As part of its increased expansion in the Latin American pressure-sensitive label market, UPM Raflatac is pleased to announce it will be opening a new slitting and distribution terminal in Santiago, Chile in early 2018. This new terminal will allow UPM Raflatac to improve its service capabilities and offer an expanded range of paper and film products to customers in the Chilean market, particularly in the wine and craft beverage segments. Currently under construction in the Lo Boza industrial sector adjacent to Santiago International Airport, this brand new facility will join UPM Raflatac's growing Americas Terminal Network, which includes a number of facilities throughout North and South America. The new terminal will feature two meter-wide slitting capabilities and the company plans to have trimless offerings on select materials. Click Read More below for additional detail.
Appvion, Inc. announced that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to facilitate a balance sheet restructuring and better position the business for long-term growth and success. The Company expects to continue operations as usual and has obtained a commitment for $85 million in new debtor-in-possession ("DIP") financing from a group of its first lien lenders. Subject to Bankruptcy Court approval, this DIP financing, combined with cash generated by the Company, is expected to provide more than adequate liquidity to support ongoing operations during the process. "We thoroughly explored various alternatives to address our debt and have been engaged in constructive discussions with our lenders regarding sponsorship of a plan to delever the Company and enhance our liquidity," said Kevin Gilligan, Chief Executive Officer of Appvion. "While those discussions are active and continuing, we determined that pursuing a restructuring through Chapter 11 is the best path forward for Appvion and our stakeholders. We believe this process will result in a sustainable capital structure for our business." Click Read More below for additional detail.
Norske Skog has decided to extend the consent solicitation deadline for the ongoing recapitalization proposal from 29 September until Tuesday 3 October at 17:00 CET. The consent solicitation deadline has been extended from Friday 29 September until Tuesday 3 October 2017 at 17:00 CET. Norske Skog will use the period prior to the new expiration deadline to continue discussions with various stakeholder groups to try to achieve sufficient support for a consensual recapitalization solution for the Norske Skog group. The Board of Directors will continue to follow and evaluate the situation thoroughly during this period. - The recapitalization process is challenging, as we knew it would be, but we want to allow time to finalize our discussions with the various stakeholders. We believe that the extension of the consent deadline will improve the chances of reaching a solution, especially after the last day's actions from different stakeholders. As we have previously made clear, the board of Norske Skogindustrier ASA firmly believes that only less beneficial alternatives to a consensual solution exist. Norske Skog has 7 profitable business units that will continue normal operations regardless of the outcome of the consent solicitation process," said Mr. Christen Sveaas, Chairman of Norske Skogindustrier ASA.
The theme of this year’s National Forest Week 2017 is Our Stories, Our Future. We value the people, the partnerships and the innovation that goes into sustainable forest management. We think these stories are worth celebrating! 1. It’s a Milestone Year: 60 Years of Tree Planting Since 1957 we have planted nearly 1 billion trees. It is a big part of why we grow more than we harvest every year. We cannot celebrate this 60-year milestone without celebrating the tree planters who have made it happen. One way we thank our student tree planters is to send them back to college or university with a scholarship at the end of the planting season. The 2017 season saw 58 student tree planters awarded a total of $47,250 in scholarships. To date, $454,500 has been awarded to full-time students who have planted trees across JDI-owned or managed lands. 2. Proud to Conserve Nature’s Beauty with Exceptional Partners Unique Areas: Our voluntary and award-winning Unique Areas program has grown from 29 sites in the 1980’s to over 1 300 sites to date on the lands we own and manage in New Brunswick, Nova Scotia and Maine. We value the partnerships we have with many environmental and community groups as well as local universities to help identify, conserve and study these special places which include aesthetics, wildlife, historic sites and more. https://irvingwoodlands.com/jdi-woodlands-healthy-forest-conservation.aspx. Click Read More below for more of the story.
