Catalyst Paper today reported fourth quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $15.1 million and EBITDA before specific items of $19.8 million. This compares to adjusted EBITDA of $38.8 million and adjusted EBITDA before specific items of $41.2 million in the third quarter of 2015. Fourth quarter results were impacted by the completion of major planned maintenance outages of $17.4 million in addition to the impact of the imposition of countervailing duties on exports to the United States of supercalendered paper including associated legal fees and duties of $4.5 million. In the fourth quarter, the company incurred a net loss of $26.3 million and a net loss of $10.0 million before specific items. This compares to a net loss of $12.9 million and earnings of $8.4 million before specific items in the third quarter. As a result of the significant maintenance expenditures in the fourth quarter and the deposit of the countervailing duties to the U.S., free cash flow in the fourth quarter was negative $11.4 million.
Oil prices jumped 3 percent on Monday after China moved to boost its slowing economy, a drop in crude output from OPEC and the U.S., and a pledge by Saudi Arabia to limit market volatility, suggesting a 20-month selloff could be hitting a bottom. Brent crude's front-month contract April LCOJ6 settled up 87 cents, or 2.5 percent, at $35.97 a barrel before expiring and going off the board. May Brent LCOK6 settled up $1.13, or 3.2 percent, at $36.57 a barrel. U.S. crude's front-month CLc1 settled up 97 cents, or 3 percent, at $33.75.
AptarGroup, Inc. today announced it has completed the acquisition of Mega Airless, after receiving the necessary regulatory approvals. As previously reported, this strategic acquisition adds complementary products and market coverage to AptarGroup’s existing diversified portfolio of business. Stephen Hagge, President and Chief Executive Officer, commented, “As anticipated, the closing of the Mega Airless acquisition went smoothly and we will begin to integrate Mega Airless into Aptar’s global network. This transaction will allow us to accelerate our growth in airless systems.”
R. R. Donnelley & Sons Company announced today that its Packaging Solutions group will be an exhibitor at the Flexographic Technical Association (FTA) INFO*FLEX 2016 event, March 7 and 8, at the Fort Worth Convention Center in Fort Worth, Texas. This event is held in conjunction with the FTA Annual Forum and brings together a global audience of brand owners, printers, suppliers and educators to focus on the flexo industry, the latest innovations, and print process solutions. RR Donnelley will feature Packaging Solutions' core competencies at Booth 302. Attendees will be able to talk with the company's industry experts to learn more about how RR Donnelley can bring enhancements to customers' packaging.
Stora Enso will invest EUR 31 million in a new polyethylene (PE) coating line in the new consumer board mill in Beihai, China. The Beihai Mill is expected to be in operation during the second quarter of 2016, as communicated earlier. The investment will enhance Stora Enso’s strategy for profitable growth and supports competitiveness by enabling short lead-times and full quality control for PE-coated prime Food Service Board (FSB). The investment is expected to be completed in mid-2017. Stora Enso is also investing EUR 16 million in a new chemical plant at the consumer board mill in Skoghall, Sweden to further improve the environmental performance of the mill. The investment is expected to be completed by the end of 2017. In the Biomaterials division, Stora Enso is investing EUR 16 million to improve the environmental performance by reducing sulphur emissions of its mill in Skutskär, Sweden. The investment is expected to be completed by the end of 2017.