out that they are a good home for those seeking transition from ownership. The reputation of Mount Royal’s president and owner, Gary Cayce, was instrumental in having Fannon reach out to him when the timing was right.”
As he continues to execute his M&A growth strategy, Cayce noted, “We are utilizing strategic acquisitions to expand into different markets to strengthen our company’s position. The acquisitions have provided Mount Royal with the growth that we’ve been looking for.
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07.03.2012
The Nielsen Company announced July 2 that it has acquired Vizu, an online ad measurement and optimization company, says Scott McKinley, VP of ad effectiveness at Nielsen. The acquisition has been finalized.
“It's a perfect synergy between the two companies,” says Dan Beltramo, CEO of Vizu. “Neilsen had a Vizu-shaped hole in their product line.”
That hole was in measuring online ads for brand advertisers, Beltramo says. Adding this to the television metrics Nielsen already has gives them the means to measure the effectiveness of brand advertisements across channels, he says.
Vizu will become part of the Nielsen Online Brand Effect Suite. Nielsen will now have a more complete set of brand advertisement measurement tools in the Brand Effect Suite, McKinley says. After the acquisition, Nielsen will offer mobile brand effect measurements, television brand effect measurements and online effect measurements to clients, he says. The acquisition of Vizu will enable real-time online ad measurement, and will be broken out into several categories, including ad exposure frequency and targeting strategy, Nielsen said in a statement.
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07.03.2012
Oil rebounded in New York on signs that central banks from Europe to China may ease monetary policy to spur economic growth and speculation sanctions against Iran will curb supply.
Futures gained as much as 1.1 percent, reversing earlier losses. The European Central Bank is forecast to cut interest rates this week to help curb the debt crisis, while a state- owned newspaper in China said the time is right to increase liquidity in the banking sector. An embargo targeting Iranian oil exports will probably have a bigger affect than previously estimated, according to Goldman Sachs Group Inc.
“It’s getting to a point, I think, that the bad numbers become a good thing for the market because we believe that there will be some action for stimulus,” Carl Larry, the president of Oil Outlooks & Opinions LLC in New York, said in a Bloomberg Television interview. He forecast that New York crude will average $92 to $94 a barrel this year.
Oil for August delivery climbed as much as 88 cents to $84.63 a barrel and was at $84.45 in electronic trading on the New York Mercantile Exchange at 4:14 p.m. in Sydney. The contract slid $1.21 yesterday to $83.75, the lowest close since June 28.
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07.03.2012
I requested this space to share a story with my peers who mail catalogs. It’s a story I find remarkable, alarming, somewhat shocking, and yet at the same time, not all that surprising - all in one. It’s my supreme hope that by the time you read all this, you too will be mobilized to hustle on over to Washington to let them know who the heck you are.
Because guess what? Congress still doesn’t have catalog mailers on its radar screen – they don’t get it – and we need to change this fast!
Last Thursday, I was able to get a meeting with a staffer for the U.S. House Oversight & Government Reform Committee, and a key member of Chairman Darrell Issa’s staff. Issa (R-CA is the chief architect of the House’s postal reform bill, H.R. 2309, which is expected to come up for debate on the House floor in just a few weeks.
Issa’s district is in California; my company is based in Connecticut. But with a little networking, this particular staffer, the guy devoted solely to postal legislation, was more than happy to spend an hour and a half with me in his office on Capitol Hill.
There’s a provision in H.R. 2309 that calls for a postal rate increase for underwater mail classes, products and types – this is a direct shot at catalog mail. If implemented, it could bury this industry.
If the 2007 rate increase weren’t enough; this bill could finish off the job. We can’t let this happen.
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07.03.2012
Consumer confidence in the economy and personal finances, which are key economic indicators, worsened in June to the lowest levels since January 2012. The Discover U.S. Spending Monitor, a 5-year-old daily poll tracking economic confidence and spending intentions of nearly 8,200 consumers throughout the month, declined 4.8 points to 90.7 in June.
The percentage of respondents who view the U.S. economy as improving dropped 4 percentage points to 29 percent in June.
At the same time, 53 percent of consumers now rate the U.S. economy as poor, which is an increase of 3 percentage points from the prior month and the highest level since January 2012.
Half of women now expect the economy to get worse, up 4 percentage points from last month; only 48 percent of men expect the same economic trend, and this remains unchanged from the prior month.
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07.03.2012
The Reader's Digest Association, Inc., the global multi-brand and multi-platform media and direct marketing company, today announced the sale of substantially all of its Lifestyle and Entertainment Direct business to Mosaic Media Investment Partners LLC.
The sale will better enable RDA to focus on its stated strategy of simplifying the organization's structure to drive greater profitability and growth in the Company's two core media and direct marketing businesses.
