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06.26.2012
Total European Shipments of Graphic Papers for May were down 4.9% vs. May '11 and are down 4.3% ytd. Total European shipments of Newsprint were down 4.0% vs. May '11 and are down 4.9% ytd. Total European shipments of SC-Magazine grades were down 2.9% vs. May '11 and are down 1.8% ytd. Total European shipments of Coated Mechanical Reels were down 8.4% vs. May '11 and are down 5.3% ytd. Total European shipments of Uncoated Mechanical (Improved & Others) were down 7.0% and are down 5.9% ytd. Total European shipments of Coated Woodfree were down 3.5% vs. May '11 and are down 4.0% ytd. Total European shipments of Uncoated Woodfree were down 4.3% vs. May '11 and are down 3.7% ytd.
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06.26.2012
Catalyst Paper Corporation is pleased to announce that the company has received the necessary creditor approval for its second amended plan of arrangement under the Companies Creditors Arrangement Act in Canada. Approval of more than 99 per cent of secured and unsecured creditors was received in votes cast in person and by proxy at meetings held today in Richmond, BC.
The sanction hearing under the CCAA process is scheduled to occur on June 28, 2012 in the Supreme Court of British Columbia and pending the BC Court approval, the confirmation hearing under the Chapter 15 process of the US Court in Delaware is expected to take place in mid-July.
“We have received support from a majority of stakeholders since we began the reorganization process and today’s vote of support by creditors for the second amended plan of arrangement sets out a clear path forward,” said President and Chief Executive Officer Kevin J. Clarke. “With the cooperation of employees, vendors, customers, pensioners and investors, Catalyst has been able to make progress through a very complicated situation at an unprecedented swift pace.”
“The plan which received creditor approval today puts Catalyst on a stronger financial base to compete and adapt as the marketplace for our products continues to change,” Mr. Clarke said. “We’re now turning our attention to securing our exit financing and satisfying the remaining conditions of the plan with a target timeline to emerge from creditor protection in the near term.”
In a related proceeding, Catalyst received BC Court approval to extend the period of CCAA protection to September 30, 2012.
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06.26.2012
Oil was little changed in New York after a storm avoided the Gulf of Mexico’s energy-producing area and amid speculation European leaders will fail to stem its debt crisis that threatens to curb fuel demand.
Futures traded below $80 a barrel for a fourth day, near an eight-month low, after Tropical Storm Debby was forecast to bypass the western Gulf and oil companies began returning workers to platforms. Germany’s Chancellor Angela Merkel hardened her resistance to sharing euro-area debt, while HSBC Holdings Plc cut its growth forecast for China, the world’s second-biggest crude user. A government report tomorrow may show U.S. gasoline stockpiles rose for the third time in four weeks.
“Market sentiment remains negative, focusing on slow demand and ample supply,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “The supply risk that supported oil is fading as production resumes in the Gulf of Mexico. The looming European Union embargo on Iranian oil may support Brent as it is also affecting oil flows to other nations.”
Oil for August delivery fell as much as 50 cents to $78.71 a barrel in electronic trading on the New York Mercantile Exchange and was at $79.32 as of 11:40 a.m. in London.
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06.26.2012
RockTenn today announced that it has closed on its acquisition of the assets of Mid South Packaging LLC, a specialty corrugated packaging manufacturer with operations in Cullman, Alabama, and Olive Branch, Mississippi, from Coridel Capital Partners.
“The acquisition of Mid South, a company well-known for its profitable business model and efficient, well-run operations, is in keeping with our announced strategy to seek acquisitions that increase our integration level,” said James A. Rubright, RockTenn’s Chairman and Chief Executive Officer. “Adding Mid South’s unique customers to RockTenn’s already diversified customer base further strengthens our market reach.”
“It has been a privilege to partner with the Mid South management team as they built a robust company, making significant operational improvements, growing revenues and delivering record earnings year after year during our investment period. This transaction demonstrates the significant value that has been created,” said Tyler Kwon, Chairman and Chief Executive Officer of Coridel. “I am confident that under the leadership of the RockTenn organization, Mid South will continue its tradition of excellence and innovation.”
Mid South is comprised of three main segments: AutoLogic™, which supplies specialized packaging to the automotive parts industry; the ComboPAC™ Food Group, which supplies bulk boxes to the poultry and meat industries; and the Retail Design Group, which provides high-end corrugated packaging and retail displays to consumer packaged goods companies.
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06.26.2012
Buckeye Technologies Inc. today announced it is targeting the restart of its fluff pulp line for July 4. The specialty pulp line has been up and safely running at target rates since early Saturday morning, June 23. The specialty pulp line mix will not be fully optimized until the fluff line is back in operation. Among other things, the July 4 timeline depends on procurement of materials and the amount of work required to repair and replace drums and other damaged equipment. Both production lines were idled on Sunday evening, June 17, due to a significant failure of a steam drum on the fluff pulp line. There were no injuries associated with this incident.
We expect our property damage and business interruption insurance will cover most of the losses in excess of our $2 million deductible. Net of insurance recovery, we estimate the total net earnings impact of this event to be in the range of 5 to 10 cents per share. We expect Q4 FY 2012 (April-June 2012) earnings to be reduced by 8 to 11 cents per share as a result of this event. The net impact on first half FY 2013 earnings (July-December 2012) should be small as we expect to recognize the bulk of the insurance benefits during this period. We also anticipate the lost production volume due to the outage will reduce sales revenue by about $20 million primarily in the July to December 2012 period.
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06.26.2012
News Corp. is considering splitting into two companies, separating its publishing assets from its entertainment businesses, say people familiar with the situation.
