Glatfelter reported second-quarter 2016 net income of $2.0 million, or $0.04 per diluted share compared with $2.8 million, or $0.06 per diluted share in the second quarter of 2015. Adjusted earnings for the second quarter of 2016 were $2.8 million, or $0.06 per diluted share compared with $1.8 million, or $0.04 per diluted share, for the same period a year ago. Adjusted earnings is a non-GAAP measure for which a reconciliation is provided within this release. Consolidated net sales totaled $406.4 million and $410.8 million in the second quarters of 2016 and 2015, respectively. Currency translation adjustments favorably impacted the year-over-year comparison by $0.7 million. click Read More below for details
Avery Dennison announced it had completed the acquisition of the European business of Mactac from Platinum Equity, a California-based private equity firm, for the purchase price of €200 million including assumed debt. Mactac’s manufacturing facility in Soignies, Belgium, along with sales offices and warehouses in Europe and Asia, are now part of Avery Dennison’s global footprint. Export sales will continue to serve customers in South America, Asia Pacific, the Middle East, and North Africa. The transaction excludes the Mactac business in the U.S., Canada and Mexico which will continue to be owned by Platinum Equity.
Flexible packaging firm Parkside is nearing completion of a project to develop a packaging solution that neutralises bacteria, such as campylobacter, but doesn’t contain metal. Campylobacter is the most common cause of food poisoning in the UK. The project, which is funded in part from the public purse, is being conducted in Parkside’s R&D lab in its UK headquarters in Normanton, West Yorkshire. About six months ago, Parkside became the first company to develop flexible packaging protected from micro-organisms using a silver-based additive, which is already used in a variety of other materials, including paper and polymer. click Read More below for additional information
Brent for October settlement was 56 cents lower at $42.97 a barrel on the London-based ICE Futures Europe exchange. The September contract expired Friday after falling 24 cents to $42.46, capping a nearly 15 percent drop for the month. The global benchmark traded at a premium of $1.16 to WTI for October. The U.S. drill rig count climbed by 3 to 374, the highest level since March, Baker Hughes said Friday. The nation’s crude inventories rose to 521.1 million barrels through July 22, keeping supplies more than 100 million barrels above the five-year average, according to the Energy Information Administration.
Catalyst Paper has permanently shut down Paper Machine No. 9 at the Powell River mill. Paper Machine No. 9 has been indefinitely curtailed since Dec. 2014. Catalyst continues to focus on revitalizing the Powell River mill for the future.
Unit sales of print books dipped 1% in the week ended July 24, 2016, compared to the similar week last year, at outlets that report to Nielsen BookScan. Sales in adult fiction fell 9%, as the category continued to face difficult comparisons to last year: in the week ended July 26, 2015, Harper Lee’s Go Set a Watchman sold about 222,000 copies, while the top seller in adult fiction in the comparable week in 2016, the trade paperback edition The Girl on the Train by Paula Hawkins, sold just under 55,000 copies. Adult nonfiction had the strongest performance among the major categories, with unit sales up 5%. It Gets Worse, by YouTube vlogger Shane Dawson, topped the category list, selling more than 26,000 copies in its first week. Another new book, Hillary’s America by Dinesh D’Souza, landed at #3, selling more than 18,000 copies. Unit sales in the juvenile nonfiction segment rose by less than 1% over 2015. Brain Quest workbooks took six of the top 10 bestseller slots on the list, selling a total of more than 32,000 copies. Unit sales in juvenile fiction fell 2%. The only title among the category’s top sellers that had some sales momentum in the week was J.K. Rowling’s Harry Potter and the Sorcerer’s Stone, which sold just under 10,000 copies, putting it in third place on the juvenile fiction bestsellers list.
Walgreens announced yesterday that it will shut down drugstore.com, the Bellevue, Wash.-based distributor of drugs, vitamins, and beauty products that traces its roots to the early days of the e-commerce revolution. In addition, Walgreens announced that Beauty.com, another of its subsidiaries, will be shut down. Both sites are expected to be offline by the end of September. Total Retail’s Take: Walgreens is making these moves to focus its attention on Walgreens.com, in which it has invested a lot of resources to improve the omnichannel capabilities it can offer. Yet the news still comes as a surprise considering that Walgreens paid $429 million just five years ago to acquire drugstore.com. I guess $430 million no longer gets you what it used to.
Tronox Limited announced today that effective immediately, or as contract terms permit, Tronox Alkali will increase soda ash prices by $10.00 per short ton for all grades of soda ash. The increase applies to both bulk and packaged products.
• Operating margin of 9.3 percent, up 0.8 percentage points year-over-year • Total revenue of $4.4 billion, down 4 percent year-over-year • Services margin of 9.6 percent, up 2.4 percentage points year-over-year • Positive Document Technology revenue and margin trends • Re-affirms full-year 2016 guidance • Significant progress during quarter on separation and strategic transformation