Asia Pacific Resources International Ltd (April) can resume forestry operations at its Indonesian pulp and paper subsidiary, government officials said on Tuesday (Oct 24), amid a dispute over environmental rules. April halted forestry operations at PT Riau Andalan Pulp and Paper (RAPP) and said thousands of jobs were at risk after the Indonesian environment ministry rejected its long-term work plan. One of Asia's biggest pulp and paper firms, April has been in talks with the government over the re-zoning of roughly half of its 480,000ha of plantation areas that sit on peatland. "(RAPP) was never forbidden from operating," Environment and Forestry Ministry secretary-general Bambang Hendroyono told reporters, referring to discussions on the company's work plans that had been under review since May. Click Read More below for additional information.
The publisher of Better Homes & Gardens and Martha Stewart Living asked the court to order a refund in a lawsuit filed Monday in federal court in Des Moines, where the company is headquartered. The lawsuit says Meredith historically has claimed a deduction on income derived from production of its magazines and books. Last year the IRS disallowed the deduction and ordered payment of additional taxes for 2006 through 2012 saying Meredith didn't maintain ownership of the publications while they were running through the contract printers' presses. Meredith says that's a misinterpretation of the law. Click Read More below for additional information.
Total revenues were $157.3 million compared with $165.8 million in the prior year period. Adjusted for the sale of Fannie May Confection Brands (which closed on May 30, 2017), total revenues increased 1.81 percent. EPS loss for the quarter was $0.20 per share, compared with a loss of $0.24 per share in the prior year period. Adjusted for the sale of Fannie May, the prior year period EPS loss was $0.201 per share. Adjusted EBITDA1 was a loss of $10.1 million, compared with an Adjusted EBITDA1 loss of $13.1 million in the prior year period. Reflecting the sale of Fannie May, Adjusted EBITDA1 loss in the prior year period was $9.5 million. Click Read More below for additional information.
The Board of Directors of BillerudKorsnäs has appointed Petra Einarsson new President and CEO of the company. Petra succeeds Per Lindberg who is, after 12 successful years, leaving BillerudKorsnäs on his own request for a new assignment. Petra Einarsson will assume her new position at the turn of the year 2017-2018. ”I am very glad to present Petra Einarsson as new President and CEO of BillerudKorsnäs”, says Lennart Holm, Chairman of the Board. “Petra is a highly experienced and competent leader. She has during her years as President of Sandvik Materials Technology shown her capability to successfully develop a complex process industry in a competitive environment. With Petra as new CEO, I am convinced we will succeed in our ambitions to further develop BillerudKorsnäs to new levels.” Click Read More below for additional information.
Futures were little changed in New York and are up 4.8 percent this month, after rallying 9.4 percent in September. U.S. crude inventories probably declined for a fifth time in six weeks, according to a Bloomberg survey before government data due Wednesday. Saudi Arabian Crown Prince Mohammed bin Salman said last week that he backed prolonging supply curbs, following a similar endorsement by Russian President Vladimir Putin earlier this month. Global benchmark Brent crude this month topped $60 a barrel for the first time since 2015 on hopes the Organization of Petroleum Exporting Countries and partners including Russia will prolong their curbs aimed at eliminating a glut. Prices were also boosted by fighting between Iraqi government troops and Kurdish forces in the oil-rich Kirkuk region. Still, the potential for continued supplies from U.S. shale fields is a concern. Click Read More below for additional information.
Cascades Inc. announced a $21-million investment in its Cascades Inopak (Drummondville) and Plastiques Cascades (Kingsey Falls) plants in order to acquire equipment enabling it to increase its production of food packaging, primarily for the fresh protein market. The Cascades Inopak plant in Drummondville will benefit from a $15-million investment. This will be used to expand the existing building and to install a high-performance rPET film manufacturing line that is unique in Canada and which includes a built-in, cutting-edge decontamination unit. This will make it possible to significantly increase the production capacity of Integral TM packaging, which is made from recycled PET, is recyclable and allows food in certain markets—such as fresh protein—to be kept for double the amount of time, thus radically reducing food waste. Nearly $6M will be invested in the Kingsey Falls Plastiques Cascades plant to modernize equipment, notably by adding a new extrusion line and two recycling lines, which will increase the production capacity by 25% and double the plant's internal recycling capacity. The Kingsey Falls plant produces EVOK ® , the first polystyrene foam tray in North America to contain at least 25% recycled materials. These investments will facilitate an eventual increase in this percentage and, by extension, further reduce the CO 2 emissions of products marketed by our customers. Click Read More below for additional information.
Evergreen Packaging, with support from KidsGardening, announced the launch of the spring 2018 Carton 2 Garden contest, the nationwide competition that invites students of all ages to repurpose milk and juice cartons in school gardens that teach math, science, arts, environment and sustainability. Now in its fourth year, the Carton 2 Garden contest underscores Evergreen Packaging’s commitment to championing sustainability, STEM-learning and healthy living. “The Carton 2 Garden contest gives thousands of students across the country the opportunity to not only learn more about gardening, but also teamwork, nutrition, sustainable practices and environmental stewardship,” said Katie Simmons, marketing manager at Evergreen Packaging. “We are thrilled to once again partner with KidsGardening, the leaders in the school garden movement, to equip contest entrants with educational materials that instill these important lessons and life skills. Each year the gardens grow more inventive, and we look forward to seeing the innovations that will be created for this year’s contest.” Click Read More below for additional information.
Glatfelter reported net income of $12.1 million, or $0.27 per diluted share for the third quarter of 2017 compared with net income of $19.6 million, or $0.44 per diluted share in the third quarter of 2016. Adjusted earnings for the third quarter of 2017 was $21.9 million, or $0.50 per diluted share compared with $24.0 million, or $0.54 per diluted share, for the same period a year ago. On an adjusted basis, earnings before interest, taxes, depreciation and amortization and excluding pension expense (“Adjusted EBITDA”) for the three months ended September 30, 2017 and 2016, totaled $50.6 million and $49.1 million, respectively, an increase of 3.1%. Adjusted earnings and Adjusted EBITDA are non-GAAP financials measures for which reconciliations to the nearest GAAP-based measure are provided within this release. Consolidated net sales totaled $413.3 million and $405.3 million for the three months ended September 30, 2017 and 2016, respectively. In the Composite Fibers and Advanced Airlaid Materials business units, net sales increased by 5.0% and 6.6%, respectively, on a constant currency basis. Specialty Papers’ net sales declined 4.0% in the quarter-over-quarter comparison. Click Read More below for additional information.
Florine Turnbull of Juniper New Brunswick started her first summer job as a student in 1967. 50 years later, she is still working at the same place. “It’s like a family here,” Turnbull said of the Juniper Tree Nursery, a J.D. Irving Woodlands operation celebrating its 60th year this year. The nursery opened in 1957 and was already 10 years old when Florine started as a “weeder” in the seedling beds. Then she worked as a seedling planter in the transplant fields. “It was good hard work and long days, and we didn’t have air-conditioned offices like we do today”, she laughed. Today, Florine supervises greenhouse thinning and monitors seedling growth quality. Click Read More below for additional information.
Laakirchen Papier AG said that the grade conversion project involving paper machine 10 at its mill in Laakirchen, Austria, is complete and PM10 is back in operation. The 10-week project converted PM10's production from SC paper to light-weight containerboard based on recycled fiber. According to the company, the machine project was finished on schedule. Click Read More below for additional information.