The split would carve off News Corp.'s film and television businesses, including 20th Century Fox film studio, Fox broadcast network and Fox News channel from its newspapers, book publishing assets and education businesses. News Corp.'s publishing assets include The Wall Street Journal, the Times of London and the Australian newspaper, as well as HarperCollins book publishing. If a separation occurs, the publishing company would be far smaller than the entertainment company.
A final decision on the split hasn't been made. News Corp. Chairman Rupert Murdoch has previously opposed such a move, which has been discussed internally for several years, say people familiar with the situation. Mr. Murdoch has recently warmed to the idea, said one person familiar with the situation.
The idea under consideration isn't expected to change the Murdoch family's effective control of any of the businesses, exercised through the family's roughly 40% voting stake in News Corp. The idea is similar to the split of Viacom Inc. VIAB -2.22%into two companies in 2006, when CBS was carved off as a separate company. In that break up, Viacom's controlling shareholder Sumner Redstone ended up with control of both companies.
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06.25.2012
Buckeye Technologies Inc. today announced that it has made the repairs on the #1 specialty pulp machine that was damaged on June 17, due to the significant failure of a steam drum on the #2 fluff pulp machine. Structural damage to the paper machine building has been addressed and the specialty machine will begin start up today. Both paper machines have been idled since Sunday evening June 17, when the incident occurred.
There were no injuries to any personnel and there wasn’t a fire. A team at the plant, including contractor resources and structural engineers, continue the investigation to determine the root cause of the drum failure. All drums are being inspected prior to the startup based on the early findings of the comprehensive failure analysis.
With the paper machine building secure, workers have begun the plans and repairs for the #2 paper machine where Buckeye produces all of their fluff pulp. Because the drum failure was on this machine, most of the damage was limited to one area of the paper machine. While it is too early in the repairs and planning to provide a firm timeline, we will provide an estimate early next week. The timeline depends on procurement of materials and the amount of work to repair and replace drums, pedestals and sole plates.
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06.25.2012
Tetra Pak today announces that new volume options and advanced photographic printing techniques are now available on its Tetra Fino Aseptic packaging range. The combination brings improved efficiency, stronger product differentiation and greater brand impact to manufacturers seeking highly cost effective packaging solutions.
Tetra Pak’s OptiSize volume concept for Tetra Fino Aseptic allows customers to produce cartons tailored precisely to 70ml and 220ml portions — with more size options to follow — thus reducing packaging materials waste. The Eco Flexo printing process brings photographic printing to Tetra Fino Aseptic packages for the first time, providing greater opportunities for product differentiation and brand impact.
"Tetra Fino Aspetic is well known as a simple and cost effective package that enables producers to deliver safe, nutritious beverages to consumers looking for value as well as quality," said Tetra Pak’s Hemant Krashak, Product Director. "With today’s announcement of OptiSize and Eco Flexo, producers can drive even greater efficiency and value while providing stand out branding which will have an impact on store shelves."
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06.25.2012
R. R. Donnelley & Sons Company today introduced a series of applications for its new ProteusJet Multiweb platform. ProteusJet enables sophisticated credit, telecom and cable, retail and insurance marketers to manage one-to-one communications to maximize revenues. The integrated piezoelectric 4-color inkjet technology and fully automated mail assembly lines create mailings targeted to the individual needs and interests of millions with precision, speed and familiarity.
"Our clients succeed when content connects to deliver the right message precisely and in an impactful way," said Mary Lee Schneider, RR Donnelley's Chief Technology Officer. "The ProteusJet Multiweb platform harnesses complex business rules developed by our clients to dictate text and color graphics instantaneously. The production lines allow direct marketers to mount campaigns with versatility and with production efficiencies unattainable in traditional direct mail manufacturing. The downstream dividend of enhanced postal savings is a further testament to the cost efficiencies that are vital to direct marketers."
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06.25.2012
On the heels of our asking late last week whether Augmented Reality – or ‘AR’ – is this year’s version of the recent QR mania among publishers, The Atlantic adds to the trend with an AR-enhanced annual Ideas issue. The new issue of the monthly will use image recognition technology to give smartphone app user an enhanced version of many pages in the issue.
Aim the app at the cover story by Anne-Marie Slaughter on “Why Women Still Can’t Have It All” and you get as a superimposed overlay a video interview with the author. Other pop-up videos will feature New Jersey Governor Chris Christie, Elmore Leonard and a photo gallery of Olympic torchbearers. Also enhanced will be an ad from the sponsor of the AR project Prudential.
The Atlantic is using an AR technology from longtime solutions provider in the space Metaio. The reader must download that company’s Junaoi app in order to activate the content when aiming its camera view on an enhanced page. A red “Extras” icon will signal the reader to the presence of additional material. Augmented Reality is another form of 2D mobile activation of print pages. In this case the image recognition of the page can be used as a trigger for a full screen mobile event like a video. In other iterations AR can actually superimpose visual experiences onto the camera view of the printed page.
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06.25.2012
Like it or not, the audience and brand equity that major media companies have been building for years online is being shared with many other parties. According to data management platform Krux, the volume of data collection going on at a typical Web page has increased 400% in the year since the company last surveyed the issue. Last year the company observed an average of 10 collection events on the average page, while this year it has escalated to 50.
The accelerated expansion of demands-side ad platforms, ad exchanges and RTB engines online has created new incentives for all of these entities to collect and share data from the premium publishers on which some of them serve advertising. That audience data can in turn be used to target advertising to that publisher’s audience elsewhere on the Web or even in lower-priced ad inventory that run on the ad networks a publishers uses on site. This growing problem of “data leakage” often hands over to third parties data that it used to create products that are directly competitive with the publisher.
And much of the problem is outside of the publisher’s direct control because the cookies being dropped and tracked by third parties is being shared with an even wider group of partners. More than half (54%) of the data collection at publisher sites now is coming from parties over whom the publisher has no direct control or relationship, up dramatically from 31% last year.
