Total sales for the second quarter were $791.1 million, declining 7.9% as compared to the prior year. Comparable store sales decreased 6.3%, with approximately half of this decline attributable to last year's release of Harry Potter and The Cursed Child. The balance of the decline was primarily due to non-book categories. "Comparable sales improved throughout the second quarter and into November," said Demos Parneros, Chief Executive Officer of Barnes & Noble, Inc. "Book sales continued to strengthen, and we saw improved traffic and conversion trends. As a result of the improving trends, we will continue to place a greater emphasis on books, while further narrowing our non-book assortment. We expect these improvements to continue as we head into the holiday season which, coupled with cost reductions, will enable us to achieve EBITDA of $180 million." Click Read More below for additional information.
Following recent findings by research psychologists Pam A. Mueller of Princeton University and Daniel M. Oppenheimer of the University of California, Los Angeles, which showed that students who took handwritten notes did better than those who took notes on their computers, new research indicates still further that too much technology in the classrooms harms students’ ability to learn. As millions of dollars are spent on increased investment in classroom technology, including students’ use of iPads and e-textbooks, it’s assumed that the learning environment in the classroom should reflect the high-tech realities of the digital culture in which students and their parents live. Working on this presumption, the state of California passed a law in 2009 requiring that all college textbooks be available in electronic form by 2020. Following suit, the state of Florida passed legislation in 2011 requiring public schools to convert their textbooks to digital versions. “Given this trend,” write Patricia Alexander and Lauren Singer of the University of Maryland, “teachers, students, parents and policymakers might assume that students’ familiarity and preference for technology translates into better learning outcomes. But we’ve found that’s not necessarily true.” Click Read More below for additional information.
The National Association of Printing Ink Manufacturers (NAPIM) Board of Directors has announced its increased support of Two Sides North America, the non-profit organization that promotes and encourages the responsible production, use and sustainability of print and paper. NAPIM Executive Director, John Copeland and Director Regulatory Affairs and Technology, George Fuchs will be joining Two Sides’ Anti-Greenwash Task Force to ensure that the views of NAPIM members are considered in Two Sides campaign activities. Membership discussions are also underway with specific companies in the ink manufacturing sector to ensure representation within the Two Sides network of companies and governance. Click Read More below for additional information.
L Brands, Inc. reported net sales of $1.267 billion for the four weeks ended Nov. 25, 2017, an increase of 2 percent, compared to net sales of $1.246 billion for the four weeks ended Nov. 26, 2016. Comparable sales decreased 1 percent for the four weeks ended Nov. 25, 2017. For November, the exit of the swim and apparel categories had a negative impact of about 1 percentage point for both total company and Victoria’s Secret comparable sales. The company reported net sales of $9.077 billion for the 43 weeks ended Nov. 25, 2017, a decrease of 3 percent compared to net sales of $9.331 billion for the 43 weeks ended Nov. 26, 2016. Comparable sales decreased 6 percent for the 43 weeks ended Nov. 25, 2017. For the 43 weeks ended Nov. 25, 2017, the exit of the swim and apparel categories had a negative impact of about 4 percentage points and 6 percentage points to total company and Victoria’s Secret comparable sales, respectively.
American Forest & Paper Association (AF&PA) President and CEO Donna Harman issued the following statement regarding the passage of the Boston City Council ordinance regarding the reduction of plastic bags in Boston (Docket #0132). The proposed ordinance would place a five-cent fee on recycled paper bags. “Dozens of communities in Massachusetts have enacted plastic bag bans in recent years, and until today, only one taxed paper bags. This undermines an environmentally responsible option for carryout shopping bags. Paper is the most-recycled material in the United States today. Last year, two-thirds of all paper consumed in the U.S. was recovered for recycling. Paper is part of the environmental solution, but Boston is treating it like the problem.”
Futures rose 1.6 percent in London. The curbs will last to the end of 2018, according to delegates at a ministerial meeting in Vienna. Talks have now moved on to the mechanism that will be used to review the agreement in the middle of next year, they said. Ministers also need to get Russia, their largest non-OPEC ally, on board at a meeting with other partner countries later on Thursday. Futures rose 1.6 percent in London. The curbs will last to the end of 2018, according to delegates at a ministerial meeting in Vienna. Talks have now moved on to the mechanism that will be used to review the agreement in the middle of next year, they said. Ministers also need to get Russia, their largest non-OPEC ally, on board at a meeting with other partner countries later on Thursday. Click Read More below for additional information.
Costco Wholesale Corporation reported net sales of $11.26 billion for the month of November, the four weeks ended November 26, 2017, an increase of 13.2 percent from $9.95 billion during the similar period last year. For the twelve-week first quarter of fiscal year 2018 ended November 26, 2017, the Company reported net sales of $31.13 billion, an increase of 13.3 percent from $27.47 billion reported in the twelve-week first quarter of fiscal 2017. While this year’s twelve-week first quarter included one less sales day than the first quarter last year (due to the shift of the Thanksgiving closure this year), pre-Thanksgiving and Black Friday/holiday weekend sales fell into the first quarter this year compared to the second quarter last year. Combined, these factors produced an estimated net benefit of approximately 1.5% in the U.S., and slightly less worldwide.
Flint Group continues its leadership position in the Packaging Inks segment with the opening of its new facility in the cosmopolitan district of Beylikduzu, in Istanbul, Turkey. This new 3800 square meter manufacturing and distribution facility is conveniently located only 13 kilometers from the main container terminal on the European side of Turkey and is well positioned for exports to surrounding markets in the Middle East. Kim Melander, VP Sales EMEA & Global Strategy Paper & Board, says this, “Flint Group’s Paper & Board business has been a local supplier in Turkey and the neighbouring regions since 2008 and our team has been satisfying customers’ requirements with state-of-the-art manufacturing capabilities and expert local service for nearly 10 years. This additional investment not only solidifies Flint Group’s dedication to the Turkish market, but also confirms our promise to grow together with its customers in this key emerging market.” Click Read More below for additional information.
Holmen has signed an agreement to sell forest properties in north-west Jämtland, Sweden, for SEK 100 million. The sale is expected to be completed in January 2018. The Group’s earnings will be positively impacted by just over SEK 70 million in the first quarter of 2018 since the sale price exceeds the carrying amount according to IAS 41. With holdings of over 1 million hectares of productive forest land, Holmen is one of Sweden’s largest forest owners. “This forest land is located far from our production facilities and has significant other values than forestry. We intend to reinvest the sales proceeds in forest located closer to our own production facilities,” says Henrik Sjölund, President and CEO of Holmen. Click Read More below for additional information.
BuzzFeed, long the darling of native digital publishing models, is hitting its brakes following a weakening of advertising demand. The company said it is laying off about 100 employees in the U.S. -- less than 10% of its global workforce -- and restructuring its advertising sales organization “amid a tough digital media market.” In an email to the company's staff, CEO Jonah Peretti announced Greg Coleman is stepping down as BuzzFeed’s president and would take on an advisory role. BuzzFeed News Editor-in-Chief Ben Smith said cuts will not affect BuzzFeed’s U.S. news team directly. Click Read More below for additional information.
Metsä Group has been participant in the international Environmental Paper Company Index (EPCI), arranged by the WWF, for evaluating companies’ transparency. This year, Metsä Group participated in the pulp (Metsä Fibre) and tissue paper (Metsä Tissue) categories, improving its overall scoring in both. The tissue overall scoring improved from 77.3% in 2015 to 80.5% in 2017, and the pulp overall scoring from 68.9% in 2015 to 72.3% in 2017. Metsä Group’s investment in clean manufacturing can be seen as improved scores in both categories. The tissue category scoring improved from 64% in 2015 to 70% in 2017, and the pulp from 76% to 85% in corresponding years. The criteria for clean manufacturing includes energy use, energy sourcing, fossil CO2 and other emissions to air and water as well as the amount of landfill waste. Click Read More below for additional information.
“Once technologies have been incorporated adeptly into certification systems, we'll begin to see a shift to where certification systems are data brokers for social and environmental performance,” highlighted Wiebke Herding, ON:Subject, during her keynote presentation to the PEFC Stakeholder Dialogue. “Such a future, however, will require a shift in the use of technology and in the organizational purpose. If done well, it will enable more and real-time information about product flows through the supply chain, enable information feedback loops that benefit and add value to all participants, whilst ensuring that confidential data remains confidential.” With Ms. Herding’s forward-looking and provocative keynote address, PEFC’s Stakeholder Dialogue on ‘Making Certification SMART’ got off to a dynamic and enthusiastic start. Click Read More below for additional information.
Sales of print book got off to a slow holiday season start as units fell 3% in the Thanksgiving week ended November 26, compared to the comparable week in 2016, at outlets that report to NPD BookScan. Units fell 9% in the mass merchandiser channel compared to last year, while sales to retailers and clubs slipped 1%. The top-selling title in the week was Jeff Kinney’s newest Wimpy Kid book, The Getaway, which sold over 139,000 copies. A new release, Pete the Cat, by James Dean was in second place with over 104,000 copies sold. Four “5 Minute” Disney books also had a strong first week of sales with 5 Minute Disney Snuggle Stories, 5 Minute Disney Disney Princess, 5 Minute Disney Pixar, and 5 Minute Disney Avengers selling a total of roughly 281,000 copies in their first week on sale. Despite the the 3% decline in overall sales for the week, print units were still up 2% in the first 47 weeks of 2017, over 2016.
As part of optimising the Rottneros Group, a new organisation is introduced with a group-wide sales organisation and a site manager for each mill. At the same time, a group-wide safety function is established, which becomes part of the Human Resource Department. The purpose of the new organisation is to create an increased focus within each sub-area. Through the new organisation, the mills can focus wholeheartedly on productivity, quality, environment, costs and completion of Agenda 500. The common safety function also means that we will be able to get even more out of our high-priority safety work in the future, while it can be conducted in an efficient way, comments Lennart Eberleh, President and CEO of Rottneros. Click Read More below for additional information.
Tiny Prints unveiled an exclusive charitable holiday card collection, benefiting Baby2Baby, a non-profit organization that provides low-income children ages zero to 12 years with diapers, clothing and basic necessities that every child deserves. This year, Tiny Prints is increasing its donation pledge to 25 percent of the Baby2Baby Holiday Collection sales*. "Over the past four years, Tiny Prints has been committed to helping us impact the lives of so many deserving children in Los Angeles and beyond. With their help, this year we will provide over 150,000 children in Los Angeles with the basic essentials that every child deserves. We are so grateful for their continued support of the Baby2Baby kids," said Kelly Sawyer Patricof and Norah Weinstein, Co-Presidents of Baby2Baby. Click Read More below for additional information.
The striking pre-print liner, which was designed for leading beer brand Beck’s, took the honour in the ‘Sacks and Corrugated Pre-Print Liner’ category. The complex liner required a high concentration of ink coverage to meet the customer’s brief of realistic, stand-out print. In order to achieve the attention-grabbing finish, composite colours were used to build the brand’s vivid green shade and put the bottle in the spotlight. With up to 82% of purchase decisions being made in-store, there is increasing pressure on brands to create a dramatic on-shelf presence and the beautiful Beck’s packaging more than delivers on the brief. Click Read More below for additional information.
"At Clearwater Paper, we look at sustainability as a continuous improvement journey that reflects our strong commitment to being part of the solution in a changing and challenging world," said Linda Massman, president and CEO. "As such, we are pleased to present this CSR report, which was developed using current Global Reporting Initiative (GRI) G4 guidelines." Highlights from the report include: •68 percent reduction in waste to landfill since 2012. •10 percent reduction in water usage since 2012. •23 percent reduction in volatile organic compounds (VOCs) since 2012. •9 percent reduction in recordable safety incidents since 2012. Click Read More below for additional information.
LSC Communications announced that it has acquired The Clark Group. Clark is a leading third-party logistics provider of distribution, consolidation, transportation management and international freight forwarding services, with a network of nine strategically located distribution centers in the US. “Continuing to expand LSC’s logistics service offering in ways that add value to our clients’ businesses has been a sharp focus for us,” said Thomas J. Quinlan III, Chairman and CEO of LSC. “The Clark Group brings a range of supply chain services to LSC that position us for growth, including the ability to better provide a full-service offering for magazine clients with newsstand distribution as well as reverse logistics solutions for our book publisher clients.” Click Read More below for additional information.