The sale includes Direct Holdings Americas, Saguaro Road Records and many of the assets of Direct Entertainment Media Group. The sale proceeds were not material.
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07.03.2012
Golfsmith International Holdings, Inc. today announced preliminary sales results for the second quarter of fiscal 2012.
Net revenues for the thirteen-week period ended June 30, 2012, increased approximately 12 percent to $146.0 million as compared to net revenues of $130.2 million for the second quarter of fiscal 2011. Net revenues reflect a 4.7 percent increase in comparable store sales and a 4.8 percent decrease in net revenues from the direct-to-consumer channel. The sales decline in the direct-to-consumer business reflects a 27.1 percent decrease in our catalog business associated with the declines in the clubmaker catalog channel, partially offset by an 8.3 percent increase in the web channel. The Company has opened 10 new stores and has not closed any stores since the second quarter of last year.
Net revenues for the twenty-six-week period ended June 30, 2012, increased approximately 12 percent to $237.0 million as compared to net revenues of $211.7 million for the second quarter of fiscal 2011. Net revenues reflect a 6.2 percent increase in comparable store sales and a 5.7 percent decrease in net revenues from the direct-to-consumer channel. The sales decline in the direct-to-consumer business reflects a 27.5 percent decrease in our catalog business associated with the declines in the clubmaker catalog channel, partially offset by an 8.0 percent increase in the web channel.
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07.02.2012
UPS Freight, the nation's fourth largest less-than-truckload (LTL) carrier, today announced a general rate increase averaging 5.9 percent covering non-contractual shipments in the United States, Canada and Mexico.
The rate adjustment takes effect on July 16, 2012, and applies to minimum charge, LTL rates and accessorial charges. Customers will be able to view and download the new rates at www.ltl.upsfreight.com.
UPS Freight's portfolio of services includes UPS WorldShip and Quantum View Manage technology, allowing both small package and LTL freight customers the capability to create bills of lading, schedule freight pickups, receive rate quotes and easily track shipments.
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07.02.2012
Tembec announced today that it has entered into a $30 million loan facility with Integrated Private Debt Corp. (IPD). IPD is the private debt division of Integrated Asset Management Corp. (TSX: IAM) of Toronto. The funds will be utilized to fund a portion of the previously announced $190 million capital project to upgrade the Company’s specialty cellulose manufacturing facility in Temiscaming, Quebec. When combined with the $75 million of project financing previously announced on March 16, 2012, the Company has now attained its objective of raising
$105 million of project financing.
The IPD loan will bear interest at the greater of 6.35% and the yield on equivalent term Government of Canada bonds plus 4.25% as of the date the funds are advanced. The loan will be reimbursed in blended monthly installments over a period of eight years beginning approximately 24 months after the initial advance with a “balloon” payment of $17.5 million to be repaid at the end of the ten-year term period. The loan is subject to compliance with certain covenants and undertakings customary with such types of facilities.
The project involves the replacement of three old boilers with a new high-pressure boiler designed to burn waste sulfite liquor, a co-product of the specialty cellulose manufacturing process, producing green steam for use at the facility. The project also calls for the installation of a new electricity turbine that will be driven by this steam. The turbine will increase the Temiscaming facility’s green electricity production capacity from its current 10 megawatts to 60 megawatts. The boiler is scheduled to start up in December 2013, followed by the turbine, in May 2014. Hydro-Québec will offtake the additional green electricity produced by this turbine under a 25-year contract at $106 MW/hour, indexed with CPI, which will strengthen and stabilize Tembec’s revenues through the economic cycle.
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07.02.2012
Sun Chemical, the world’s leading manufacturer of printing inks and pigments, is today launching the Streamline ESL HPQ and the Streamline Ultima HPQ, to meet the stringent demands of the latest wide format printing equipment.
The Streamline range is designed specifically for use in wide and super-wide format printers which are using high-quality solvent based inks. With the ever increasing pressure and developments of the print market, Sun Chemical is continuously making improvements to product performance ensuring that they are of the highest quality and meet the needs of this expanding market.
The Streamline ESL HPQ and Ultima HPQ ranges have been developed following extensive feedback of customer needs. The new products provide high print reliability and print quality.
Nick Goodall, The Colour Crew General Manager, participated in the beta testing scheme for Sun Chemical’s Streamline Ultima HPQ and commented: “We’ve had a very positive experience with Ultima HPQ - no problems at all! We had an issue with blocked ink heads with our previous ink system which increased the amount of down time. Cleaning and replacing them was a significant cost to the business. Essentially, with Sun Chemical’s Streamline ink system, we’re getting the highest quality ink product and performance at half the price of OEM.”
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07.02.2012
This year’s 2% summer discount in the United States, for mail sporting two-dimensional barcodes for mobile phones, is set to begin on Sunday – but now looks set to be repeated in November.
