The Europac Group has reached an agreement to sell its packaging factory in Tangier, Morocco, to International Paper. The transaction amounted to Euro 40 million, which after balance sheet adjustments add to Euro 44 million. The operation contributes a consolidated net profit of Euro 10 million to 2017 fiscal year, after investing in the construction, start-up and operation of the business. The sale agreement has the approval of the Conseil du Concurrence, the anti-trust authority in Morocco, as the company says in the press release received by Lesprom Network. At the close of year 2016 the turnover of the Tangier factory, inaugurated in February 2016, was Euro 8 million with negative EBITDA of Euro 2 million. In 2017 the Moroccan factory operation has an expected marginal effect upon Europac’s consolidated accounts. Click Read More below for additional detail.
Bemis Company, Inc. announced its planned actions in a restructuring and cost savings program to improve efficiency and profitability that further positions the Company for long-term success. The Company will implement these initiatives while maintaining the high quality products, best-in-class service, and culture of respect and innovation consistent with Bemis’ standards. “Improving the performance of our U.S. Packaging business is a key priority in creating value for our shareholders," said William F. Austen, Bemis Company's President and Chief Executive Officer. "During April, we began a review to align our U.S. manufacturing and administrative cost structures with the demands of our customer base to better position the Company in the current environment and for its long-term success. Given the challenges in the Brazilian economic environment, we also expanded the scope of our review to include our entire global business. We are targeting a total company cost savings plan of $55 to $60 million as we create a more agile, streamlined, and efficient business that is well-positioned for the long-term.” Click Read More below for additional detail.
Effective with all new and existing orders with confirmed delivery dates of August 1, 2017 or later, Verso Corporation is increasing the transaction price of the following Coated Freesheet Sheet grades, including but not limited to Blazer Digital® sheets/sheeter rolls by $2.00/cwt USD/$2.70/cwt CAD. The increase applies to all basis weights, bulks, finishes and related private label grades.
National Average Price for Regular – Current: $2.239; Month Ago: $2.368; Year Ago: $2.288. National Average Price for Diesel – Current: $2.441; Month Ago: $2.511; Year Ago: $2.372.
American Dollar to Canadian Dollar = 0.770844; American Dollar to Chinese Yuan = 0.147480; American Dollar to Euro = 1.140771; American Dollar to Japanese Yen = 0.008930; American Dollar to Mexican Peso = 0.055450.