Ahlstrom-Munksjö announces the launch of Ahlstrom-Munksjö Trinitex® Advance W3000, a unique filtration media specifically designed for pulse jet gas turbine applications. “Trinitex® Advance W3000 has the ability to combine EPA (Efficiency Particulate Air) efficiencies, whilst delivering highest protection of the gas turbine in all demanding conditions, especially humid or industrial environments” says Cedric Vallet, Product Manager at Ahlstrom Munksjo. “ Trinitex® Advance W3000 delivers high particulate removal efficiency, reducing corrosion and fouling, thus minimizing maintenance and unplanned shut downs. It also delivers higher efficiency at a low level of pressure drop, helping to minimize energy consumption. Trinitex® Advance W3000 enables extended performance in all challenging environments, increasing filter lifetime and reducing frequency for filter change” he adds. Click Read More below for additional information.
Futures lost as much as 0.9 percent in New York after falling 1.6 percent the previous two sessions. U.S. crude inventories rose by 1.82 million barrels last week, the American Petroleum Institute was said to report, even as it noted a large decline at the storage hub in Cushing, Oklahoma. While all OPEC members support extending output curbs until the end of 2018, Russia hasn’t yet committed to the proposal, said people familiar with the matter. Oil has eased this week from the highest level in more than two years on uncertainty about the outcome of Thursday’s meeting of the Organization of Petroleum Exporting Countries. While the global glut relative to the five-year average has more than halved since January, the surplus still stands at 140 million barrels, OPEC Secretary-General Mohammad Barkindo said Monday. Click Read More below for additional information.
Continued gains from digital media -- and virtually unchanged results from national TV -- helped lift the U.S. ad market to a robust 7% hike in October. Digital media grew 11%, while national TV inched up 1% and radio rose a surprising 16%, Standard Media Index says. On the losing end, out-of-home was down 3%, magazines slid 19%, and newspapers gave up 3%. Click Read More below for additional information.
Kingery Printing, an Effingham, Ill.-based commercial printer that provides a full suite of prepress, sheetfed and web printing, binding, and distribution services, has announced the acquisition, effective December 1st, of Mattoon, Ill.-based United Graphics, a digital and offset printing company that specializes in the manufacturing of books, catalogs, guides and newsletters. Graphic Arts Advisors (GAA), Mountain Lakes, N.J., a strategic financial advisory and consulting firm devoted exclusively to all sectors of the graphic communications industry, represented Kingery Printing in the acquisition, with GAA Director John Hyde, Esq. serving as lead advisor on the purchase. Under the agreement, United Graphics and its Mattoon facility, will become part of the Kingery Printing organization, which, in addition to its Effingham headquarters and manufacturing facility, also includes a plant in Henry, Ill. John Wurtsbaugh, president of United Graphics, becomes COO of Kingery Printing, overseeing operations at all three facilities. Click Read More below for additional information.
Amazon Publishing has launched Amazon Original Stories, a new imprint that will release short fiction and nonfiction works that can be read in a single sitting. The essays and reported pieces, available in the Kindle Singles store, will be free to Prime and Kindle Unlimited members. The pieces will be $1.99 for all other customers. The imprint's first titles are The Sign of the Beast by Joyce Carol Oates and Crown Heights by Colin Warner and Carl King. Forthcoming 2018 titles from the imprint include works by W. Kamau Bell, Jade Chang, Eddie Huang, Janice Y.K. Lee, Walter Kirn, Dean Koontz, Wednesday Martin, Nick McDonell, Harold Schechter, Dan Slater, Dodai Stewart, and Susan Straight. Click Read More below for additional information.
The Bon-Ton Stores, Inc. announced that comparable store sales for the four weeks ended November 25, 2017 increased 3.1%. Total sales increased 1.9% to $280.6 million in the current year compared with $275.3 million in the prior year period. "We are very pleased with our November sales results and our strong start to the holiday season," said Bill Tracy, president and chief executive officer for The Bon-Ton Stores, Inc. "We were well positioned heading into Black Friday weekend, and our new merchandising and marketing initiatives continue to generate positive initial results. We experienced in-store traffic that was better than industry regional trends, particularly on Black Friday, and our investments in our online and mobile shopping experience are resonating with customers. We continue to execute with a sense of urgency and remain focused on a successful holiday season."
Do you wait to see which co-workers, family members or friends send you holiday greeting cards before sending your own? Do you feel guilty about sending cards after-the-fact or worse — late? Well, stop feeling guilty. Your procrastinating ends this holiday season. Thanks to the latest innovative feature now offered by the U.S. Postal Service, you can preview those greeting cards from co-workers, family members and friends before they are delivered to your mailbox. Be among the first in your neighborhood to mail out cards this holiday season — not the last. “Informed Delivery is the perfect solution for mailing greeting cards this holiday season ahead of time,” said Product Innovation Vice President Gary Reblin. “See what’s coming soon to your mailbox before it’s actually delivered and manage your packages, too. Conveniently posted on your mobile phone, tablet or computer.” Click Read More below for additional information.
An extensive range of self-adhesive materials in sheets and reels for multiple applications. With a new format and a clean, elegant graphic line, the latest Adestor? swatchbook is noteworthy for its functionality, including as a new feature at the end of each section an envelope for future product samples. The catalogue features all of Lecta's self-adhesive papers and films, including its most recent launches such as its new high-gloss, wet-strength Adestor Metal HG WS? metalized facestock and the new Adestor Matt Inkjet and Adestor Gloss Inkjet? facestocks, specially designed for water-based inkjet printing. From stickers to retail and signage applications to labels for specific sectors such as wine, logistics or home and personal care, an Adestor solution is available with permanent, repositionable and removable adhesives and filmic liners in addition to standard glassine and kraft liners. Click Read More below for additional information.
Total European shipments of Graphic Papers were down 4.2% in September vs. September 2016 and are down 0.9% year-to-date. Total European shipments of Newsprint were down 5.5% in September vs. September 2016 and are down 3.7% year-to-date. Total European shipments of SC-Magazine were down 11.1% in September vs. September 2016 and are flat year-to-date. Total European shipments of Coated Mechanical Reels were down 4.6% in September vs. September 2016 and are down 1.4% year-to-date. Total European shipments of Uncoated Mechanical were UP 4.2% in September vs. September 2016 and are UP 2.3% year-to-date. Total European shipments of Coated Woodfree were down 1.4% in September vs. September 2016 and are UP 1.3% year-to-date. Total European shipments of Uncoated Woodfree were down 3.9% in September vs. September 2016 and are down 0.9% year-to-date. Click Read More below for additional information.
1-800-FLOWERS.COM, Inc. announced that Personalization Universe®, a destination developed by the company featuring a curated assortment of distinctive customizable gifts and keepsakes, has joined its family of brands. This new brand offers shoppers a personalized option for their gifting needs and is part of the company's ongoing strategy to provide customers with a one-stop shop for all celebratory occasions. In addition to Personalization Universe, the 1-800-FLOWERS.COM, Inc. portfolio of brands includes 1-800-Baskets.com®, Cheryl's® cookies, FruitBouquets.com, Harry & David®, Moose Munch® premium popcorn, Simply ChocolateSM, The Popcorn Factory®, and Wolferman's®. "We are pleased to add Personalization Universe to our growing family of gifting brands," said Chris McCann, Chief Executive Officer, 1-800-FLOWERS.COM, Inc. "We've been testing the personalized business for some time, while closely monitoring the retail environment and ultimately identifying a strong opportunity within the customized gifts space. What resulted was the creation of a dedicated destination for a carefully curated assortment of unique items that may be personalized, providing gift-givers with truly special ways to act on their thoughtfulness." Click Read More below for additional information.
Adobe released its 2017 online shopping data for Cyber Monday and the holiday weekend overall. Cyber Monday is projected to hit a new record as the largest online sales day in history with $6.59 billion by the end of the day. This marks a 16.8 percent year-over-year (YoY) increase as of 10:00 p.m. ET. In comparison, Black Friday and Thanksgiving Day brought in $5.03 billion and $2.87 billion in revenue respectively. Top sellers on Cyber Monday included the Nintendo Switch, PJ Masks and Hatchimals & Colleggtibles figurines, Apple AirPods, streaming devices like Google Chromecast and Roku, and Super Mario Odyssey, the video game. The holiday shopping season so far (November 1 to 27) drove a total of $50 billion in online revenue, a 16.8 percent increase. Adobe predicts this will be the first-ever holiday season to break $100 billion in online sales. Click Read More below for additional information.
Futures dropped as much as 1.2 percent in London, extending Monday’s decline. Uncertainty over the outcome of Thursday’s meeting is creating the risk of a slide in prices, which have gained on assumptions that the curbs will be prolonged for nine months, according to Goldman Sachs Group Inc. OPEC backs such an extension but is still waiting for commitments from Russia, according to people familiar with the matter. Crude surged earlier this month on signs the Organization of Petroleum Exporting Countries and its partners will prolong cuts aimed at shrinking a global glut. Prices, time spreads and hedge-fund positioning all reflect a high probability the group will follow a Saudi proposal to extend the pact to the end of 2018, Goldman said. Yet Saudi Energy Minister Khalid Al-Falih said Tuesday that it’s too early to talk about the duration. Click Read More below for additional information.
Cascades Inc. is proud to have received a Food Innovation Award from the Food Processing Council of Quebec, in the Packaging category, for its northbox ® product, a new recyclable, insulated box. Cascades has developed northbox, a recyclable thermal box that ensures e-shipment temperature-sensitive product to your customer’s door. The northbox ® is an isothermal container made entirely of recycled materials, that is ideal for shipping temperature-sensitive products by mail. It was designed with the objective of being recyclable at the end of its lifecycle—a first in North America. With its thermal performance and eco-friendly features, northbox ® meets the needs of high-growth markets, notably e-commerce, for prepared and ready-to-cook meals. Click Read More below for additional information.
Rite Aid Corporation announced that it has completed the pilot closing and first subsequent closings under the amended and restated asset purchase agreement entered into on September 18, 2017, resulting in the transfer of 97 Rite Aid stores and related assets to Walgreens Boots Alliance, Inc. (Nasdaq: WBA). Under the amended and restated agreement, WBA will purchase a total of 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.375 billion on a cash-free, debt-free basis. Rite Aid and WBA expect to continue to transfer ownership of the stores in phases over the coming months, with the goal being to complete the store transfers in spring of 2018. The majority of the closing conditions have been satisfied, and the subsequent transfers of Rite Aid stores and related assets remain subject to minimal customary closing conditions applicable only to the stores being transferred at such subsequent closing, as specified in the asset purchase agreement. Click Read More below for additional information.
Torstar Corporation announced it has completed a transaction with Postmedia Network Inc. (“Postmedia”) relating to the purchase and sale of a number of community and daily newspapers. As part of the transaction, Torstar has acquired eight weekly community publications, seven daily community newspapers and two free daily newspapers from Postmedia. The daily publications are the Barrie Examiner, Niagara Falls Review, Northumberland Today, Orillia Packet & Times, Peterborough Examiner, St. Catharines Standard and Welland Tribune. The community papers are the Bradford Times, Collingwood Enterprise Bulletin, Fort Erie Times, Innisfil Examiner, Niagara Advance, Pelham News, Inport News (Port Colborne) and Thorold Niagara News. As well, Torstar acquired the free dailies 24Hours Toronto and 24Hours Vancouver. Click Read More below for additional information.
The 19th edition of European Paper Week will mark CEPI’s 25th anniversary and takes place in the background of industry’s transformation towards a low-carbon, circular bioeconomy. As part of this year’s theme, attendees are invited to look forward and ‘Sense the Future’ by experiencing through the five senses the innovative, bio-based potential of the industry. “Industry transformation is gaining pace. This year’s European Paper Week provides an occasion to look forward at how we can, as the leading renewable and recyclable material industry, unleash the full potential of a circular bioeconomy,” says Sylvain Lhôte, Director General at the Confederation of European Paper Industries (CEPI). As part of the industry’s ambition to lead Europe’s bioeconomy transformation, this year’s event will play host to the inaugural Europe-only edition of the Blue Sky Young Researchers and Innovation Awards, where eight accomplished researchers will make the case for their industry-changing ideas. Click Read More below for additional information.
Meredith Corporation announced that it has entered into a binding agreement to acquire all outstanding shares of Time Inc. for $18.50 per share in an all-cash transaction valued at $2.8 billion. The transaction has been unanimously approved by the Boards of Directors of Meredith and Time Inc., and is expected to close during the first quarter of calendar 2018. "We are creating a premier media company serving nearly 200 million American consumers across industry-leading digital, television, print, video, mobile, and social platforms positioned for growth," said Meredith Corporation Chairman and CEO Stephen M. Lacy. "We are adding the rich content-creation capabilities of some of the media industry's strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults. We are also creating a powerful digital media business with 170 million monthly unique visitors in the U.S. and over 10 billion annual video views, enhancing Meredith's leadership position in reaching Millennials." Click Read More below for additional information.