The problem comes from third parties, 78% of whom serve as “ushers” who bring in other data entities. The explosion of business models and players in this game was shown in the sheer number of companies Krux is now finding at publishers sites. This year there were more than 300 data collection parties observed, double the 167 seen last year. While overall data collection is up 5X the amount of third party data collection at sites is up 10X from just a year ago.
Krux, which sells publisher products aimed at controlling data collection, says that data leakage amounts to revenue leakage. The data sharing practice allows for highly valued audiences to become commoditized and sold much more cheaply on exchange and network inventory that traditional media demand for their contextual placements.
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06.25.2012
Balance, Harmony, Stability – the three principles behind LIBRA Technology, Flint Group’s new system for optimised printing. LIBRA Technology signifies Flint Group’s unique capabilities as an innovative global manufacturer of both inks and fount solutions, and heralds a new age of technology leadership for the Sheetfed Print Division.
Nick Brannan, VP Product Management Sheetfed Inks and Pressroom Chemistry explains the background “For the last 12 months, our Product Development and Technical Service Teams have been striving to solve some of the industry’s most enduring challenges, including paper wastage and IPA free printing! Now, after months of rigorous testing at printers across Europe we are pleased to announce the launch of LIBRA Technology”
”In this world of diminishing resources” Brannan continues, “the need to reduce wastage now presses upon all of us to act quickly. LIBRA Technology is a huge step in the right direction, as it enables printers to achieve ink/water balance faster than most other products in the market place, thus considerably reducing start-up waste. It also requires less intermediate blanket wash ups, leading to further reductions in waste material and less down time.”
It has long been recognised that the use of IPA in the printing process is undesirable, for environmental, health and safety as well as economic reasons. However its advantages in increasing the viscosity of the fount solution, optimising ink/water balance and creating a wide and stable printing window far outweighed the pressure to stop using it. However as the world has changed in recent years, with more emphasis on environmental protection, and cost savings programmes, there has been a growing need to reduce or eliminate IPA from the printing process. Many attempts to provide stable solutions to this challenge have ultimately failed – but now there is a high quality, very stable option - Libra!
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06.25.2012
Catalyst Paper today announced an update on the further amended plan of arrangement (Amended Plan) under the Companies’ Creditors Arrangement Act. Catalyst Paper has reached an agreement in principle with certain additional holders of its 7 3/8% senior notes due March 1, 2014 (Unsecured Notes) on the terms of a settlement and support agreement (Agreement) to be entered into with respect to the Amended Plan. These additional holders, who voted against the prior Plan of Arrangement, hold approximately US$120 million aggregate principal amount of outstanding Unsecured Notes.
“We are pleased that additional holders have agreed to support and vote in favour of the Amended Plan,” says Kevin J. Clarke, President and Chief Executive Officer. “This support brings us one step closer to achieving our vision of a stronger and more viable Catalyst Paper for our customers, vendors, employees, pensioners and community at large.”
Pursuant to the Agreement, these holders will agree to settle and release all claims against Catalyst and its directors and officers and to support and vote in favour of the Amended Plan. Under the Agreement, Catalyst will agree to pay certain legal expenses incurred by the Noteholders in connection with the restructuring. The Agreement does not result in any changes to the Amended Plan or in the consideration being paid to unsecured creditors under the Amended Plan. The Agreement is subject to Court approval and a hearing to consider the Agreement has been scheduled for the morning of Monday, June 25, 2012.
The Agreement will be subject to termination in certain circumstances, including if the Amended Plan is withdrawn or the company makes a filing with the Court seeking to amend or modify the Amended Plan in a manner than results in a material reduction in the distribution to the holders of the Unsecured Notes.
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06.25.2012
New reports from the American Libraries Association and Pew Internet and American Life Project reveal that despite the increasing number of e-books available to library patrons, libraries themselves face big challenges in weathering the transition.
Some findings from the reports:
More digital demand, less funding; Many patrons are still oblivious; Librarians spend more time providing tech support; Discoverability is a challenge here, too; Publishers don’t make enough e-books available...
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06.25.2012
Oil traded below $80 a barrel for a third day in New York amid concern that Europe’s debt crisis will curb demand for fuels.
Futures slid as much as 1.1 percent as George Soros warned that a failure by European Union leaders meeting this week to produce drastic measures could spell the demise of the bloc’s shared currency. Developed economies are running into the limits of monetary policy, the Bank for International Settlements said in its annual report yesterday. Oil earlier rose as much as 1.2 percent after Tropical Storm Debby approached oil and gas installations in the Gulf of Mexico.
“The outlook for oil remains negative while concerns remain about the economic outlook in Europe weigh on demand,” Michael Hewson, a London-based analyst at CMC Markets, which handles about $240 million a day in U.S. crude contracts, said today in an e-mail. “Investors remain skeptical that EU leaders will be able to agree on anything tangible to alleviate the current crisis.”
Oil for August delivery fell as much as 89 cents to $78.87 a barrel in electronic trading on the New York Mercantile Exchange and was at $78.96 at 11:13 a.m. London time. Prices have fallen 23 percent this quarter, the biggest decline since the final three months of 2008.
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06.25.2012
The American Forest & Paper Association released its May 2012 U.S. Recovered Fiber Monthly Report today.
According to the report, total U.S. industry consumption of recovered paper in May was 2.54 million tons, 3% higher than April 2012. Year-to-date consumption in 2012 is 3% lower than during the same period last year.
U.S. exports of recovered paper dropped 11% in April compared to March, with decreases mainly seen in Other Mechanical and Corrugated. Year-to-date exports of recovered paper in 2012 are 2% lower than during the same period in 2011.