Cascades Inc. received on September 18th, 2017 the Platinum Supplier of the Year award in the Cleaning and Hygiene category at the Balpex Supplier Summit. This award is presented to a supplier that has achieved exceptional performance in its business sector. Cascades PRO TM , a Cascades Tissue Group division, earned this award and recognition thanks in part to an incredible effort rebranding its professional products intended for businesses, industries and institutions. It was in 2016 that Cascades Tissue Group launched a campaign to promote its professional products now grouped under the Cascades PRO TM brand. A major sales and marketing effort made it possible to increase awareness of the product line in a simplified manner. Click Read More below for more of the story.
In PW’s annual salary and jobs survey, 25% of the 442 respondents picked flat sales as the #1 issue facing the industry in 2017. It narrowly edged out competition from other media, identified by 24% of respondents as the most important issue. While book publishing has fared better than some other media in the digital age, there has been no growth over the past five years. According to the Association of American Publishers’ recent StatShot report, total industry sales fell to $26.24 billion in 2016, down 5.1% from 2015. Between 2012 and 2016, sales fell every year except 2014, and over the five-year period sales dropped 5.3%. Within the trade segment, sales rose 1.5% in 2016 over 2015 and were up 1.3% in 2016 over 2012. The lack of real growth in the industry, in some ways, has likely been caused by the other issues highlighted in the survey. Certainly, publishers must compete with the many new entertainment options available to consumers to get attention for their books, and the explosion of video games and the growing use of social media has made reading books less popular. Click Read More below for more of the story.
Crude oil prices started the week on the back foot on Monday, but remained close to their best levels in months amid optimism that the crude market was well on its way towards rebalancing. U.S. West Texas Intermediate (WTI) crude futures shed 11 cents, or around 0.2%, to $51.56 a barrel by 3:20AM ET (0720GMT), remaining within sight of a five-month high reached last week. WTI prices gained around 2% last week to notch their fourth-straight weekly climb. It ended September with an increase of roughly 9.5% and saw quarterly rise of about 12%. Click Read More below for more of the story.
Last week we issued an urgent appeal to help fund a suit we hope to file against the state of Massachusetts and its outrageous “cookie nexus” regulation. The full appeal is below, but in a nutshell, we can only file this action with your help. Some have already stepped up with pledges and we thank you for that. To all others, we need your help. This will become a national standard if not opposed. If you are with a high profile company, review our appeal below. Then please let us know we can count on you by clicking on the auto-reply email below. Also this week, the Boston Herald ran an article on the topic in case you missed it... Help Thwart Massachusetts’s Cookie Nexus Law Industry Must Fund Legal Challenge Or Face Consequences Dear Catalog & E-commerce Industry Members: Place a cookie or provide an app that is downloaded by a Massachusetts resident and you have just created a physical presence in the state, according to a new regulation being promulgated. The State Department of Revenue introduced this approach once before, only to have it struck down in court following an ACMA/NetChoice lawsuit. But after correcting the defects pointed out by us, MA is back with a new approach that flies in the face of both the Quill presence and the Internet Tax Freedom Act. This dangerous expansion of state powers will be quickly replicated elsewhere if uncontested. Recall how quickly the click-thru nexus laws expanded? New York promoted this new approach unopposed, which then spread to 20 other states almost overnight. Click Read More below for additional detail.
International Paper announced it has entered into an agreement with The Prudential Insurance Company of America (NYSE: PRU) to purchase a group annuity contract and transfer approximately $1.3 billion of International Paper's U.S. qualified pension plan projected benefit obligations. The transaction will be funded with pension plan assets, and at the end of 2017, Prudential will assume responsibility for pension benefits and annuity administration for approximately 45,000 former employees or their beneficiaries receiving less than $450 in monthly benefit payments from the plan. The transaction is expected to close on October 3, 2017, subject to customary closing conditions. Click Read More below for additional detail.
UPM Plywood starts using a new sustainable lignin based WISA BioBond gluing technology in plywood manufacturing. In the new technology 50% of the fossil-based phenol has been replaced with lignin obtained as a by product of kraf pulp production. "Our long term goal has been to develop a gluing technology that utilizes lignin as raw material. The technological breakthrough that now has been achieved is the most significant innovation in plywood gluing in five decades" says Susanna Rinne, Vice President, Business Development at UPM Plywood. UPM Plywood plans to take the new gluing technology into use gradually in all of its plywood mills. Click Read More below for additional detail.