Funds managed by Oceanwood Capital Management and Aker Capital AS, a wholly owned subsidiary of Aker ASA, have today issued a joint press release stating the intention to form a new company (Bidco), which will bid in an auction process to ensure that there is a strong new owner of Norske Skog's paper mills. The board of directors of Norske Skogindustrier ASA is pleased that Aker, with its strong industrial knowledge and financial expertise, has taken a role together with Oceanwood in the recapitalization of the Norske Skog group. The board of directors of Norske Skogindustrier ASA will continue to safeguard the interest of all its stakeholders through the recapitalization process. As part thereof, the Norske Skog group's seven paper mills will continue as normal, and our customers, suppliers and other business partners will continue to receive high quality products and the best service from Norske Skog without interruption through the remainder of the recapitalization process. Click Read More below for additional information.
Shareholders representing 98% of the owners in Bergvik Skog AB, a Swedish forest holding company, have agreed to initiate discussions, based on a non-binding letter of intent, aiming at structural changes in Bergvik Skog Group. These shareholders are Stora Enso, Länsförsäkringar, FAM, BillerudKorsnäs, Kåpan Pension, Tredje AP-fonden, Persson Invest, Karl Hedin AB and Tham Invest. “The wood supply agreement with Bergvik Skog, established 15 years ago, expires next year. Together with our partners, we have had a successful journey which now comes to an end. The planned transaction is a natural next step for us, as we strongly believe in the bioeconomy and want to secure our competitive raw material supply in the long term. We will seek support from the remaining 2% outstanding shareholders as well as all other relevant stakeholders”, says Karl-Henrik Sundström, CEO of Stora Enso. Bergvik Skog’s Swedish forest assets are owned by its subsidiaries Bergvik Väst AB and Bergvik Öst AB, representing approximately 83% and 17% respectively. Click Read More below for additional information.
BillerudKorsnäs has signed a letter of intent to acquire Bergvik Skog Öst AB, owned by Bergvik Skog AB. Bergvik Skog Öst AB comprises approximately 350,000 hectares of forest land in Sweden. The transaction will secure parts of BillerudKorsnäs’ wood supply, and improve the possibilities to manage the mix of internal and external wood flows in order to increase efficiency. Bergvik Skog AB was formed in 2004 through an acquisition of the Swedish forest holdings of Korsnäs and Stora Enso. The biological assets of Korsnäs represented in 2004 approximately 17% (Bergvik Skog Öst AB) and the Stora Enso assets approximately 83% (Bergvik Skog Väst AB). As part of the transaction in 2004, long term wood supply agreements were agreed between Bergvik Skog AB and Korsnäs and Stora Enso. Click Read More below for additional information.
Norske Skog's gross operating earnings (EBITDA) in the third quarter 2017 were NOK 143 million, a decrease from NOK 190 million in the second quarter 2017. Gross operating earnings declined despite an increase in sales volume in Europe due to NOK appreciation, and less domestic demand in Australasia resulted in more low-margin export sales. Operating earnings in the third quarter was NOK 73 million compared to negative operating earnings of NOK 52 million in the second quarter of 2017. Net loss in the third quarter was NOK 9 million compared to a net loss of NOK 546 million in the second quarter 2017, mainly due to non-cash currency effects on debt and changes in the valuation of power contracts. Cash flow from operations declined to a negative NOK 162 million in the quarter from a positive NOK 187 million in the second quarter. Net interest-bearing debt increased by NOK 459 million to NOK 7 038 million in the third quarter, reflecting a negative cash flow for the period and unpaid interest costs related to the ongoing recapitalization process. At the end of the third quarter, the group had a negative book equity of NOK 689 million. As part of the ongoing recapitalization process, the board has decided not to pay interest on the group's outstanding debt. The cash balance at the end of the third quarter was NOK 426 million and is sufficient to support the operations until a recapitalization solution takes place. Norske Skog's board and administration continue discussions with the creditors to launch as soon as possible a new and broadly supported offer for converting debt to equity and a new bond. Click Read More below for additional information.
Metsä Board, a leading European producer of premium paperboards is pleased to announce that its Simpele mill has recently integrated the FSSC 22000 food safety system into its management systems and received third party certificate to verify this. The FSSC 22000 Food Safety System provides a framework for effectively managing an organisation's food safety responsibilities. FSSC 22000 is fully recognised by the GFSI (Global Food Safety Initiative) and is based on existing ISO Standards. It demonstrates that a company has a robust Food Safety Management System in place that meets the requirements of both direct customers and consumers. The GFSI brings together key players from the food industry to collaboratively drive continuous improvement in food safety management systems around the world. Click Read More below for additional information.
Cascades today launched a pilot transportation electrification project for its employees. To encourage them to reduce greenhouse gas emissions by acquiring an electric vehicle, the company has installed twenty-two 240‑V charging stations and one 480‑V fast charging station at its various plants in Kingsey Falls . In addition, Cascades announced it would be offering a $2,000 financial incentive for employees who acquire an electric vehicle in the next year—a supplement to the government grants in effect. Mario Plourde , President and CEO of Cascades, made the announcement at the Salon du véhicule électrique de Saint-Hyacinthe trade show alongside Isabelle Melançon, Minister of Sustainable Development, the Environment and the Fight Against Climate Change, and André Fortin, Minister of Transport, Sustainable Mobility and Transport Electrification, before numerous representatives of the sustainable transportation industry. Click Read More below for additional information.
To be innovative, we can't merely look and mimic what others have done before. The whole idea of blazing a new path is that there was no path there before. Steve Jobs really hit the nail on the head when he said: “Innovation distinguishes between a leader and a follower…”. When one of the biggest awards night in the magazine industry calendar is loudly caveated by just how depressing and difficult the media industry is right now, it feels like the already battered brows are taking another beating. How disappointing on what is meant to be a night of celebration. For one, my table was upbeat, and it was for good reason. Not only for the optimism of four nominations to celebrate, but we have just closed our best ever month, our biggest issues and record revenue performances across our global titles in our 24 year history. In my opinion, the industry needs to stop crying into its champagne glasses and start celebrating the fabulous medium of magazines, the opportunities they pose and find new and innovative ways to get to the huge audience and bustling markets. Click Read More below for additional information.
“We are delighted to welcome ARAUCO, European Panel Federation (EPF) and European Pulp Industry Sector Association AISBL (EPIS) as International Stakeholder members,” said Ben Gunneberg, following the acceptance of the three new members during the PEFC General Assembly in Helsinki, Finland, 15 November 2017. EPIS membership 2017“As sustainable forestry is a lifeline for our members, we are very much looking forward to our membership with PEFC,” said Anna Maija Wessman, European Pulp Industry Sector Association, AISBL (EPIS), speaking at the General Assembly. “We hope to engage in an active dialogue between EPIS and PEFC, and to have a good interaction in the coming years,” Ms. Wessman continued. Click Read More below for additional information.
Crude oil prices were mixed in Asia on Monday as the market turned cautious ahead of a key OPEC meeting near the end of the week. U.S. West Texas Intermediate (WTI) crude futures dipped 0.42% to $58.70 a barrel. ICE Brent crude futures, the benchmark for oil prices outside the U.S., rose 0.47% to $63.77 a barrel. This week, market participants will focus on the Organization of Petroleum Exporting Countries highly-anticipated meeting on Thursday to see whether major producers plan to extend their current production-cut agreement. Click Read More below for additional information.
•Total revenues decreased 5% to $566.7 million. Comparable company sales decreased 9% following a decrease of 8% in the third quarter last year. •J.Crew sales decreased 12% to $430.4 million. J.Crew comparable sales decreased 12% following a decrease of 9% in the third quarter last year. •Madewell sales increased 22% to $107.5 million. Madewell comparable sales increased 13% following an increase of 4% in the third quarter last year. •Gross margin increased to 40.1% from 38.1% in the third quarter last year. Click Read More below for additional information.
Stora Enso has signed an agreement to divest its sheeting centre business in Baienfurt, Germany to Pyroll, a Finnish converting firm. The sheeting centre operations started in April 2009 and is 100% owned by Stora Enso. This divestment supports Stora Enso’s growth strategy for its consumer board business, where the focus is to generate value to customers by being the global benchmark in high quality virgin fibre carton board. Running sheeting centre operations is not part of Stora Enso’s core business. The new owner has sheeting operations as its core and is in a better position to further develop Baienfurt. Stora Enso will remain a key customer to the Baienfurt sheeting centre. Click Read More below for additional information.
According to the October 2017 Printing-Writing Monthly report from the American Forest & Paper Association, total printing-writing paper shipments decreased seven percent in October compared to October 2016. Shipments of uncoated free sheet managed a year-over-year increase but this was more than offset by decreases in the remaining three major printing-writing grades. U.S. purchases of printing-writing papers also decreased, down nine percent in October. Total printing-writing paper inventory levels decreased nine percent from September 2017. •October uncoated free sheet (UFS) paper shipments increased year-over-year for the second time this year. Imports of UFS decreased by 12 percent year-over-year in September – the fourth consecutive decrease of 12 percent or more. Meanwhile, exports of UFS papers continue to climb, up 26 percent year-over-year in September, the fifth consecutive increase of 17 percent or higher. •Recent mill shuts leave coated free sheet (CFS) paper shipments down year-over-year. This is a significant change from last month’s peak for the year, as two recent mill shuts factor in to the decline this month. U.S. imports of CFS papers decreased 17 percent year-over-year in September, the third consecutive year-over-year decline. Meanwhile, exports of CFS papers increased 4 percent year-over-year in September, the seventh increase in the past nine months. •Coated mechanical (CM) paper shipments declined year-over-year in October for the fifth consecutive month. Imports of CM increased in September, up 23 percent compared to September 2016. Exports of CM decreased, down 9 percent in September to 24,200 tons – the lowest level in more than five years. •Shipments of uncoated mechanical (UM) papers have declined year-over-year in every month when compared to the same month in 2016. Imports of UM decreased 13 percent year-over-year in September and exports of UM decreased 4 percent year-over-year in September.
“It does appear the only way is up for oil,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney. “A lot of traders are speculating about the potential outcome of the OPEC meeting. Expectations are high and that could lead to disappointment if OPEC and its partners don’t deliver, but it doesn’t seem many are prepared to take the risk of that happening.” U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest oil-storage hub, dropped by 1.8 million barrels last week, the API said, according to people familiar with the data. Gasoline inventories expanded by 869,000 barrels, API data show. Click Read More below for additional information.
Forest Products Association of Canada (FPAC) welcomes Natural Resources Canada’s Clean Growth Program launched today in Ottawa. The $155-million program will fund clean technology projects, helping to reduce greenhouse gas emissions and improve environmental performance in the natural resources sector. Canada’s forest products sector was the first major Canadian industry to commit to helping the Government of Canada meet its carbon reduction goals. In 2016, the sector launched the 30 X 30 Climate Change Challenge, pledging to remove 30MT of C02 per year by 2030 – 13% of the government’s goal. “The Clean Growth Program will provide much needed support to forest product companies working hard to mitigate climate change,” says Derek Nighbor, CEO of FPAC. “We are a sustainable industry committed to doing our part to take care of the environment for generations to come.”
The Navigator Company announced today to its Customers that it will be increasing prices across its uncoated woodfree papers portfolio in Middle East, Africa, Asia, Oceania and Latin America, and it will be effective from 1st of January 2018, ranging from 5% to 7%.
The Book Manufacturers’ Institute (BMI) held its Annual Conference Nov. 5-7, 2017 at Turnberry Isle in Florida. The Annual Conference - attended by a number of book manufacturing companies as well as suppliers to the industry -- is the flagship event of the association where members go to learn and network. The Annual Conference is also where new board members are voted into the leadership of the association. At the event, Kent Larson of Bridgeport National Bindery, finished his two-year term as president of the BMI. Taking over for Larson is Jim Fetherston, who is President and CEO of Worzalla in Stevens Point, Wis. Not only is BMI seeing a change in its volunteer leadership, the association is also experiencing a change in its staff leadership. Dan Bach, a longtime industry veteran, has led the BMI as executive VP since 2009. Bach announced his retirement earlier in 2017 and the BMI set out to find his replacement. Click Read More below for additional information.
Shutterfly, Inc. and David's Bridal formally announced an expanded partnership. The new collaboration builds off an already successful standing relationship, and makes Shutterfly the exclusively endorsed personalized wedding invitation and personalized photo product partner to David's Bridal. The deal gives Shutterfly direct access to the largest concentration of brides in the US through the David's Bridal website, dedicated emails, direct marketing communications and over 315 retail locations. In addition, brides will be able to choose from a new assortment of expertly curated wedding invitations and day-of stationery designed by David's Bridal beginning in early 2018. The collection will be available through the newly launched Wedding Shop by Shutterfly, and it will provide customers the unique ability to match their stationery "look and feel" with the corresponding David's Bridal color palette they select. Click Read More below for additional information.