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06.25.2012
Kruger Inc. is pleased that the Communications, Energy and Paperworkers Union (CEP) members at Corner Brook Pulp and Paper voted in favour of its collective agreement proposal, thereby enabling the Company to hold a second vote on the pension plan funding relief measures and to continue its assessment of the Mill's viability. The new collective agreement will be effective immediately.
CBPP's pension plan administrators will launch the process for active and retired members of the unionized employees' Pension Plan to re-vote on the application of funding relief measures, which are essential to the Mill's competitiveness and sustainability. The Company expects the voting process to be completed by August 22.
The following step will then be for the Company to finalize its assessment of the Mill's viability, taking into consideration the fact that the members of Lodge 1567 rejected the collective agreement proposal, which was modelled on the "pattern" agreement of CBPP's main competitor. In the meantime, the Company will continue its efforts to reduce the Mill's operating costs by applying necessary cost-cutting measures.
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06.25.2012
Resolute Forest Products says it is shutting down one of four production lines at its Catawba plant at the end of the month.
The Herald of Rock Hill reports (http://bit.ly/O6BpFe ) that the line, which makes lightweight coated paper used in magazines and advertising fliers, will shut down June 30. Company spokeswoman Debbie Johnston said layoffs will start July 2.
It's not known how many people will be laid off. Steelworkers Union President Mike Godfrey says about 100 employees operate the line slated for shutdown.
The plant has approximately 750 workers.
Johnston said the shutdown was because of market conditions, which she described as "sluggish." She said the shutdown was for an "indeterminable" length of time, and Resolute Forest Products chose to shut down the line instead of stockpiling inventory.
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06.25.2012
Due to exceptionally high rainfall in the Northern Minnesota region this past week, we are experiencing flood conditions at our Cloquet mill site. In order to ensure the safety of our employees, and to take the precautions necessary to protect our plant assets, we have temporarily suspended pulp and paper manufacturing operations.
We expect the resumption of normal operations in the next several days. Water levels have begun to recede and we have resumed truck shipments of yarded loads out of the site today. At this time, we do not anticipate significant delays in meeting customer orders due to flexibility in our machine schedules and strong inventory positions.
If you have any questions regarding the status of orders due to ship over the next several days, please do not hesitate to call your inside sales representative. We value your business and look forward to meeting your service needs.
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06.22.2012
After 20 years in print SmartMoney magazine will cease its print presence with the August issue and direct all of its content efforts to SmartMoney.com. At the same time the Dow Jones publication will expand its digital team (to 15) and report to the managing editor of The Wall Street Journal Digital Network Raju Narisetti. Smart Money was started in 1992 as a joint venture between Dow Jones & Co. and Hearst Corp. (now-Hearst Magazines president David Carey was the founding publisher), but Dow Jones acquired full ownership in 2010.
The 25 print magazine staffers set to lose their position will have the opportunity to apply for the new digital spots at SmartMoney.com and at Dow Jones.
In a statement regarding the decision to fold the magazine, Dow Jones & Co. editor-in-chief Robert Thomson said in a statement: “It’s clear that the volatility of markets and asset classes has increased the need for rapid delivery of personal finance intelligence, so we will be expanding our team and presence on the Web.”
The magazine was leaking ad pages at a noticeable clip. According to min's boxscores, 2012 ad pages 232 were -9.28% through July.
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06.22.2012
Valassis, one of the nation's leading media and marketing services companies, today announced it has enhanced its digital display network -- the Valassis Audience Network -- with the acquisition of Brand.net, an online display, video and mobile advertising platform. Combined with the Valassis Audience Network, the components of an expansive network of online and offline data, state-of-the-art ad serving and targeting technology, come together -- Valassis is Re-Imagining Reach™.
With Brand.net, the Valassis Audience Network now enables advertisers to reach and influence consumers on their journey from awareness to action with greater relevance, impact and results. Re-Imagining Reach highlights Valassis' strength of reaching today's diverse consumers at a scale and accuracy unmatched by others, getting the right message to the right consumer in the right medium at the right time.
"The traditional path to purchase was linear and brought the consumer from awareness to action one step at a time," said Rob Mason, Valassis President and Chief Executive Officer. "Today, consumers are in control and their media habits are changing at a remarkable rate which means that clients need to use a mix of media to stay both visible and relevant. That's where Valassis has a proprietary advantage -- we deliver targeted, print and digital solutions to engage consumers at every point along the path to purchase."
Whether marketers are interested in building awareness or driving purchase behavior, Valassis can meet their objectives by integrating their offline and online promotions.
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06.22.2012
Rite Aid Corporation today reported improved financial results for the first quarter ended June 2, 2012.
The company reported revenues of $6.5 billion, a net loss of $28.1 million or $0.03 per diluted share and Adjusted EBITDA of $274.2 million or 4.2 percent of revenues. Results benefited from continued growth in same store sales and an improvement in gross margin.
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06.22.2012
The judge overseeing Houghton Mifflin Harcourt’s Chapter 11 proceedings approved the company’s restructuring plan Thursday morning, clearing the way for the publisher to emerge from bankruptcy. The plan, which received the full support of HMH’s creditors, will eliminate about $3 billion of debt, mainly by exchanging debt for equity.
The only glitch in what has been a smooth route through bankruptcy was the decision by Judge Robert Gerber to move the case to another court at the request of a bankruptcy watchdog. The new court will take over the remaining proceedings in the case either on the date the plan becomes effective or three weeks after his confirmation order is entered, whichever comes first. A final confirmation order is expected shortly.
HMH first filed for bankruptcy May 21, and cited debts of $3.5 billion as of March 31, compared with assets with a book value of nearly $2.7 billion.
