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.
Crude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. U.S. crude futures have added 4.6 percent this week, while benchmark Brent has gained 4.2 percent. That marks the biggest rise for both markets since the week ending May 19. Click Read More below for additional detail.
A subsidiary of Germany’s Börsenverein des Deutschen Buchhandels, the Publishers and Booksellers Association, MVB has acquired two former Nielsen offerings, Pubnet and PubEasy. The two ordering services had been sold to the consumer marketing research company NPD when it bought Nielsen Bookscan in January. Consultant Ted Hill (THA Consulting) has been tapped to head up a resulting New York-based company, MVB US, Inc., created to operate Pubnet and PubEasy, beginning Saturday (July 1). Click Read More below for additional detail.
Catalyst Paper announced today the launch of Trident™, a wet strength label paper produced at its Rumford mill in Maine, USA. . Trident is a full wet strength label paper for application on water bottles, craft beer, juice bottles, wine bottles and large format containers. Available in 47 and 60 pound basis weights (lbs. per 3,300 ft2), Trident is sustainably produced with available chain-of-custody certification under the Forest Stewardship Council® (FSC), the Programme for the Endorsement of Forest Certification™ (PEFC) and Sustainable Forestry Initiative® (SFI) standards. Click Read More below for additional detail.
Introduced last year, Sustainability 2022 is the company's framework to address social and environmental challenges with programs designed to create social, environmental and business value. In its first year, Kimberly-Clark surpassed three of its five sustainability targets, and is on track to meet or exceed all of its goals by 2022. Key highlights of the company's 2016 results include: *Social Impact - Working with our customers, consumers and suppliers, programs including Toilets Change Lives, No Baby Unhugged and The Period Project worked to improve the well-being of more than two million people in need in 2016 through social and community investments that increased access to sanitation, helped children thrive and empowered women and girls. *Forest & Fiber - Kimberly-Clark sourced 89 percent of the fiber used in its tissue products from environmentally-preferred sources. We also strengthened our partnership with the Forest Stewardship Council® to engage consumers in protecting forests. *Waste & Recycling - We expanded our waste and recycling programs to include challenges of waste at both ends of the supply chain. In 2016, we diverted 95 percent of manufacturing waste from landfills, and diverted more than 5,000 metric tons of post-consumer waste through partnership programs around the world. Click Read More below for additional detail.
Lecta announces a price increase for its thermal and carbonless paper deliveries, effective September 4th, 2017. The increase will be around 6% in thermal papers and 10% for carbonless papers, depending on format and country. The price increase is unavoidable to offset the increase in manufacturing costs due to the continuously rising prices of raw materials, particularly pulp and chemicals.