Rayonier Advanced Materials Inc. announced that it has completed the acquisition of Tembec Inc., combining two complementary high purity cellulose businesses and diversifying its product offerings with integrated forest products, paper, paperboard and newsprint businesses. The combined company, which will operate under the name Rayonier Advanced Materials, will be a stronger, more diversified global leader in its core businesses with an expanded international footprint that further positions it to serve the larger customer base with the highest quality products and services. In addition, the combined company offers enhanced new product development capabilities, a broader and more versatile asset base, and the financial strength to invest back into its businesses for continued growth. “This acquisition advances our strategic growth objectives and provides an accretive and attractive value proposition for our shareholders by more than doubling our revenues, diversifying our product offering in high purity cellulose and allowing us to expand into new adjacent businesses,” said Paul Boynton, Chairman, President and Chief Executive Officer of Rayonier Advanced Materials. “Rayonier Advanced Materials and Tembec are not only a good strategic fit, but we are also an excellent cultural fit. We are excited to welcome the Tembec employees to Rayonier Advanced Materials as we continue to execute on our four strategic pillars of growth.”
Urban Outfitters, Inc. announced net income of $45 million and $107 million for the three and nine months ended October 31, 2017, respectively. Earnings per diluted share were $0.41 and $0.94 for the three and nine months ended October 31, 2017, respectively. Total Company net sales for the third quarter of fiscal 2018 increased 3.5% over the same quarter last year to a record $893 million. Comparable Retail segment net sales, which include the comparable direct-to-consumer channel, increased 1%. Excluding the estimated impact of the North American hurricanes in the quarter, comparable Retail segment net sales increased 2%, and by brand, comparable Retail segment net sales increased 5% at Free People, 2% at the Anthropologie Group and 1% at Urban Outfitters. Comparable Retail segment sales were driven by strong, double-digit growth in the direct-to-consumer channel, partially offset by negative retail store sales. Wholesale segment net sales increased 8.7%. Click Read More below for additional information.
Glatfelter is announcing a price increase for the listed grades and product lines sold in our United States market. The increase will be effective with shipments on or after January 1, 2018. The increase will be $2/cwt for the following items: Sealer Envelope Worthington Index; Tiffin Tag (White & Manila) Index Card; Shawnee Vellum Bristol. The increase will be $3/cwt for the following items: Tiffin Tag (Colors) File Folder. All current standard differentials and upcharges remain in effect.
Sappi North America announces a US$3.00 per CWT transactional price increase on new and unconfirmed orders that book with confirmed delivery dates on or after Monday, January 1, 2018 on the following packaging and specialty products: • Fusion Topliner • Parade Prima • Algro Design • Algro Finess • Algro Fin • Algro Teepack • Algro Kraft Y • Algro Sol • Leine Kraft • Leine Mühle • Leine Silk. Standard differentials and upcharges apply. The price increase includes all basis weights and finishes.
Please be advised that, effective with shipments on or after January 1, 2018, Resolute Forest Products will raise its directory price by US$50/short ton. Your sales representative can address any questions you may have regarding this increase.
For the thirteen weeks ended October 28, 2017, the Company reported net income of $16.7 million, or $0.13 per diluted share, compared to net income of $23.6 million, or $0.18 per diluted share, for the thirteen weeks ended October 29, 2016. Results for the third quarter include the unfavorable impact of hurricanes Harvey, Irma and Maria (collectively, the "Hurricanes") of approximately $5.0 million after-tax, or $0.04 per diluted share. Results for the third quarter of 2016 include the unfavorable impact of restructuring and strategic charges and Boston Proper of $2.8 million after-tax, or $0.02 per diluted share. For the thirty-nine weeks ended October 28, 2017, the Company reported net income of $73.0 million, or $0.57 per diluted share, compared to net income of $77.7 million, or $0.58 per diluted share, for the thirty-nine weeks ended October 29, 2016. Results for the thirty-nine weeks ended October 28, 2017 include the unfavorable impact of the Hurricanes of approximately $5.0 million after-tax, or $0.04 per diluted share. Results for the thirty-nine weeks ended October 29, 2016 include the unfavorable impact of restructuring and strategic charges and Boston Proper of $15.4 million after-tax, or $0.12 per diluted share. Click Read More below for additional information.
Ahead of next week's OPEC meeting in Vienna, strategists are closely watching swings in crude oil prices, which are faltering after weeks of gains. Despite political tensions involving oil superpower Saudi Arabia and OPEC's promises to cut production, crudeprices could come down by year-end, one strategist says. Here's why. • "Tensions in Saudi Arabia are still flaring following the actions by Crown Prince Mohammed bin Salman," Chantico Global CEO Gina Sanchez said Monday on CNBC's "Trading Nation," referring to a vast political shakeup in the kingdom earlier this month that initially boosted oil prices. • It is unlikely, however, that this will be an "actual geopolitical event," Sanchez said, and oil prices should continue settling. Click Read More below for additional information.
This impressive growth is being driven, in part, by a demand for premium products – a category in which single malt whisky, and Glenfiddich undoubtedly belongs. Premiumisation has led many global brands to leverage packaging as a truly unique, sophisticated finishing touch to complement their products. Metal packaging is an ideal option to achieve this goal, offering a great deal of design and decoration freedom to create flourishes and incorporate fine details that add an extra level of class. Glenfiddich partnered with Crown to create two limited edition gift tins for its 12- and 15-year-old single malt whiskies. The format was chosen for its premium feel, and superior sustainable credentials. The metal used to create the tins is infinitely recyclable, meaning it can go through the recycling process over and over again, with no loss of physical properties. Click Read More below for additional information.
Electronics for Imaging, Inc., announced the release of its newest-version EFI™ Fiery® XB digital front end (DFE) platform for ultra-high-speed production inkjet presses. The Fiery DFE meets highly demanding requirements for performance, color and imaging, including advanced variable-data production printing, at speeds of up to 13,000 pages per minute – or the data equivalent of 2 streaming movies each second. The groundbreaking Fiery XB platform used for the new DFE complies with native intelligent production data stream (IPDS) workflows and is certified IS/3 compliant, delivering the performance, functionality and accuracy required for high-volume transactional applications. As one of the most flexible DFEs in the production inkjet market, the Fiery XB DFE platform also consumes all variable data formats and languages, including PDF and PDF/VT. Click Read More below for additional information.
After several months of increases, publishers’ revenues (sales to bookstores, wholesalers, direct to consumer, online retailers, etc.) declined by 11.7% in July 2017 compared to July 2016. Revenues for Jan. – July 2017 were relatively flat, up by 0.2%, according to the most recent StatShot data from the Association of American Publishers. Tracked categories include: Trade - fiction/non-fiction/religious, PreK-12 Instructional Materials, Higher Education Course Materials, Professional Publishing, and University Presses. Revenues for trade books (fiction/non-fiction/religious) declined in July, and were flat (down 0.3%) for the year-to-date, compared to the same periods in 2016. The only category to see growth in July 2017 was Religious Presses, which saw a 4.4% revenue increase in July 2017 compared to July 2016; despite that growth, the category remains down year to date. The only format that saw growth in July was downloaded audio, which saw 23.8% revenue growth compared to July 2016. Click Read More below for additional information.
The great Chinese environmental cleanup, now in full swing, is shifting the corporate landscape in unexpected ways and even stoking inflationary pressure that may soon be felt in supply chains worldwide. As President Xi Jinping's government intensifies the fight against the country's world-class pollution problem, companies are scrambling to adapt to tighter regulation while investing in cleaner energy. In industries from steel to textiles and consumer goods, the resulting shakeout has left the survivors with far more pricing power. That in turn is reinforcing the already-resurgent factory prices that contribute to global inflation. These trends are reshaping the business environment, according to Ms Cui Li, Hong Kong-based head of macro research at CCB International Holdings. "The environment clean-up is and will be a key driver of the industrial consolidation," said Ms Cui, who expects to see greater concentration in steel, paper-making and pharmaceuticals. "With costs rising from wages, land and pollution curbs, China's manufacturers will have to invest and upgrade to survive. Those who survive will benefit." Click Read More below for additional information.
Due to continuing input cost increases and unsustainable profit levels, Sappi is forced to continue passing on this cost inflation by increasing its Woodfree grades prices by 6-8% effective on deliveries from January 1st 2018 for all European markets. This follows previous announcements made for its LWC and MWC grades. Despite strong order books margins continue to be depressed by this severe input cost inflation. Sappi’s sales representatives will be in touch with their customers to agree on the specifics over the following weeks.
GardaPremium Natural is a 2 side coated woodfree silk paper with a smooth surface and a natural shade. It offers good thickness, extraordinary runnability, high stiffness and good resistance to cracking on fold, in addition to high opacity. These characteristics guarantee excellent print results for any type of project, as with all of Lecta's premium coated papers. With the new GardaPremium Natural catalogue, you can directly observe the paper's natural white shade, obtained without the addition of optical brighteners. This neutral tone is perfect for enhancing color as well as black-and-white images, highlighting every detail. Click Read More below for additional information.
The renewable materials company Stora Enso will be the Presenting Sponsor for FIS Nordic World Ski Championships 2019 in Seefeld, Austria. The sponsorship gives Stora Enso the possibility to contribute to a sustainable sports event and showcase its renewable solutions in various applications. Throughout the event, Stora Enso wants to increase the participants’, viewers’ and visitors’ awareness of the benefits of sustainable products. Stora Enso’s products provide a climate-friendly alternative to many products made from fossil based materials, and have a smaller carbon footprint. During the World Ski Championships, a variety of products and solutions based on renewable raw materials will be show casted, such as wood for temporary buildings, carton board packaging, paper, effective waste management systems, and renewable materials for arenas. This marks the third time Stora Enso will be sponsoring the Nordic World Ski Championships, after being the Presenting Sponsor for the 2017 event in Lahti, Finland, and a main sponsor of the event in Falun, Sweden in 2015. Click Read More below for additional information.
Total boxboard production increased 3.5 percent when compared to October 2016 and increased 3.0 percent from last month. Unbleached Kraft Boxboard production increased over the same month a year ago and increased compared to last month. Total Solid Bleached Boxboard & Liner production increased when compared to October 2016 and increased compared to last month. The production of Recycled Boxboard increased compared to October 2016 and increased when compared to last month.
Oil dipped slightly last week on a weaker demand outlook while Russia cast doubts on the timing of a decision to extend supply cuts led by the Organization of Petroleum Exporting Countries. Wagers on lower Brent prices rose by the most since June through the week to Nov. 14 amid uncertainty over Saudi Arabia’s push to prolong output curbs. Yet an extension remains likely, according to PVM Oil Associates Ltd. “It is widely believed that OPEC, together with 10 non-OPEC countries, will roll over their production for the whole of 2018,” said Tamas Varga, an analyst at PVM in London. Click Read More below for additional information.
Yes, Virginia, there is a Santa Claus — and the U.S. Postal Service can help you prove it when Santa replies to your child’s letter — complete with a North Pole postmark. Here are the steps for your child to get a letter back from Santa: •Have your child write a letter to Santa and place it in an envelope addressed to: Santa Claus, North Pole. •Later, when alone, open the envelope and write a personalized response. •Insert the response letter into an envelope and address it to the child. •Add the return address: SANTA, NORTH POLE, to the envelope. •Affix a First-Class Mail stamp, such as a new Christmas Carols Forever stamp to the envelope. •Place the complete envelope into a larger envelope — preferably a Priority Mail Flat Rate envelope — with appropriate postage and address it to: North Pole Postmark Postmaster 4141 Postmark Drive Anchorage, AK 99530-9998. “Letters from Santa” must be received by the Anchorage, AK, postmaster no later than Dec. 15. Santa’s helpers at the Postal Service will take care of the rest. Click Read More below for additional information.
Due to continuing input cost increases and unsustainable profit levels, Sappi is forced to continue passing on this cost inflation by increasing its Woodfree grades prices by 6-8% effective on deliveries from January 1st 2018 for all European markets. This follows previous announcements made for its LWC and MWC grades. Despite strong order books margins continue to be depressed by this severe input cost inflation. Sappi’s sales representatives will be in touch with their customers to agree on the specifics over the following weeks.