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06.22.2012
To demonstrate the power of its new Layer Creator tool for applying augmented reality to print, Netherlands-based tech firm Layer has published a magazine. The 32-page print book is available from the company site and when paired with the Layer mobile smartphone app shows what AR can do. From pop-up 3D models to a video activated cover, the magazines works in synch with the app to brings digital enhancements immediately onto the page. (see video at bottom)
AR is nothing new to print, of course. Popular Science, Esquire and others have used the technique is a range of test enhancements. GQ magazine has announced that a number of pages in its September issue will work with a branded companion app to bring “GQ Live” to life.
But Layer’s initiative marks the fledgling AR industry’s more aggressively setting its sights on the print world. Layer has released its Creator web-based tool that lets publishers add AR content to their print pages. At the same time the company announced appointment of a new CEO, Quintin Schevernels, who has roots in both the Internet and print world. He was COO of VNU Media.
The moves suggest a new stage of mobile technology courting the print industry with the promise of enhancing 2D media with interactivity. In recent years, mobile code providers like Microsoft, Digimarc and SnapTag have competed to endear themselves to publishers as preferred mobile activation sources. We may be seeing another wave of similar courtships from augmented reality providers.
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06.22.2012
Freedom Communications announced today that the sale of the print and online publishing assets of its Texas properties, The Brownsville Herald, El Nuevo Heraldo, The Harlingen Valley Morning Star, The Monitor in McAllen, The Odessa American and The Mid Valley Town Crier in Weslaco, to AIM Media Texas, LLC has closed.
Terms of the transaction were not disclosed. In conjunction with the transaction, AIM previously announced that all Freedom employees at these publications will continue in their respective jobs and positions with the new company.
"This transaction presented an excellent opportunity to provide our shareholders with enhanced value for their investments while also ensuring that the communities involved continue to receive the great service they have been accustomed to receiving from Freedom," said Mark McEachen, Freedom Executive Vice President, Chief Operating Officer and Chief Financial Officer.
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06.22.2012
Catalyst Paper today announced an update on the status of its discussions regarding a new asset backed loan (ABL) facility and an exit financing facility. While Catalyst has not yet agreed to terms with any lender, Catalyst believes that the exit facility lender or lenders may require that the exit facility be secured by a charge on the assets of Catalyst and its subsidiaries that ranks equally with or in priority to the security to be granted to holders of the New First Lien Notes, as previously described in Catalyst’s information circular dated March 23, 2012 (the Circular) and as provided for in the Further Amended Plan of Arrangement scheduled to be voted on at meetings of the unsecured and secured creditors of Catalyst on June 25, 2012. As a result, the trust indenture to be entered into in connection with the New First Lien Notes will include a provision permitting the granting of such security and addressing any related subordination arrangements in connection with an exit financing facility in a principal amount of up to $100 million and the terms of the New First Lien Notes as described in the Circular are amended accordingly. Catalyst will provide further information as discussions continue in connection with the ABL and exit financing facilities.
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06.22.2012
AAA’s Fuel Gage Report as of 6/22/12
National Unleaded Regular:
Current Average - $3.454/gallon
Month Ago Average - $3.678/gallon
Year Ago Average - $3.626/gallon
Highest Recorded Average - $4.114/gallon on 7/17/08
Diesel:
Current Average - $3.738/gallon
Month Ago Average - $3.981/gallon
Year Ago Average - $3.967/gallon
Highest Recorded Average - $4.845/gallon on 7/17/08
Current Exchange Rates as of 6/21/12
American Dollar to Canadian Dollar = 0.981634 (120 day high - 1.01905 on April 26, 2012; low 0.961252 on June 5, 2012)
American Dollar to Chinese Yuan = 0.157112 (120 day high – 0.159363 on May 2, 2012; low 0.156858 on June 8, 2012)
American Dollar to Euro = 1.267 (120 day high - 1.3454 on February 28, 2012; low 1.2322 on June 1, 2012)
American Dollar to Japanese Yen = 0.0124877 (120 day high – 0.0131387 on February 2, 2012; low 0.0119026 on March 21, 2012)
American Dollar to Mexican Peso = 0.0730791 (120 day high – 0.0793808 on March 14, 2012; low 0.0691788 on June 1, 2012)
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06.22.2012
Oil traded near an eight-month low below $80 a barrel in New York and headed for a second weekly decline amid signs of a global economic slowdown that may curb fuel demand.
Futures were little changed after decreasing 4 percent yesterday, the biggest drop this year. German business confidence fell to the lowest in more than two years in June as the worsening sovereign debt crisis clouded the economic outlook. The Federal Reserve Bank of Philadelphia’s economic index yesterday signaled the biggest contraction in manufacturing in almost a year.
“The euro-zone implosion brought prices down significantly,” said Hannes Loacker, an analyst at Raiffeisen Bank International AG (RBI) in Vienna, who predicts oil will rebound. “The market is being dominated by disappointing key indicators from the U.S. and China, and a lethargic stance from Saudi Arabia at the last OPEC meeting on its readiness to cut back production.”
Oil for August delivery fell as much as 64 cents to $77.56 a barrel, the lowest since Oct. 5, in electronic trading on the New York Mercantile Exchange and was at $78.14 at 9:31 a.m. London time.
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06.22.2012
According to the American Forest & Paper Association’s May 2012 Printing-Writing Paper Report, total printing-writing paper shipments increased 1 percent in May compared to May 2011. Shipments for the two coated printing-writing grades posted year-over-year increases compared to last May while shipments for the two uncoated grades declined. U.S. purchases (shipments + imports – exports) of printing-writing papers decreased 1percent in May. Total printing-writing paper inventory levels also changed by 1 percent, decreasing compared to last month.
Additional key findings include:
Shipments of coated free sheet (CFS) papers increased the most among the four printing-writing grades year-over-year. The increase is the largest since September 2010.
Shipments of coated mechanical (CM) papers also increased the largest year-over-year since September 2010.
