Lincoln Paper and Tissue LLC filed for Chapter 11 bankruptcy protection on Monday, estimating it has between $10 million and $50 million in both debts and assets. Company co-owner Keith Van Scotter said he expects the mill will be auctioned in 45 days, with a stalking horse bidder setting the price to beat. He said he did not know whether the potential buyers would operate or scrap the mill, the town’s second-largest taxpayer and third-largest employer. “I’m disappointed that we had to take this route,” Van Scotter said. “We just did not have enough runway to finish the process that started with all the issues that came up with” a smelt water explosion in a chemical recovery boiler in November 2013.
Colbert Packaging Corporation, a leading manufacturer of folding cartons, rigid setup boxes and paperboard specialty products, is expanding its MedLock EZ™ family of patient compliance packages to accommodate a wider range of medications. The newest addition to the MedLock EZ family features a larger footprint than the MedLock EZ design introduced last year. Both packages have tested to F=1 for child-resistant, senior-friendly (CRSF) effectiveness – high safety marks by the Consumer Product Safety Commission. “When subjected to CPSC testing protocols, all of the seniors were able to open the MedLock EZ package, but none of the kids were able to scratch, tear or bite their way in,” said Glenn Grosskopf, vice president of product development for Colbert Packaging. “There really is no other acceptable outcome to the CPSC tests. MedLock EZ is a child-resistant, senior-friendly and sustainable unit dose alternative to amber prescription vials, and now it’s available in two varieties.”
“As we welcome India to the PEFC alliance, we can take this time to celebrate reaching the important milestone of 40 PEFC national members,” said Ben Gunneberg, CEO of PEFC International, as India’s Network for Certification Conservation of Forests (NCCF) joined PEFC last month. “We would like to use this opportunity to thank all of our supporters that have enabled PEFC to outgrow our European roots and become the world's leading forest certification system and to reflect on our history.” It was back in 1999, when national organizations from eleven countries came together to establish PEFC, responding to the specific requirements of small- and family forest owners in Europe. This was swiftly followed one year later with the endorsement of the first national forest certification systems, enabling forest owners and managers in Austria, Finland, Germany, Norway and Sweden to certify their responsible forest management practices.
Crown operates two beverage can plants in Turkey, in Izmit and Osmaniye, manufacturing a wide range of aluminum can sizes. Crown is installing the new capacity in response to growing demand in Turkey, where sales of empty beverage cans exceeded 2.6 billion units last year, and surrounding countries. The new line is expected to be operational in the first quarter of 2017 and have initial annual production capacity of approximately 900 million two-piece aluminum beverage cans in multiple sizes. The additional line will more than double the Osmaniye plant's annual production capacity to over 1.7 billion cans.
Brent crude, the global oil benchmark, fell 1.9% to $48.38 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading 1.8% lower at $44.88 a barrel. On Monday, Citigroup cut its forecast for global growth in 2016, to 2.9% from 3.1%. It was 3.5% as recently as May. Later in the day, the International Monetary Fund will publish its new macroeconomic outlook and expectations are that the fund will cut its forecast for global economic growth.
Epson has launched four new wide-format printers aimed at the professional photo, fine art and proofing markets. The SureColor SC-P6000, SC-P7000, SC-P8000 and SC-P9000 inkjet printers are available in 61cm (24in) and 1.12m (44in) widths. The SC-P6000 and SC-P8000 are eight-colour machines, while the SC-P7000 and SC-P9000 are 10-colour. Two of the printers can be supplied with a new violet colour the company said will allow printing of 99% of Pantone colours - the SC-P7000V and SC-P9000V.
At Scholastic, revenue for the first quarter ended August 31 inched up 0.3%, to $191.2 million, over the first period of fiscal 2015. The net loss increased to $49.4 million from $34.1 million a year ago. The best performing unit was the children’s book publishing and distribution group, which had a 15% increase in revenue, to $68.1 million in the period. Within the group, the trade segment led the way with sales up 22%, to $47.3 million. Scholastic pointed to a long list of titles that did well in the quarter, including the Harry Potter series and the updated Minecraft handbook series, plus strong fall frontlist titles such as Star Wars: Jedi Academy #3: The Phantom Bully; Wings of Fire Book 7: Winter Turning; and Captain Underpants and the Sensational Saga of Sir Stinks-A-Lot by Dav Pilkey. Strong book sales were partially offset by lower sales of animated programming in the trade group's media operations. Revenue at book fairs rose 8% and fell 4% at book clubs in the quarter, the smallest period for those businesses since schools are not in session.
There is a trend afoot these days of many writers waxing poetically about the virtues of printed magazines and how the younger generation (whoever that may be) enjoys print as an escape from the drama of a digitally focused life. Some pundits describe the love that they and readers have for print. They say that surveys prove the sustainability of print. Folio.com published an article yesterday that is no different. Although to me this particular article reads as native advertising for The Economist, it is true that The Economist is running well ahead of most of print and is doing well on all fronts including newsstand and subscriptions as well as digital editions.
Total sales increased 2.7% (4.0% on a constant currency basis) to $430.0 million, compared to $418.6 million in the second quarter of fiscal 2015. Company comparable sales increased 2.5% (3.8% on a constant currency basis); Gross profit decreased to $149.5 million, from $162.6 million during the same period a year ago. Gross profit as a percentage of sales was 34.8%, compared to 38.9% in the second quarter of last year. The year-over-year decline is primarily attributable to actions taken to reduce elevated inventory levels; Selling, general and administrative expenses decreased 4.8% to $128.4 million, compared to $134.8 million in the second quarter of fiscal 2015; Net income of $3.2 million; fully diluted earnings per share of $0.04;
The Canadian Standards Association (CSA) invites stakeholders from around Canada to take part in the public consultation for the fourth version of the country’s National Standard on Sustainable Forest Management, CAN/CSA-Z809. Stakeholders can review and comment on the Standard online until 6 October 2015. First published in 1996, CAN/CSA-Z809 is Canada's National Standard for Sustainable Forest Management and sets environmental and social requirements that fit the unique public ownership structure of Canadian forests. The standard was first endorsed by PEFC in 2005, and subsequently re-endorsed in 2011 until 2016.