Montreal-based papermaker Domtar has announced its Kingsport, Tennessee, paper mill has been awarded the Tennessee Occupational Safety and Health Administration (TOSHA) Governor’s Award of Excellence for Workplace Safety. The safety award recognizes outstanding achievement in employer-employee safety programs for the prevention of workplace injury. As part of its qualification criteria, Domtar’s Kingsport mill had to accumulate 1 million hours worked without a lost-time or restricted-duty incident. While this is the first public recognition for the Kingsport mill, Bill MacPherson, manager of the mill, says it has achieved the 1-million-hour milestone several times in the past. Click Read More below for additional information.
WestRock Company announced today a planned investment in its Florence, South Carolina kraft linerboard mill that will significantly increase the mill’s efficiency, quality and service levels. The $410 million investment over two years will include installing a 330” state-of-the-art kraft linerboard machine and related infrastructure that will replace three older, narrow-width paper machines. The company expects the new machine to produce 710,000 tons of kraft linerboard annually. In addition, the company plans to invest approximately $60 million over the next five years to support the new machine and other mill projects. When coupled with the recently completed modern woodyard, the Florence mill will become one of the lowest cost kraft linerboard mills in North America. Click Read More below for additional information.
"Foodservice packaging converters and end users are seeking natural kraft OGR paper options that offer the right combination of quality, performance and run-to-run consistency," said Mike Weinhold, Verso President of Graphic Papers. "Our GlazeArmor™ family of OGR papers excels in these critical areas, and we will deliver these solutions with the same level of highly personalized customer service, experienced technical resources, and overall attention to detail that customers have come to expect from Verso." GlazeArmor™ natural kraft options are an exciting addition to the broader portfolio of Verso's machine-glazed laminating and converting papers, which are relied upon by flexible packaging converters worldwide. Featuring OGR levels ranging from Kit 5 to as high as Kit 12, GlazeArmor™ NK OGR and GlazeArmor™ NK Micro are Perfluorooctanoic acid (PFOA)-free and are designed to work well in low to high oil and grease end uses. These OGR papers offer excellent runnability and converting performance, both key performance requirements for end-use applications such as sandwich and deli wraps, foodservice liners, microwave popcorn bags and laminated food pouches. Click Read More below for additional information.
Ohio’s Office of Workforce Development received another WARN notice from Quad/Graphics. Quad/Graphics, which is based out of Sussex, Wisconsin, is a printing company. The company was founded in July of 1971. According to the company’s WARN notice, it will soon be shutting down its Columbus facility and laying off all employees at the facility. The closure and layoffs are expected to be permanent. The employment separations are expected to commence on or around December 8, 2017. In total, Quad/Graphics believes that 116 workers will be impacted by the upcoming closure. The WARN notice can be accessed here. Click Read More below for additional information.
Gap Inc.’s comparable sales for the third quarter of fiscal year 2017 were up 3 percent versus a 1 percent decrease last year, which excluded an estimated negative impact from the Fishkill distribution center fire of approximately 2 percentage points. Comparable sales by global brand for the third quarter were as follows: • Old Navy Global: positive 4 percent versus positive 4 percent last year, excluding an estimated negative impact from the Fishkill distribution center fire of approximately 1 percentage point. • Gap Global: positive 1 percent versus negative 4 percent last year, excluding an estimated negative impact from the Fishkill distribution center fire of approximately 4 percentage points. • Banana Republic Global: negative 1 percent versus negative 6 percent last year, excluding an estimated negative impact from the Fishkill distribution center fire of approximately 2 percentage points. Click Read More below for additional information.
The American Forest & Paper Association (AF&PA), in collaboration with the Forest Products Association of Canada (FPAC) and FPInnovations issued Product Category Rules (PCR) for Market Pulp, Paper and Paperboard, Containerboard and Tissue products manufactured in North America. The PCR provides rules and requirements for conducting paper product life cycle assessment (LCA) reports as well as developing Type III Environmental Product Declarations that communicate the environmental footprint of products to customers. The PCR development process included the participation of a broad stakeholder group including manufacturers, trade associations, government agencies, non-government organizations, retail representatives, independent parties, academia and other Environmental Product Declarations program operators. “This PCR has been approved by an independent peer review panel of recognized LCA experts,” said Debbie Steckel, Executive Director of the American Center for Life Cycle Assessment. “It conforms to the requirements of ISO International Standards, providing consistent and transparent environmental evaluation standards with the highest degree of credibility.” Click Read More below for additional information.
Berry Global Group, Inc. announced that it has entered into a definitive agreement to acquire the Clopay Plastic Products Company, Inc., a subsidiary of Griffon Corporation, for $475 million in cash on a debt-free, cash-free basis. Clopay is a global supplier of printed breathable films as well as an innovator in the development of elastic films and laminates with product offerings uniquely designed for applications used in a number of markets including; hygiene, healthcare, construction and industrial protective apparel. Clopay has nearly 1,500 employees with a footprint serving markets across the globe with locations in the United States, Germany, Brazil, and China. Clopay delivered $461 million in sales and $53 million in operating EBITDA for its fiscal year ended September 30, 2017. We expect annual cost synergies to be approximately $20 million. The purchase price, including our expected cost synergies along with the tax basis step-up value, represents an adjusted EBITDA multiple of below 6 times. Click Read More below for additional information.
Fiscal Year 2017 Results: The net sales increase of $606 million is primarily attributed to acquisition net sales of $788 million and selling price increases of $60 million due to the pass through of higher resin prices, partially offset by a negative $136 million impact from a 2 percent base volume decline, $98 million from extra days in fiscal 2016, and a slightly negative impact from foreign currency changes. The operating income increase of $151 million is primarily attributed to acquisition operating income of $62 million, a $36 million decrease in Avintiv integration and restructuring costs, a $35 million decrease in selling, general and administrative expense related to synergies and cost reductions, a $24 million improvement in our product mix and price/cost spread, a $16 million decrease in depreciation and amortization, and a slight improvement in productivity in manufacturing. These improvements were partially offset by a $20 million impact from the base volume decline and $10 million from extra days in fiscal 2016. Click Read More below for additional information.
National Average Price for Regular – Current: $2.556; Month Ago: $2.465; Year Ago: $2.148. National Average Price for Diesel – Current: $2.837; Month Ago: $2.724; Year Ago: $2.393.
American Dollar to Canadian Dollar = 0.784071; American Dollar to Chinese Yuan = 0.150754; American Dollar to Euro = 1.179539; American Dollar to Japanese Yen = 0.008879; American Dollar to Mexican Peso = 0.052519.
India’s imports of African crude oil in October plunged to their lowest in over four years, with the world’s No.3 oil consumer increasingly turning to cheaper supplies from the United States and heavier Middle Eastern grades, ship tracking data showed. U.S. crude production has soared more than 14 percent since mid-2016 to 9.65 million barrels per day (bpd), altering trade routes as its relatively cheap and light grades become a viable import option for Asian refiners. “Earlier in Asia, West African oil was competing with Middle East grades, but now it has a new competitor: the U.S.,” said Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist. Click Read More below for additional information.
Total sales for the third quarter increased 1.8% to $103.7 million from $101.9 million in the prior year's third quarter. Comparable sales for the third quarter decreased 0.1%. Gross margin, inclusive of occupancy costs, was 43.2%, compared with gross margin of 44.4% for the prior year's third quarter. The decrease in gross margin was due to a decrease of 120 basis points in merchandise margin from the third quarter of last year, primarily due to more aggressive markdowns related to our inventory productivity initiatives. Net loss for the third quarter was $(5.7) million, or $(0.12) per diluted share, compared with a net loss of $(4.5) million, or $(0.09) per diluted share, for the prior year's third quarter. Click Read More below for additional information.
“We need a paradigm shift in how society perceives the whole forest/tree value chain,” said Ben Gunneberg, CEO of PEFC International, as he opened the 22nd PEFC General Assembly, in Helsinki, Finland. “Society is at a crossroads and the strategic direction we choose will provide the opportunity for us to demonstrate the real value of sustainable forests and their contribution to society in achieving the UN’s Sustainable Development Goals.” “Climate change, a growing urban global population, cooperation challenges, are all issues we have to tackle, by demonstrating how forests are an important part of the solution,” Ben highlighted. Click Read More below for additional information.
Georgia-Pacific on Tuesday announced it plans to shut down several operations at its Camas mill and cut up to 300 jobs. Between 120 and 140 jobs will remain at the mill, which opened in 1885 and in the 1980s employed around 2,400. “The paper mill is the reason Camas exists,” said Peter Capell, city administrator. “The biggest concern we have about this is the people. They have mortgages, college payments, retirement. It’s something I wouldn’t wish on anybody.” The Atlanta, Ga.-based company and subsidiary of Koch Industries said the cuts stem from dives in demand for communications paper, mainly used in offices for printers, copiers and the like. “It’s definitely not a reflection of the employees, they have worked very hard and taken a lot of pride in running these assets and keeping them going, but it’s just a situation where it’s a declining marketplace,” said spokeswoman Kristi Ward. “People just aren’t using as much office paper as they used to.” Click Read More below for additional information.
"Our financial situation is serious, though solvable,” says Postmaster General and CEO Megan J. Brennan. “There is a path to profitability and long-term financial stability. We are taking actions to control costs and compete effectively for revenues in addition to legislative and regulatory reform. We continue to optimize our network, enhance our products and services, and invest to better serve the American public." Brennan stressed that the path forward for a financially stable future must also include urgent actions needed outside of the Postal Service's control. They include advancement and passage of the postal reform provisions contained in H.R. 756 in the 115th Congress and the adoption by the Postal Regulatory Commission of a new pricing system as part of its 10-year pricing review, enabling the Postal Service to generate sufficient revenues to cover our costs. Click Read More below for additional information.
Earnings per share for the third quarter ended Oct. 28, 2017, decreased 29 percent to $0.30 compared to $0.42 for the quarter ended Oct. 29, 2016. Third quarter operating income decreased 18 percent to $231.7 million compared to $283.6 million last year, and net income was $86.0 million compared to $121.6 million last year. The company reported net sales of $2.618 billion for the third quarter ended Oct. 28, 2017, an increase of 1 percent, compared to net sales of $2.581 billion for the quarter ended Oct. 29, 2016. Comparable sales decreased 1 percent for the third quarter ended Oct. 28, 2017. For the third quarter ended Oct. 28, 2017, the exit of the swim and apparel categories had a negative impact of about 2 percentage points to both total company and Victoria’s Secret comparable sales.
“In the third quarter, we delivered strong top and bottom line results with 4.4% comparable sales growth and 30% EPS growth,” said Hubert Joly, Best Buy chairman and CEO. “Technology innovation is fueling demand and our strategy is resonating with our customers. We are also making significant progress against our Best Buy 2020 strategy and are excited about the opportunities for long-term value creation. And while we are investing in key initiatives and capabilities, we are also able to generate significant returns for our shareholders through the growth of our EPS and our capital allocation strategy.” Joly continued, “Our Q3 results include the negative impact of two significant factors. First, despite our moderate expectations for mobile phone launches in the quarter, revenue in the mobile category was materially lower than expected. This was due to the fact that a major new phone did not launch until November, which is in our Q4. The related revenue impact in the quarter was more than $100 million. Second, like most retailers, we felt the impact of the natural disasters in south Texas, Florida, Puerto Rico and Mexico. We estimate the loss of revenue impacted our Enterprise comparable sales by 15 to 20 basis points, and that the related costs negatively impacted our EPS by approximately $0.03.” Click Read More below for additional information.
Containerboard production was up 5.1 percent compared to October 2016. The month-over-month average daily production compared to September 2017 was 3.1 percent higher. The containerboard operating rate for October increased from 95.9 percent to 101.3 percent, which was 6 percentage points higher than October of last year. Year-to-date production of containerboard for export is up 3.5 percent, with the October volume surging 16.2 percent above the same month last year.
Total Packaging Papers shipments were 223,400 tons, 1.6 percent lower than October 2016. Bag & Sack shipments are up 3.3 percent year-to-date, while Food Wrapping shipments are down 7.1 percent over the same period. The operating rate for October 2017 was 85.5 percent, while the year-to-date rate was 88.3 percent. Inventories were 167,800 tons, down slightly since September.
The Zoological Society of London (ZSL) has released the results of its Sustainability Transparency Toolkit, or SPOTT Assessment, that independently gauges the progress of 24 global timber, pulp and paper companies against a range of environmental, social and governance (ESG) indicators. APRIL ranked second of 24 companies, behind Switzerland’s Interholco A.G., with a score of 67.1%, well above the average score for the sector of 37.1%. APRIL’s highest scores were for Sustainability Policy and Leadership, and Deforestation and Biodiversity. Just three of the 24 companies received a ‘Green’ rating, awarded to companies scoring above 66%. Click Read More below for additional information.