In the festive campaign, mailers using Priority Mail to send their customer m-commerce purchases could get a 3% discount.
Following on from a successful promotion last summer, the US Postal Service will be offering a 2% discount in July and August for commercial mailers including a QR code or other mobile barcode on their mailings.
The promotion aims to boost mail volumes in the long term by highlighting the effectiveness of direct marketing mail when it is linked to online media. The special barcodes in the promotion allow consumers to use smartphones to scan the mail, directing their phones to websites supporting the direct mail campaign.
Yesterday, USPS filed a notice seeking approval from regulators, stating that its Governors have now approved another promotion based on a 2% mail discount for 7 November to 21 November 2012.
As with the summer campaign starting this weekend, the Holiday Mobile Shopping Promotion will provide an upfront 2% discount on First Class Mail and Standard Mail letters, flats and cards bearing a mobile barcode.
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07.02.2012
Texas joins eight other states in taking legislative action requiring online-only retailers, notably Amazon.com, to collect sales tax. Online retailers will have to collect sales tax in Texas beginning July 1.
“A true free market is devoid of government preferences and special treatment," said Sandy Kennedy, president, Retail Industry Leaders Association. "Texas has made a powerful statement that its time to end special treatment for online retailers and close the sales-tax loophole that gives companies like Amazon an artificial leg up on Main Street retailers."
Eight states have followed Texas' lead and passed legislation or taken administrative action in the past year to help level the retail playing field by requiring online retailers like Amazon to collect sales tax. California and Pennsylvania are next up, with both states requiring Amazon to collect sales tax in September.
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07.02.2012
In a study of 269 web sites that track visitor behavior, Internet and mobile monitoring company Keynote Systems identified 211 third-party vendors collecting data. Of those, only one explicitly agreed to honor “Do Not Track” requests made by visitors, Keynote says.
The study also reports that among the 86% of web sites in the study that asked third parties to place tracking cookies on their visitors, 60% of those companies placed at least one cookie that violates industry privacy practices, for example tracking a customer who clicked on an opt-out button.
“As consumers begin to understand that their online behavior can be recorded, enterprises will have to work even harder to ensure that consumers’ privacy expectations are met,” says Ray Everett, Keynote’s director of privacy services. Half of U.S. consumers are concerned about their privacy, safety and security while buying online, according to a 2011 report by Forrester Research Inc.
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07.02.2012
DS Smith Plc is pleased to announce that completion of the Acquisition of the packaging division of Svenska Cellulosa Aktiebolaget SCA excluding the kraftliner assets occurred on 30 June 2012 as planned.
The consideration paid on Completion was €1,582 million (£1,280 million) net of cash and external debt, €1,606 million gross. This is subject to customary post Completion price adjustments.
SCA Packaging is the second largest packaging business in Europe and the Acquisition represents a significant opportunity for DS Smith to achieve its stated strategic aim of becoming the leading supplier of recycled packaging for consumer goods in Europe.
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07.02.2012
Bloomsbury announces that it has today completed the purchase of Applied Visual Arts Publishing ("AVA"), creative publishers for the applied digital arts, from Applied Visual Arts Publishing SA and AVA Publishing (UK) Limited for a total consideration of CHF 2,578,930 (approximately £1,730,000). The consideration will be paid in cash from existing cash balances in three equal annual instalments, commencing on the date of completion.
AVA, established in 2001 in Switzerland, with its English language editorial support office in Worthing, publishes between 20 and 30 books per annum for students and professionals in the applied visual arts and had a turnover of £1,820,000 for the year ended 31 December 2011. The books are written by leading academic authorities, and have been adopted by many hundreds of universities, colleges and higher education bodies around the world. AVA has a strong following within the design community. Their books are renowned for being design-led and have a particular appeal for visual learners.
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07.02.2012
Oil declined in New York as euro-area unemployment reached the highest level on record, prompting speculation that crude’s surge last week, its biggest in three years, may have been excessive.
The jobless rate in the 17-nation area rose to 11.1 percent in May from 11 percent in April, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995. China’s manufacturing activity slowed in June, according to HSBC Holdings Plc and Markit Economics. An EU embargo on Iranian oil started yesterday.
“Crude’s strong movement last week was a bit too much too fast probably, so today we’re seeing it a bit lower again,” said Hannes Loacker, an analyst at Raiffeisen Bank International AG in Vienna, who correctly predicted Brent crude would rebound at the end of last month. “Headwinds from the euro zone” may delay oil’s recovery, he said.
Crude for August delivery dropped as much as $1.44 to $83.52 a barrel in electronic trading on the New York Mercantile Exchange and was at $83.65 at 10:11 a.m. London time. The contract gained $7.27 on June 29 to $84.96, the highest close since June 7.
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