Shipments of uncoated free sheet (UFS) papers decreased year-over-year by less than one percent.
Uncoated mechanical (UM) paper shipments continue to decline year-over-year following on the heels of 15 consecutive year-over-year increases from January 2010 through March 2011; average growth during those 15 months was 17 percent.
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06.22.2012
The American Forest & Paper Association released its May 2012 Kraft Paper Sector Report on Tuesday. Total Kraft paper shipments were 139.2 thousand tons, an increase of 2.3% compared to May 2011. Total inventory was 70.1 thousand tons the month. Total Bleached Kraft shipments increased year over year for all months in 2012.
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06.22.2012
Sorry, Tree, back to work! Via Printweek, Toshiba has relented, and has decided to abandon its ill-advised No Print Day:
In a letter to its members, Printing Industry of America (PIA) president Michael Makin announced: “Toshiba has agreed to abort its National No Print Day!”
Makin’s letter went on to describe his conversation with Toshiba USA senior vice president of marketing, services and solutions, Bill Melo, regarding Toshiba’s “ill-conceived initiative”.
In it Makin states: “Mr. Melo was quite ‘concerned’ with how the campaign had been received by the commercial printing industry and stressed it was never the intent of his company to disenfranchise or insult our industry. He explained that the campaign was always directed at the office marketplace where he opined there was needless waste.”
Toshiba still plans to revisit a campaign to reduce office waste, but assures that it will not demonize an entire industry in the process.
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06.22.2012
Flooding conditions have not yet abated at the Cloquet mill. We now estimate the resumption of normal mill operations sometime this weekend, June 23-24. In order to ensure the safety of our employees, only skeleton crews are on site, focused on plant protection activities. We are currently assessing the impact on pulp and paper customers, but at this time do not expect significant disruptions. We will keep you updated with more details as we assess conditions.
We are grateful that there have been no reported employee injuries. Our thoughts are with our Cloquet employees, many of whom may be experiencing hardship from this flooding.
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06.21.2012
Mitchell Press and Teldon Media Group announced that Mitchell has acquired Teldon Print Media, making it the Pacific Northwest’s largest independently owned provider of heatset web offset printing services. This division of Teldon Media Group provides end-to-end printing services for customers across Canada and the United States, including digital, sheetfed and web printing.
This acquisition will enable Mitchell to expand its portfolio of equipment and services, and further its strategy to extend the company’s printing platform. With this acquisition, the printer will add significant volume to its operation, while also adding the required equipment to ensure there is always available capacity to manage a significant increase in demand for web printing services.
“This acquisition is a strong complement to our business and a testament to the standards of excellence Teldon has built in our industry,” said Mitchell Press President Howard Mitchell. “By adding both these additional capabilities and the associated revenue to our business, we will build upon Mitchell Press’ established brand and strategically build an even stronger range of services for our customers”.
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06.21.2012
Clearwater Paper Corporation today commented on the ruling in the United States District Court for the District of South Carolina in favor of Metso Paper USA and Clearwater Paper in connection with a lawsuit filed by First Quality Tissue SE, LLC that sought to enjoin Metso Paper from delivering a Through-Air-Dried, or TAD, paper machine to Clearwater Paper.
"Clearwater Paper is very pleased with the court's decision to deny the request for injunctive relief and dismiss the amended complaint, and we look forward to completion of our Shelby TAD paper machine facility," said Gordon Jones, chairman and chief executive officer. "We expect that the final components of our TAD paper machine will be delivered by Metso Paper by July 2012, pursuant to our contract with them, and that our Shelby TAD paper machine facility will be completed and begin operations prior to the end of 2012."
In 2010, Clearwater Paper contracted with Metso Paper to construct a TAD paper machine for its tissue manufacturing and converting facility under construction at Shelby, North Carolina. Clearwater Paper's contract with Metso Paper calls for an expected delivery of the TAD paper machine by July 2012. In August 2011, First Quality filed a lawsuit against Metso Paper seeking to enjoin Metso Paper from delivering the TAD paper machine to Clearwater Paper based on the terms of an agreement between Metso Paper and First Quality. Clearwater Paper intervened in the litigation in November 2011 to ensure representation of its interests.
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06.21.2012
Ahlstrom, a global high performance materials company, estimates that the transfer of the Brazilian operation of its former wipes fabrics business, Home and Personal, to Suominen Corporation will take place in the third quarter of 2012.
Ahlstrom had previously anticipated that the transfer would have taken place in the second quarter of 2012. The transfer is subject to receiving all necessary Brazilian regulatory permits for the operations.
The Home and Personal business area excluding the Brazilian part of the operation was transferred on October 31, 2011 to Suominen Corporation. Receiving an approval from the competition authorities in Brazil is not a prerequisite for completing the transaction.
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06.21.2012
To bolster its industry-leading transparency tool, Domtar Corporation (NYSE: UFS) (TSX: UFS) today announced an expansion of its award-winning site, The Paper Trail (www.domtarpapertrail.com). The move adds more products and an additional mill, among other updates, to help customers learn even more about the environmental and social impacts of Domtar paper.
Since its launch in June 2011, industry observers and sustainability experts, including Joel Makower, Executive Editor of GreenBiz.com, have noted that the site's transparency gives the tool and Domtar credibility. With its third update to The Paper Trail, Domtar's online calculator will now include:
Two additional products - EarthChoice® Tradebook, the first publishing grade to be highlighted in the tool, and Lynx® Opaque Ultra, a popular commercial printing paper;
Pictures, stories and a history of Domtar's Nekoosa, Wisconsin mill, where paper making traces its heritage back to 1840;
Updated environmental impact data for all grades highlighted within the tool, ensuring results are accurate and relevant; and,
Newly posted pictures and stories for mills previously included in The Paper Trail.