Barnes & Noble, Inc. announced the return of its Black Friday Signed Editions program, a customer favorite, with over a half-million autographed books by more than 150 highly acclaimed authors. The largest promotion of its kind kicks off on Black Friday, November 24, at Barnes & Noble stores nationwide, while supplies last. The autographed books span many genres and interests, and were signed by authors for Barnes & Noble customers. For more information, customers should visit www.BN.com/SignedEditions or contact their local Barnes & Noble. “Barnes & Noble is thrilled to announce its largest collection ever of Black Friday Signed Editions, a true holiday favorite with customers,” said Liz Harwell, Senior Director of Merchandising, Trade Books at Barnes & Noble. “Now in its fourth year, this combined effort between over 150 bestselling authors, our publishing partners, and Barnes & Noble booksellers continues to give readers across the country an opportunity to discover a special copy of a book by their favorite author, or to find that perfect holiday gift for a loved one.” Click Read More below for additional information.
Oil prices fell for a fourth session on Wednesday after the U.S. government reported an unexpected increase in crude and gasoline stockpiles, but an increase in refining runs and a drawdown in distillates helped prices bounce off session lows. Prices also remained under pressure from this week's International Energy Agency (IEA) outlook for slower growth in global crude demand. While the crude build of 1.9 million barrels reported by the Energy Information Administration was more than forecast, it was not as big as the increase of 6.5 million barrels reported on Tuesday by industry group the American Petroleum Institute. The EIA data encouraged buying at session lows. Click Read More below for additional information.
Expanding its range of in-mould label products and presenting non-UV print shops the ability to compete in this growing segment, Flint Group today announces the global availability of Novastar® D 2000 IML BIO for metallised paper and non-absorbent substrates. According to Jürgen Riedlinger, Director Global Product Management, Sheetfed, “Over the last 5 to 6 years global production of in-mould labels has grown at around 4% per year, due in part to the ability of the technology to enhance the product visibility and brand identification in the market. And we believe in-mould labelling will continue to grow significantly as the manufacturing efficiencies and visual quality it brings gets wider endorsement. Currently in-mould accounts for less than 3% of all labelling, so there is plenty of room for it to grow.” Click Read More below for additional information.
Retail sales that occurred outside of stores increased 6.8% compared with October 2016. That's a major deceleration from September, when nonstore sales increased 9.2% year over year. New October retail sales data out this morning suggests that the fourth quarter could be off to a rocky start for e-commerce. Growth in U.S. retail sales that take place outside of stores, known as nonstore sales, decelerated in October, with sales dropping 0.3% compared with September 2017, according to the U.S. Commerce Department. Click Read More below for additional information.
Sappi Chief Executive Officer Steve Binnie, commenting on the group’s performance, said: “Sappi has delivered another strong set of results with profits up 6% year-on-year. I am very pleased with the growth of the dissolving wood pulp (DWP) and speciality packaging businesses. Furthermore our initiatives to reduce variable costs and the benefits of lower interest charges were able to help mitigate higher paper pulp prices and a stronger Rand/Dollar exchange rate during the reporting period. “Capital expenditure in 2018 is expected to increase to US$450 million as we continue the conversions in both Europe and North America, complete the Saiccor and Ngodwana debottlenecking and start the upgrade of the Saiccor wood-yard. The increase in expansionary capital spending during 2018 is focused on higher margin growth segments including dissolving wood pulp and speciality packaging. This will position us for stronger profitability from 2019 onwards.” Click Read More below for additional information.
Smurfit Kappa has received the highest seal of approval for its performance packaging technology from a leading European research institution. The pioneering technology, which Smurfit Kappa invented in 2001, has been endorsed by the Papiertechnische Stiftung (PTS) research and service institute in Germany setting a new industry standard. PTS assists companies with the development and use of fibre-based materials. The PTS validation means that Smurfit Kappa’s test prototcols is now published as an official Deutsches Institut für Normung (DIN) norm leading to a more scalable and credible approach for corrugated packaging users. Click Read More below for additional information.
Third Quarter Highlights: •Comparable store sales were down 6.9 percent for the quarter and flat for October. •Diluted loss per share was $0.31 compared to $0.24 in 2016. •Average store inventories were 20 percent lower than last year's third quarter. •Borrowings were $29 million lower than last year's third quarter. Click Read More below for additional information.
Transcontinental Inc.'s Media Sector, TC Media, announces the sale of its weekly Courrier Laval, as well as its related web property, to 2M Média. This company is led by Mr. Martin Olivier, President, and Mr. Martin Routhier, Vice President, who are both former TC Media managers. Fourteen employees of Courrier Laval are transferred to the acquirer, along with two employees from TC Media's Production team. Furthermore, TC Transcontinental also concluded a multi-year agreement for the printing and distribution of this publication. TC Transcontinental therefore hands over the reins to 2M Média to carry on the activities of Courrier Laval, a jewel of the weekly newspaper landscape in Québec. The Corporation would like to thank all the employees who have shown dedication and professionalism over the years and wishes them the very best for the future at 2M Média. Click Read More below for additional information.
Results for the Third Quarter Ended October 28, 2017: •Comparable store sales decreased 6.6% as compared with the prior year period. •Selling, general and administrative ("SG&A") expense decreased $11.2 million, or 5.2%, as compared with the third quarter of fiscal 2016. •Net loss in the current year third quarter was $44.9 million, or $2.19 per share, compared with net loss of $31.6 million, or $1.58 per share, in the third quarter of fiscal 2016. Click Read More below for additional information.
Paul Ramirez, president of Barrington Press in Paramus, New Jersey had a problem – his offset presses were offline as much as three hours a shift. The downtime, set-up and overtime costs made it difficult to keep jobs profitable. Knowing that delivering high quality printing with quick turnaround was critical to grow his business, Ramirez looked to Xerox for a solution and the answer was to go digital with the Xerox iGen® 5 Press. “If someone would have told me how much money I’d be saving each month using the Xerox iGen 5 Press, I wouldn’t have believed it,” says Ramirez. ”When we combined the excessive paper waste, overtime wages and offset press supplies, the numbers were staggering.” With its market leading uptime, substrate versatility and job automation features, the iGen 5 created a fundamental turnaround at Barrington Press. The figures tell the story. In the year Barrington Press has owned its iGen 5, the company has saved $10,000-$15,000 per month and has created new opportunities for growth. Click Read More below for additional information.
In its half-year results to 24 September 2017, the group posted a slight sales increase of 2% to £4.83bn, while operating profit both before and after transformation costs were down sharply, from £206m to £89m and £148m to £26m respectively. Royal Mail put this down largely to an increase in its ongoing UK defined benefit pension service costs of £114m. Pre-tax profit fell 30%, from £110m to £77m, but post-tax profit almost doubled to £168m - largely due to a tax credit related to the closure of its pension scheme to future accruals. Net debt was down 15.5%, from £452m to £382m. The group expects its net cash investment to fall to £450m for the full-year, down from £590m per annum for the past three years. Chief executive Moya Greene described the first half as successful despite the “headwinds we are facing”. Click Read More below for additional information.
Appvion and United Steelworkers Union representatives met Wednesday to begin discussing details of the paper company’s consolidation plan that will eliminate 200 jobs in Appleton. That number represents about one-quarter of Appvion’s local 800-employee workforce, and is part of a larger trend that worries paper industry watchers. Appvion's layoffs were first announced in a Nov. 9 story. It followed the company's filing for Chapter 11 bankruptcy protection in October. “The first layoffs will occur in January and would continue as we transition most of our carbonless coating and converting operations to the Roaring Spring Mill (in Pennsylvania) during 2018," said spokesman Bill Van Den Brandt. "We project that we will complete the transition process in third quarter 2018.” Click Read More below for additional information.
Please be advised that Monadnock Paper Mills, Inc. is raising list prices effective December 11, 2017. Pricing on orders placed prior to today’s date will not change regardless of ship date. Orders placed after today’s date and shipped prior to December 11, 2017 will receive today’s price. All existing contract pricing will be reviewed within the terms of the contract. The price increase will be $3/cwt on our text and cover grades as well as Envi PC80 Folding Box Board.
Sappi North America, a leading producer and supplier of diversified paper and packaging products, today announced a $5.94 million capital investment in its Cloquet, Minn. mill to replace the headbox on Paper Machine 12 (PM12). This investment enabled Sappi to maintain its capacity by adding a state-of-the-art, dilution profiled headbox that produces excellent basis weight profiles. A headbox is an integral part of the paper machine responsible for spreading the pulp fibers evenly to form the sheet. "This investment shows Sappi's unwavering commitment to its graphic papers and packaging customers," said Mark Gardner, President and CEO, Sappi North America. "The new headbox will ensure that we're fulfilling orders to the highest quality standards that Sappi's customers have come to expect. This project will not only improve upon our longstanding history with the graphic papers market, but also support our growing paper-based packaging business." Click Read More below for additional information.
Comparable sales and EPS near the high end of expectations. Third quarter comparable traffic grew 1.4 percent. Comparable sales increased 0.9 percent. Third quarter GAAP EPS from continuing operations of $0.87 and Adjusted EPS1 of $0.91 were near the upper-end of the guidance range of $0.75 to $0.95. Comparable digital channel sales increased 24 percent, on top of 26 percent growth in third quarter 2016. In the third quarter, Target devoted $847 million to capital investment, paid dividends of $339 million, and returned $171 million through share repurchases. Click Read More below for additional information.
Futures lost as much as 1.3 percent in New York after falling 1.9 percent on Tuesday. U.S. inventories rose by 6.51 million barrels last week, the American Petroleum Institute was said to report. That would be the biggest gain since March if confirmed in government data on Wednesday. “The API data showed an inventory build, in contrast to expectations of a draw, which is weighing on the market,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. “The Russian news doesn’t help either.” Gasoline inventories rose by 2.4 million barrels last week, the API said Tuesday, according to people familiar with the data. While the institute also reported a gain in crude stockpiles, a Bloomberg survey showed they may have shrunk by 2.4 million barrels. The U.S. Energy Information Administration will release the data at 10:30 a.m. New York time on Wednesday. Click Read More below for additional information.
Quality Books, the Oregon, Ill., book distributor to schools and libraries, has filed for bankruptcy. In a letter sent to creditors last week, the company said that during the past few years it has "incurred substantial debt which it is unable to repay." After several meetings, the letter continued, the owners "found that they could no longer meet their obligations" and decided to liquidate the company's assets. Click Read More below for additional information.
By offering a combination of trusted brands, consistent products and OEM partnerships combined with ‘Best in Class’ manufacturing, Flint Group was well positioned at IPEX to help printers extend their printing capability in respect to new substrates and targeting new market sectors. The XCURA EVO ink series featured heavily during the show. This ink series has been designed to help printers achieve maximum performance from new LED-UV presses and presses that have been retrofitted with a LED-UV curing system. Following on from IPEX Flint Group is pleased to announce that Fontain, a London based commercial printer, has agreed to Flint Group being the sole supplier of LED-UV ink for its brand new RMGT Ryobi 928P. This four-over-four perfecting press with LED-UV drying was also running live print jobs at IPEX. Click Read More below for additional information.
The Group’s consolidated sales totaled EUR 1,749.1 million and were thus 2.1 %, or EUR 35.3 million above the previous year’s value (1-3Q 2016: EUR 1,713.8 million). Both divisions contributed to the slight increase. With EUR 158.9 million, operating profit reached the previous year’s level (1-3Q 2016: EUR 160.2 million). The Group’s operating margin thus remained stable at 9.1 % (1-3Q 2016: 9.3 %). At EUR 113.3 million, the profit for the period almost reached the previous year’s figure (1-3Q 2016: EUR 115.5 million). Click Read More below for additional information.
Pursuant to the terms of the Transaction, Tembec shareholders had the right to elect to receive either C$4.75 in cash or 0.2542 shares of Rayonier AM common stock per Tembec Share, subject to proration so that approximately 67% of the aggregate consideration is paid in cash and approximately 33% is paid in Rayonier AM common stock. The results of the elections received prior to the election deadline of 5:00 p.m. (Eastern time) on November 9, 2017 are as follows: •Shareholders representing 1,644,879 Tembec Shares elected to receive the Per Share Cash Amount; •Shareholders representing 67,878,518 Tembec Shares elected to receive the Per Share Stock Consideration; and •Shareholders representing 30,476,603 Tembec Shares did not make an election. Since the aggregate number of Tembec Shares in respect of which registered Tembec shareholders have elected to receive the Per Share Cash Amount is less than the Cash Consideration Number (as defined in the plan of arrangement attached to the amending agreement dated as of July 23, 2017 by and between Rayonier AM and Tembec), holders of Tembec Shares who elected to receive the Per Share Stock Consideration will be subject to proration in the manner described in Tembec's management information circular dated June 13, 2017 (the "Circular"). Click Read More below for additional information.
