Catalyst Paper (TSX: CYT) today announced its decision to indefinitely curtail the Rumford mill's No. 12 paper machine, which was temporarily curtailed on May 20, 2015. This decision is fully market-related. North American paper markets continue to be challenging with a decline in demand for coated paper, which is manufactured on the No. 12 paper machine at the Rumford mill in Maine. Paper produced on No. 12 is used primarily in magazines, catalogues and commercial printing applications.
Cabela’s Incorporated (NYSE:CAB) announced today that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to $500 million of its common stock over a two-year period. This authorization is in addition to the two million share repurchase authorization approved in April 2015 and the standing annual authorization to repurchase shares to offset dilution resulting from equity-based awards issued under the Company’s equity compensation plans. The Company has completed its repurchases under the April 2015 authorization.
UPM’s journey at the stock market started one hundred years ago. UPM's predecessor companies Aktiebolaget Walkiakoski and Kymmene Ab were listed on the Helsinki Stock Exchange in August-September 1915. The listing is a significant example of Finnish industrialisation and economic growth as the First World War created a boom for the Finnish industry. Forest industry companies wanted to grow quickly and get additional funding for investments. Many significant Finnish forest industry companies such as Kymi, United Paper Mills, Kaukas, Kajaani, Schauman, Rosenlew, Raf. Haarla and Rauma-Repola have been merged into the UPM Group along the years.
The Supplier Sustainability Program recognizes Sonoco suppliers who demonstrate clear differentiation from their competitors with measurable, strategic and transparent social and environmental responsibility efforts. The program was launched in 2012 by Sonoco's Corporate Sustainability Team. “This year, Sonoco reviewed 25 entrants," said Marc Ensign, director, Global Category Management, Sonoco. “At Sonoco, we take sustainability seriously, and we recognize these great partner companies who have strong and measurable social and environmental policies.”
In the first half of 2015, sales at Penguin Random House rose 16.2%, to 1.70 billion euros, while earnings increased 30.2%. The numbers, which indicate changes in comparison to the same period in 2014, were reported by parent company Bertelsmann this morning. Operating EBITDA at PRH hit 207 million euros, up from 159 million euros in last year’s first six months. Bertelsmann attributed much of the increase to the positive effects of currency fluctuations, but also noted that the company had a large number of bestsellers in all of its worldwide operations, topped by The Girl on the Train which has sold more than 4.5 million copies.
The Finnish Forest Certification Scheme has become the first ever system to achieve PEFC endorsement for the fourth time. This confirms that Finland continues to meet PEFC’s globally recognized Sustainability Benchmarks and ensures that Finnish certified forest owners continue to benefit from the global acceptance of PEFC. “For us the next step is to organize training for organizations, contractors, forest owners and all other stakeholders involved in implementing the revised PEFC requirements in Finnish forestry,” highlighted Auvo Kaivola, Secretary General of PEFC Finland. “This will begin in October as we travel the country holding meeting with PEFC-certified organizations.”
DS Smith informed employees at its Wansbrough Paper Mill in Watchet, Somerset, Great Britain that the company is considering closing the mill before the end of the year. "Following a review of the long term economic outlook for the Wansbrough paper mill, today we announced to employees at the mill that we are proposing to close Wansbrough Mill and are entering a period of consultation with employee representatives. The process will take into account all possible options for the future of the site.
KP Tissue Inc. announced today that Kruger Products L.P. plans to redeem its outstanding $175 million principal amount of 8% senior unsecured notes due August 9, 2018. KPLP has entered into a commitment letter with National Bank of Canada to increase its existing credit facility from $125 million to $300 million which increase will be used to fund the redemption of the Notes. The redemption is conditional upon the closing of the refinancing.
This spring Iggesund Paperboard began handing out gift cards. The cards have a symbolic rather than monetary value: the company will plant ten trees in honour of each person who chooses to activate their card. A forest area ready for replanting in Nianfors in the Swedish province of Hälsingland has been reserved and has space for enough tree seedlings for up to 3,000 customers. “We want to make it clear to all our customers that the price of Invercote or Incada includes replanting which will give us at least as much new forest as the amount we harvested,” Bresky continues. “We’d like people to know that our paperboard material is one of only a few packaging materials that actually gives something back to nature.”
The aggressive upward push has brought prices to level unseen in a month, erasing in five weeks of losses in just five days of gains. Looking ahead, near-term resistance is now at 55.90, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 59.13. Alternatively, a move back below the 38.2% Fib at 52.67 opens the door for a challenge of the 23.6% retracement at 48.67.