"We're pleased that The Paper Trail has set the standard among today's industry calculators, and we're proud that we've raised the bar even further by providing additional transparency," said Lewis Fix, Domtar Vice-President of Sustainable Business and Brand Management. "By continually expanding The Paper Trail, we're helping our customers gain a broader understanding of the Domtar story, and a better visibility of where their products come from."
The Paper Trail (www.domtarpapertrail.com) develops personalized reports that measure Domtar products across five categories: water usage, the distance its fiber travels to a paper mill, greenhouse gas (GHG) emissions, waste send to landfills and renewable energy usage. The Paper Trail also illustrates how Domtar compares to the rest of the industry in these categories. In cases where the environmental impact can be improved, Domtar voluntarily discloses the information, as well as the efforts underway to make improvements.
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06.21.2012
The Forest Products Association of Canada (FPAC) welcomes the government’s acceptance into negotiations to reach a Trans Pacific Partnership (TPP) aimed at reaching a free trade deal with a group of important markets including Australia, Vietnam and Peru. Canadian forest companies recognize the need to deepen trade relations with these lucrative and growing consumer markets.
Increased exports are also essential for the forest products industry to reach its Vision2020 goal of generating an additional $20 billion in economic activity from new innovations and growing markets
“Growing our exports to overseas markets is vital to our Vision and the future prospects of Canada’s forest products sector,” says Catherine Cobden, the President and CEO of FPAC. “We applaud the government’s commitment to freeing up trade with this wide range of countries.”
Exports of forest products from Canada are now worth $26.4 billion. Canada has a trade surplus in forest products of $17.2 billion, second only to oil and gas.
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06.21.2012
Holmen TRND is an uncoated, matt paper with high bulk and stability. The raw, tough surface gives magazines attitude, while text and images get a boost from the excellent printability of the paper.
We are very happy to be introducing this product today. Holmen TRND is an exciting paper for those who dare to challenge the traditional paper selection and stick out. With the introduction of Holmen TRND, we fill a need in the market for magazine paper with a bit more attitude, says Tommy Wiksand, Sales and Development Director at Holmen Paper.
Holmen TRND comes in the base weights 60, 70 and 80 grams and in the colours white and vintage- a warm nuance that gives another exciting dimension to the expression of the magazine.
TRND is suitable for offset printing and can be delivered in widths up to 2 750 mm.
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06.21.2012
Metsä Group will invest EUR 15 million in developing the production process at the Joutseno pulp mill. With Metsä Group’s product and process development work, the world’s largest single-line softwood pulp mill, located in Joutseno, Finland, will adopt a new pulp manufacturing process – polysulphide cooking. Polysulphide technology has never been applied on such a large scale before.
With the investment, Metsä Group will launch a new kind of softwood pulp on the market, which will improve customers’ cost-efficiency and the technical properties of the final products: paper and board.
”The investment will strengthen Metsä Group's position in the global softwood pulp market further, as we will be launching a unique product that improves the competitiveness of our customers. At the same time, we will increase the production capacity of our mill by almost 10 per cent and improve the efficiency of production. The investment is proof of the vitality of the Finnish forest industry,” says Ismo Nousiainen, Senior Vice President, Production at Metsä Fibre.
The main equipment will be supplied by Andritz Oy. Construction will begin in the autumn 2012, and the process will be commissioned in the summer 2013.
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06.21.2012
Citing strong response to is debut May issue of Design Hunting, New York magazine says it will publish March and September 2013 issues. The launch issue included 74 ad pages, and the overwhelming majority (74%) represented clients that were new to the New York brands.
The company says that the issue’s mix of aspirational design examples and practical resource guides fill a need in the shelter category. The advertising in the debut issue was a blend of domestic and global brands as well as local resources, showrooms and merchants.
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06.21.2012
Norske Skog will invest NOK 220 million in an expansion and renewal of the thermo-mechanical pulp plant at Norske Skog Saugbrugs in Halden. The old pulp plant will be replaced by a modern facility, which will supply pulp to the paper machines at a much lower cost than today.
The cost savings consist mainly of lower energy and pulp consumption and lower maintenance costs. Increased use of wood pulp in the paper will also result in improved quality. Enova has pledged support of NOK 50 million, because of the considerable energy savings from the project. Start-up of the pulp plant will take place during spring 2014.
Investments in the new pulp plant will give increased competitiveness. We do this in order to be able to maintain operations at Saugbrugs, says President and CEO in Norske Skog, Sven Ombudstvedt.
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06.21.2012
The first Rio Earth Summit in 1992 challenged business to follow a more sustainable path; to create more value using less raw materials and with less environmental impact. UPM picked up that gauntlet and today our paper is more than it used to be. Our Economist case study shows why.
“Now, 20 years on from Rio, we decided to look back and ask ourselves the question just how much have we achieved in that time,” says Jyrki Ovaska, President of UPM Paper.
UPM chose The Economist, an internationally renowned news and business publication, as a real life example to illustrate the progress. The Economist has, almost exclusively, been produced on UPM paper for those 20 years.
The study showed that in the production of paper used for The Economist 90 percent less fossil carbon emissions are now released, 35 percent less water is used and the amount of production waste to landfill has declined by an incredible 90 percent compared to 1992. These impressive results are complemented by the share of PEFC certified fibre used in that paper rising from zero to 100 percent and the producing mills being awarded the EU Ecolabel in 2007.
“Using this example allowed us to paint an accurate picture of how much the environmental footprint of the paper used for that particular publication has changed since the first Rio Earth Summit. We even surprised ourselves with the impressive results,” Päivi Salpakivi-Salomaa, UPM’s Vice President, Environment continues.
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06.21.2012
Cox Target Media has completed its acquisition of Savings.com, including its sister site, London-based Savoo.co.uk as a wholly owned subsidiary. Savings.com joins Valpak as a Cox Target Media company.