TC Transcontinental – RBW Graphics recently completed a suite of upgrades to a Goss M-3000 press installed at their RBW Graphics Facility in Owen Sound, ON. The project consisted of a drives and controls system upgrade, an Omni Make-Ready bundle and ink fountain rebuilds. The drives and controls upgrade involved replacing existing consoles with new OmniconTM and OmnicolorTM consoles, new Siemens PLC CPU hardware, controllers and drives. Goss technicians rebuilt the ink fountains on eight existing units and added new four and 16 channel driver boards, embedded controller boards, ink fountain balls, and single piece ink keys. Additionally, the Omni Make Ready package, a combination of hardware and software functions designed to reduce waste, helps TC Transcontinental – RBW Graphics to achieve its commitment to environmental responsibility. These upgrades ensure the long life of the Goss M-3000 while increasing productivity, improving waste reduction and reducing unscheduled press downtime. Click Read More below for additional information.
Comparison of Three Months Ended September 30, 2017 to Three Months Ended September 30, 2016: • Net sales for the third quarter of 2017 decreased by $54 million compared to the third quarter of 2016. The sales decline was primarily attributable to a decrease in total sales volume due to the general softening of demand for coated papers and our capacity reductions at our Androscoggin Mill, partially offset by a 1% increase in price. • Gross margin, excluding depreciation, amortization, and depletion expenses, increased from 4.9% of net sales in the third quarter of 2016 to 11.1% in the third quarter of 2017. Gross margin in the third quarter of 2016 was negatively impacted by work-in-process and inventory fair value adjustments associated with fresh-start accounting of $41 million. Without these fresh-start accounting adjustments, gross margin percentage would have been relatively flat quarter over quarter. Click Read More below for additional information.
In the 3rd quarter of 2017 the Arctic Paper Group generated sales revenue of nearly PLN 735.9m. EBITDA was PLN 70.8m and operating profit PLN 38.5m. The Group’s net profit on continuing operations in Q3 2017 was PLN 25.6m. The weaker results of Arctic Paper in the 3rd quarter were due primarily to the effect of a further increase in pulp prices which has not been fully offset yet by higher paper prices. The result was also affected by the planned stoppage at the Arctic Paper Kostrzyn plant for 12 days in July of this year, connected with an investment to increase the production efficiency at that plant. Per Skoglund, CEO of Arctic Paper, commented: “The decline in profit is mainly due to continued high pulp prices, which we will not be able to fully compensate for by price increases during 2017. On top of that, a planned investment stoppage in Arctic Paper Kostrzyn affected sales and profit during the period. The investment in increased production efficiency will have a future positive impact and strengthen our ability to serve our customers in a competitive way.” Click Read More below for additional information.
The Home Depot® reported sales of $25.0 billion for the third quarter of fiscal 2017, an 8.1 percent increase from the third quarter of fiscal 2016. Comparable store sales for the third quarter of fiscal 2017 were positive 7.9 percent, and comp sales for U.S. stores were positive 7.7 percent. Net earnings for the third quarter of fiscal 2017 were $2.2 billion, or $1.84 per diluted share, compared with net earnings of $2.0 billion, or $1.60 per diluted share, in the same period of fiscal 2016. For the third quarter of fiscal 2017, diluted earnings per share increased 15.0 percent from the same period in the prior year. Click Read More below for additional information.
For a generation, the huge, whitewashed storage tanks at America’s largest oil refinery in Port Arthur, Texas, have stored almost nothing but Saudi crude. The plant is owned by Saudi Arabia’s state-run oil company, Aramco, and since it first bought a stake in 1988, the Motiva refinery guaranteed the kingdom a strategic foothold in the world’s largest energy market. The tankers carrying millions of barrels a month of Arab Light crude from Saudi export terminals to Port Arthur were testament to the strength of the energy and political ties binding Riyadh and Washington. All of a sudden, there are very few Saudi ships arriving in Texas. Since July, Aramco has constricted supply, attempting to drain the crude storage tanks at Motiva -- and many others across America -- part of a plan to lift oil prices, even at the cost of sacrificing its once prized U.S. market. Click Read More below for additional information.
Third Quarter 2017 Highlights (as compared to third quarter 2016): • Revenue increased 17.9% to $243.4 million primarily due to additional revenue from the Cantech and Powerband Acquisitions(1), an increase in average selling price, including the impact of product mix, and an increase in sales volume from certain tape products. • Gross margin decreased to 20.9% from 21.7% primarily due to the dilutive impact of the Cantech Acquisition resulting mainly from non-cash purchase price accounting adjustments and certain manufacturing production inefficiencies occurring mainly in older facilities. • Selling, general and administrative expenses ("SG&A") decreased 31.3% to $18.8 million primarily due to a decrease in share-based compensation driven primarily by the decrease in fair value of cash-settled awards. Click Read More below for additional information.
“Building viable models of group certification is critical for expanding sustainable forest management and forest certification, especially in the developing world,” said Sarah Price, Head of Projects and Development at PEFC International. “Forests are key to mitigating climate change and possess immense potential for the achievement of the Sustainable Development Goals." "With 30% of the world’s forest area managed locally by families, communities and indigenous peoples, we need to encourage and support local people to manage their forests sustainably,” Sarah continued. Towards this goal, PEFC and Finnish Agri-Agency for Food and Forest Development (FFD) recently convened a field dialogue on group certification in Iisalmi, Finland. The event brought together 25 representatives from 10 countries, to learn about Finland’s long history of small private forest owners, well-established associations, sustainable forest management practices and PEFC certification through group certification. Click Read More below for additional information.
The Ricoh Commercial & Industrial Printing Business Group (CIPG), established in April, is keenly focused on getting the word out about its commitment to the production printing market. That was the key takeaway for a group of industry press and analysts who recently toured its Customer Experience Center (CEC) that is home to an array of continuous-feed inkjet, toner-based sheetfed and wide-format printers, along with several product development and testing labs, inside its Executive Briefing Center in Boulder, Colo. Ricoh defines industrial as wide-format digital printing and printing done as a part of the manufacturing process to produce finished goods such as garments, textiles, metals and architectural components. And the group’s ambitious goal isn’t merely lip service. According to Dollard, CIPG has nearly doubled its production inkjet printing direct salesforce since April; has created a Production Dealer Advisory Council to build stronger ties with its dealer network for toner-based sheetfed production and wide-format inkjet printer sales; is expanding its service and consulting business; and is fully committed to assuming a leadership role in industry advocacy, education and market advancement. Click Read More below for additional information.
As a next step in the capacity development of Rottneros Mill, Rottneros’ Board has granted further investments in the CTMP line. The investment, CTMP Step 2, increases capacity by approximately 18,000 tonnes per year and is expected to be operational in the fall of 2018. The investment follows the strategic development plan Agenda 500, where a first capacity-enhancing investment in the CTMP line was made in 2016. Within Agenda 500, Rottneros Mill has put into operation a bio mass boiler in the third quarter of 2017 that replaces an oil-based boiler and made the mill practically fossil-free. The expansion of the purification plant is an ongoing investment that is expected to be put into operation in 2018. The Rottneros Mill has a strong position as a supplier of high yield pulp. With increased capacity, we ensure that Rottneros can be a reliable supplier of CTMP and an attractive partner for our customers, says Lennart Eberleh, President and CEO of Rottneros AB. Click Read More below for additional information.
The U.S. Postal Service reported revenue of $69.6 billion for fiscal year 2017 (October 1, 2016 - September 30, 2017), a decrease of $1.8 billion compared to the prior year. The lower revenues were driven largely by accelerated declines in First-Class and Marketing Mail volumes. In 2017, mail volumes declined by approximately 5.0 billion pieces, or 3.6 percent, while package volumes grew by 589 million pieces, or 11.4 percent, continuing a multi-year trend of declining mail volumes and increasing package volume. While mail volume declines for the year were somewhat offset by growth in package volume, overall volume has declined by 4.9 billion pieces. The U.S. Postal Service reported revenue of $69.6 billion for fiscal year 2017 (October 1, 2016 - September 30, 2017), a decrease of $1.8 billion compared to the prior year. The lower revenues were driven largely by accelerated declines in First-Class and Marketing Mail volumes. In 2017, mail volumes declined by approximately 5.0 billion pieces, or 3.6 percent, while package volumes grew by 589 million pieces, or 11.4 percent, continuing a multi-year trend of declining mail volumes and increasing package volume. While mail volume declines for the year were somewhat offset by growth in package volume, overall volume has declined by 4.9 billion pieces. Click Read More below for additional information.
UPM Raflatac has expanded its PP Lite range of labeling solutions for the European market with the introduction of a new clear film, PP Clear FTC Lite. The face materials, adhesives, and backing used in the PP Lite range offer brands new ways to achieve their sustainability objectives. PP Lite label materials offer brand owners the opportunity to differentiate themselves from the competition by becoming a leader in sustainable product labeling while boosting productivity across the value chain at the same time. By combining a lighter face material, a lower coat-weight adhesive, and a lighter backing, products in the PP Lite range optimize raw material use and reduce greenhouse gas emissions, energy and water consumption, and waste. Click Read More below for additional information.
Huhtamaki is investing app. EUR 11 million to have a new manufacturing facility built in Hämeenlinna, Finland. Manufacturing operations will be transferred from the current facility that has been built in the 60's to a new, modern facility. Construction work is planned to begin during spring 2018 and the new facility is expected to begin operations in spring 2019. The majority of the investment takes place during 2018. As part of the investment the Hämeenlinna unit's machine base will also be partially renewed and automation will be increased. Competitiveness will also be improved by designing the new facility according to Lean manufacturing principles and improving the flow of goods and minimizing unnecessary traffic within production. The modernization of the manufacturing facility will also improve workplace safety and ergonomics. Click Read More below for additional information.
Gannett | USA TODAY NETWORK announced a major organizational change that more definitively aligns with the company’s refreshed business strategy, which focuses on two primary businesses: Marketing Solutions and Consumer. “These organizational changes will better position us to further enhance and expand our marketing solutions capabilities fueled by our audience growth and engagement. I am confident this new structure will open up opportunities, enable us to innovate more quickly and support long-term growth,” said Bob Dickey, president and CEO of Gannett. Two executives have been named to lead the company’s two primary businesses: Leading marketing solutions will be Sharon Rowlands, CEO of ReachLocal, who has been named president, USA TODAY NETWORK Marketing Solutions. Rowlands will focus on further strengthening and growing our business-to-business segment, leveraging not only ReachLocal and SweetIQ, but also USA TODAY NETWORK’s powerful media assets and national and local brands. Leading the consumer business will be Maribel Perez Wadsworth, current chief transformation officer, who has been named president, USA TODAY NETWORK. Wadsworth will lead USA TODAY NETWORK’s consumer business to include strategy and operations for the company’s award-winning portfolio of media brands such as USA TODAY, more than 100 local news and niche content brands such as For The Win (FTW) and Grateful. In addition, she will become associate publisher of USA TODAY, as part of the transition associated with John Zidich’s previously announced retirement as president of Domestic Publishing. Click Read More below for additional information.
Futures were little changed in New York after falling 0.8 percent Friday. Prices still capped a fifth weekly gain last week, the longest run since October 2016. The plan to boost security was reported by Al-Arabiya television on Saturday, citing the energy ministry of Saudi Arabia, the world’s top crude exporter. The pipeline resumed pumping later in the day after a brief halt. Oil has climbed about 20 percent since the start of September as global supplies tighten and speculation mounts that the Organization of Petroleum Exporting Countries will extend output curbs past the end of March. In the U.S., drillers last week increased the rig count by the most since June, according to Baker Hughes. “Political developments in Saudi Arabia sent bullish ripples across the energy complex,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London. Click Read More below for additional information.
Walmart has kept good on a pledge it made back in 2013 to hire thousands of veterans. Since Memorial Day 2013, Walmart has hired more than 188,000 veterans and promoted more than 26,000 to roles of greater responsibility. The company is well on its way to reach its hiring goal of 250,000 veterans by 2020. On Friday, Walmart announced it is launching a curated showcase where customers can shop to salute the nation’s military, veterans and their families. Click Read More below for additional information.