Savings.com is a leading online source for savings, personalized deals and the most knowledgeable money-savings experts online through its DealPro community. Valpak offers localized print and digital savings fueled by a network of franchisees in communities across North America. Through this acquisition, Cox Target Media substantially expands its business across traditional, digital, social and mobile platforms to solve unmet marketing industry needs.
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06.21.2012
Kohl’s Department Stores today announced that the company will expand its solar program by nearly 25 percent in 2012, installing solar panels at approximately 30 additional Kohl’s locations. While some of the new solar sites will be in states such as California, Connecticut and Maryland where Kohl’s already has a solar presence, additional sites will be located in new solar states for Kohl’s, including Massachusetts, New York and Ohio. On average, the solar panels will supply 20 to 50 percent of each store’s energy. Construction of the solar panel arrays on the first phase of stores began this spring. Once the installations are complete by the end of 2012, Kohl’s expects to have more than 150 solar locations across 13 states.
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06.20.2012
MeadWestvaco Corp., a global leader in packaging and packaging solutions, introduced Shellpak®Renew, a new package designed to meet patient and pharmacist needs. The package, which will launch at more than 3,600 Walmart pharmacies this summer, features a tear-resistant, recyclable outer carton, an easy-slide blister and an integrated calendar for patients to easily track their medications.
“Medications prepackaged in Shellpak Renew make dispensing medications quicker and easier so that our pharmacists can spend more time counseling our patients, including providing instructions on how to take their medications,” said Sandy Kinsey, vice president, Pharmacy Merchandising at Walmart Stores. “In addition, the calendarized packaging helps reinforce to our customers how to take their medications safely and effectively for the best outcome.”
The development of Shellpak Renew is part of MWV’s long-standing commitment to further awareness and solutions for poor medication adherence. Research shows that half of all patients in the U.S. today do not take their medicines as prescribed. Poor medication adherence can lead to worsening of disease, serious and avoidable health risks, increased hospitalizations and even death. The annual cost of non-adherence in the U.S. is estimated to be $290 billion, representing 13% of total healthcare expenditures.1
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06.20.2012
FetterGroup (Louisville, KY) is the first U.S. company to purchase a new Heidelberg Speedmaster XL 75 Anicolor press in a seven-color configuration with aqueous coater. The press will be used in the production of uniquely sized decorative labels for FetterGroup’s growing list of clients in several highly regulated markets. The company also provides services to the distilled spirits, wine, healthcare and specialty consumer packaged goods industries.
Fetter’s decision to purchase the Speedmaster XL 75 Anicolor machine bespeaks its long habit of investing in state-of-the art technology for the benefit of its customers. In terms of the company’s production metrics, for example,
“Labels are a significant part of FetterGroup’s overall business,” said Ted Hagler, executive vp, operations. “Over time, we’ve seen our average sheet count fall and our waste increase. It wasn’t a sustainable proposition. Existing alternative production platforms don’t favor the full scope of the work we do, and when we factored in all of the product requirements, economics, and unique needs, we knew we had to look in a different direction.”
The company works primarily with 60- and 70-lb. one-side coated, C2S and metallized stocks. It had been quality-testing Heidelberg’s small-format Speedmaster XL 52 Anicolor for some time with excellent results, but needed the medium-sized format of the XL 75 to accommodate the size and quantity of the labels it runs.
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06.20.2012
R. R. Donnelley & Sons Company today announced that it has been recognized as the 2011 Sears Canada Inc. Partner in Progress for Specialty Services Supplier of the Year in honor of its performance in supporting Sears Canada with catalog and other printing, logistics and related services. Partners in Progress awards are granted to the top one percent of Sears Canada's suppliers and RR Donnelley was one of only three providers to Sears Canada honored with a Category Supplier of the Year award.
"Being named a Partner in Progress reflects your commitment to be the best in your industry and your ability to achieve at a high level," stated Calvin McDonald, President & CEO of Sears Canada Inc.
"The catalogs and other projects that RR Donnelley produces for us help to carry the Sears Canada brand to our customers," said Enza Marrella, Sears Canada's Director, Print Operations and Distribution. "These catalogs and other communications play an important role in bringing consumers to our stores and website, so we are demanding about the standards of their quality and are pleased to be able to count on RR Donnelley to deliver."
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06.20.2012
Adobe Systems Incorporated today reported financial results for its second quarter of fiscal year 2012 ended June 1, 2012.
Second Quarter Financial Highlights
•Revenue in Q2 FY2012 was $1.124 billion, which represents 10 percent year-over-year growth
•Diluted earnings per share were $0.45 on a GAAP-basis, and $0.60 on a non-GAAP basis.
•Operating income was $305.1 million and net income was $223.9 million on a GAAP-basis. Operating income was $404.4 million and net income was $299.6 million on a non-GAAP basis.
•Deferred revenue grew by $43.9 million quarter-over-quarter to a total of $592.8 million.
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06.20.2012
The American Forest & Paper Association released its May 2012 U.S. Paperboard Report today. Total boxboard production decreased by 0.3% compared to May 2011 but increased 2.8% from last month. Unbleached Kraft Folding production increased over the same month last year and increased compared to last month. Total Solid Bleached Boxboard & Liner production increased compared to April 2011 and increased compared to last month. The production of Recycled Folding decreased compared to April 2011 but increased when compared to last month.
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06.20.2012
The American Forest & Paper Association (AF&PA) released its May 2012 U. S. Containerboard Statistics Report yesterday. Containerboard production rose 1.3% over the same month last year and 7.2% compared to April 2012. The month over month average daily production also reflect an increase of 3.7%. The containerboard operating rate for May 2012 gained 3.7 points over April 2012, from 91% to 94.7%.
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