• Third quarter net earnings were $114 million and earnings before interest and taxes ("EBIT") were $208 million, or 5.9 percent of net sales, compared with net loss of $10 million and EBIT of $55 million, or 1.6 percent of net sales, during the same period in fiscal 2016. ? Retail EBIT increased $137 million compared with the same quarter last year, primarily reflecting a goodwill impairment charge of $197 million in 2016. * Credit EBIT increased $16 million through the strategic partnership with TD Bank, primarily due to credit card revenues growth of 25 percent. • Total Company net sales of $3.5 billion for the third quarter increased 2.0 percent compared with the same period in fiscal 2016. Total Company comparable sales for the third quarter decreased 0.9 percent compared with the same quarter last year. ? In the Nordstrom brand, including U.S. and Canada full-line stores and Nordstrom.com, net sales when combined with Trunk Club, decreased 1.2 percent and comparable sales decreased 1.9 percent. The top-ranking merchandise categories were Men's Apparel and Kids' Apparel. The West was the top-ranking U.S. geographic region. Click Read More below for additional information.
J. C. Penney Company, Inc. announced financial results for its fiscal third quarter ended Oct. 28, 2017. Total net sales decreased (1.8) % to $2.81 billion in the third quarter compared to $2.86 billion in the same period last year, primarily the result of the 139 stores closed this year through the end of the third quarter. Comparable sales increased 1.7 % for the third quarter, resulting in a positive two-year stack of 0.9 %. For the third quarter, the Company's net loss was ($128) million, or ($0.41) per share, compared to a net loss of ($67) million, or ($0.22) per share in the same period last year. This reduction was driven in large part by increased cost of goods sold, restructuring charges associated with the store closures and a charge related to settlement accounting on the Company's pension plan. Click Read More below for additional information.
Appvion, Inc. announced plans to consolidate the majority of the carbonless paper coating and rewinding operations currently performed at its plant in Appleton, Wisconsin, to its integrated pulp and paper mill in Roaring Spring, Pennsylvania, and relocate the Appleton Plant’s sheeting operations to an Appvion-operated facility near the mill. The company expects the transition will begin in January and be completed in the third quarter of 2018. Consolidating Appvion’s carbonless paper manufacturing, rewinding, and sheeting to the Roaring Spring area, where Appvion already produces this product, will help position the company for long-term success by increasing the efficiencies of its manufacturing and logistics operations. The consolidation plan will result in the shutdown of three under-utilized coaters and related rewinding and sheeting equipment at the Appleton Plant and the elimination of approximately 200 hourly and salaried jobs at that facility. Approximately 300 hourly and salaried plant employees will be retained at the Appleton Plant to continue producing the company’s thermal paper products and some carbonless and specialty coated grades. Employment at Roaring Spring Mill and at Appvion’s thermal paper coating plant in West Carrollton, Ohio, will be unaffected by the plan. Click Read More below for additional information.
National Average Price for Regular – Current: $2.561; Month Ago: $2.485; Year Ago: $2.196. National Average Price for Diesel – Current: $2.818; Month Ago: $2.728; Year Ago: $2.413.
American Dollar to Canadian Dollar = 0.788990; American Dollar to Chinese Yuan = 0.150565; American Dollar to Euro = 1.164367; American Dollar to Japanese Yen = 0.008819; American Dollar to Mexican Peso = 0.052392.
Oil is heading for the longest run of weekly gains since October 2016 as global supplies tighten and on signs the Organization of Petroleum Exporting Countries will extend output curbs past the end of March. Saudi Arabia on Thursday advised its nationals to leave Lebanon, fueling fears of a confrontation with Iran in a country long known for being a battleground for proxy wars in the Middle East. “Geopolitical risks have taken center stage in the oil market again,” said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen. “The rising tensions between Saudi Arabia and Iran have raised concerns in the oil market of an imminent supply disruption.” Saudi Arabia said it plans to cut crude exports to all the regions it ships to next month. Shipments will fall by 120,000 barrels a day in December from November, a spokesman for the Energy Ministry said, without specifying what those levels would be. Bloomberg calculations from vessel-tracking data estimated flows in October at 6.989 million a day. Click Read More below for additional information.
Borderland Advisors CEO John Conley, a 42-year book printing industry veteran with RR Donnelley and then Xerox, describes how Amazon's same-day delivery requirements will totally disrupt today's book publishing, manufacturing, and distribution markets. The supply chain requirement will create new profit models and opportunities for innovative publishers and printers, while displacing those companies that are unable to evolve to the new industry paradigm. To view the video clip go to: http://www.bookbusinessmag.com/article/john-conley-amazon-day-delivery-slas-will-disrupt-book-printing/
Fortress Paper Ltd. reported 2017 third quarter operating EBITDA of $0.2 million, a decrease of $7.4 million relative to the comparative prior year period and a decrease of $4.1 million over the previous quarter. The Security Paper Products Segment generated operating EBITDA of $1.8 million, the Dissolving Pulp Segment generated operating EBITDA loss of $0.5 million, and corporate costs were $1.1 million in the third quarter of 2017. Click Read More below for additional information.
Mondi, the global packaging and paper Group, and the Czech packaging producer Litobal have been business partners since 2001, when the privately owned packaging company was taking its first steps in the bread bag business. It joined forces with Mondi Speciality Kraft Paper, putting its trust in the paper specialist’s white machine glazed papers. The two companies then started to grow their business together in various paper-based packaging fields, which enabled them to pass another milestone in 2010. At the time, Litobal had recently entered the paper shopping bag market, which had long been an ambition of its founder Zdenek Stojánek. In order to position itself as a reliable and high-quality supplier in the Czech and European shopping bag markets, Litobal turned once again to the Mondi Speciality Kraft Paper team and their high-quality paper grades. Litobal ´s owner Zdenek Stojánek comments, “We chose Mondi as the main paper supplier for our bread bag and shopping bag production because of its know-how and the high quality and comprehensive range of its speciality kraft papers – all available from a single source. Click Read More below for additional information.
The Company reported fiscal 2018 first quarter total revenues of $2.06 billion, a 5% increase compared to $1.97 billion in the prior year period, reflecting continued growth in the Digital Real Estate Services segment, the acquisitions of Australian Regional Media (“ARM”) and Wireless Group plc (“Wireless Group”) and a $26 million positive impact from foreign currency fluctuations. Growth was partially offset by lower print advertising revenues at the News and Information Services segment. Adjusted Revenues (which exclude the foreign currency impact, acquisitions and divestitures as defined in Note 1) increased 1%. Net income for the quarter was $87 million as compared to nil in the prior year. The increase was primarily driven by higher Total Segment EBITDA, as discussed below, and lower depreciation and amortization expense, partially offset by higher income tax expense associated with higher pre-tax income. Click Read More below for additional information.
As politicians and activists gather for the COP23 Bonn climate talks, people are wondering what they can do to help avert the climate catastrophe. One simple action is to look out for the PEFC label on everyday products, something that 53% of all consumers already do at least sometimes, according to a recent YouGov survey. "Forests and trees are a cornerstone of addressing climate change, as are products made of wood - if they originate from sustainably managed forests," explains Ben Gunneberg, CEO of PEFC International. "Consumers can easily identify such products through the PEFC label, which is exclusively available for products coming from certified, healthy forests." Click Read More below for additional information.
Today the Postal Regulatory Commission approved the Postal Service’s planned price adjustments for First-Class Mail, USPS Marketing Mail, Periodicals, Package Services, and Special Services products. The Commission determined that the rates and related mail classification changes proposed by the Postal Service are consistent with 39 U.S.C. §§ 3622(d) and 3622(e), and may take effect as planned. The new prices, scheduled to take effect January 21, 2018, include a one-cent price increase for the Forever stamp from 49 cents to 50 cents. Postcards and metered letters will also increase by one cent from 34 cents to 35 cents and from 46 cents to 47 cents respectively. A complete listing of approved pricing and classification changes may be found on the Commission’s website, www.prc.gov in Docket No. R2018-1, Order No. 4215
Revenue at Hachette Book Group USA fell 2.8% in the third quarter ended September 30, compared to the same period in 2016. Parent company Lagardere attributed decline to unfavorable comparisons with last year’s third quarter. Lagardere said that last year HBG benefited from strong sales of new releases like Two by Two and Woman of God. Lagardere added that the Perseus publishing properties, which were acquired in March 2016, had a solid quarter. In a statement, HBG CEO Michael Piestsch said despite the sales dip in the third quarter, the company’s revenues through the first nine months of 2017 were “solidly ahead of 2016.” He cited growth in downloadable audio sales and a strong performance from the company's distribution side as high notes. Click Read More below for additional information.
The new Experience Centre provides a place for customers to get hands-on experience of the spectrum of capabilities offered by Bag-in-Box® solutions. State-of-the-art technology and interactive displays designed to showcase the films, taps and boxes are backed up by a wealth of information and technical expertise. Visitors are also given the opportunity to test the products in the laboratory and see how they can benefit their business. The Experience Centre opened last month as part of this year’s celebration of 40 years of the Bag-in-Box division. Dominique Gessat, General Manager of Smurfit Kappa Bag-in-Box Epernay comments: “Customers coming to the Experience Centre can evaluate all the processes of production and see with their own eyes the quality standards that Smurfit Kappa Bag-in-Box has adopted over the years. Click Read More below for additional information.
“The printer we purchased this summer is probably the most advanced printer in North America. Management was at a trade show and the company was giving a demonstration. They bought it and we’ve been in the process of installing it this summer,” Luyet said. A team went to Germany where the machine is manufactured to be trained. Then several of the staff from Germany came to Harrison for the installation process. “We expanded our warehouse by 38,000 feet, and we have rented the former Emerson facility and added an additional 30,000 feet there,” Luyet said. The WestRock plant of Harrison has two printers, four cutters and six gluing machines — about $20 million of equipment. The Harrison team ships products to all 50 states as well as to Canada and Mexico. Click Read More below for additional information.
We are firmly in the second wave of prepared meal kit delivery. Companies are specializing, doing more of the work for you, and are even built around specific devices. Which is what makes FirstChop intriguing, as it combines all of these new wave trends in its forthcoming service. Launching in December, FirstChop is looking to stand out in the competitive meal shipping space in few ways. First, it only does meal proteins: chicken, beef, lamb, etc.; no vegetables, no starches. Second, all those proteins are cooked, and then frozen and vacuum sealed, so you can eat them on your own schedule. And third, the Bay Area-based company is basically giving away a sous-vide wand so all customers have to do is put the frozen bag of meat in hot water to prepare it. For $109 (during pre-order, then it goes up to $139), customers can order the Starter Kit, which includes a sous vide wand and 9 servings of protein. There’s also the Family Box for $119 ($129 post pre-order), for 24 servings, and Co-Founder and CEO Ajay Narain told me that a third option with 14 servings will sell for $79. There is no monthly commitment. Click Read More below for additional information.
Cenveo, Inc. has been awarded the 2020 Census Printing and Mailing Contract from the U.S. Census Bureau. The two-year $61 million contract is one of the largest contracts for printing and mailing ever awarded by the U.S. Government Publishing Office. "Cenveo's award of the 2020 U.S. Census is a reflection of our core capabilities and expertise, manufacturing and fulfillment," said Robert G. Burton, Sr., Cenveo's Chairman and Chief Executive Officer. "We are well-positioned to execute and manage all aspects of this program successfully and with the level of quality and security expected. We are honored to be a part of this program that will achieve a lasting impact to the future of our country." The contract will involve the manufacturing and fulfillment of 1.6 billion pieces, including letters, envelopes, inserts, questionnaires and postcards. The majority of the work will be performed at Cenveo's printing and binding facilities located in Southern California (Los Angeles) locations and other work performed across the United States. Click Read More below for additional information.
Neenah Paper, Inc. announced that the Company will change its name to Neenah, Inc. effective on January 1, 2018. The Company's ticker symbol on the New York Stock Exchange will remain "NP" and names of subsidiaries will not be affected. "As we've continued to successfully execute our strategy to increase our presence in growing and profitable specialty niche markets, the last name of "paper" does not sufficiently reflect the diversity of our current and future company," said John O'Donnell, Chief Executive Officer. "The Neenah name, however, will continue to represent a product portfolio known for high performance and premium quality, as well as a company appreciated for its disciplined capital allocation and commitment to providing attractive returns to investors."
Net sales in the third quarter of 2017 were $329.5 million compared to $382.7 million in the same period last year, a decline of 13.9%. The Company generated net sales of $1.01 billion for the nine months ended September 30, 2017, compared to $1.16 billion for the same period last year, a decline of 13.1%. The sales decline for both the three and nine month periods was primarily driven by: (i) lower sales in the envelope segment, primarily due to lower direct mail demand primarily from our financial institution customers and lower demand in our wholesale and generic transactional envelope product lines primarily due to marketplace trends; (ii) lower sales volumes in the commercial print group and the publisher services group, primarily driven by lower customer demand and continued pricing pressures; and (iii) lower sales in the label segment, primarily due to the decision to exit our coating operation which was completed in the second quarter of 2016, and lower sales driven by customer demand and product mix changes. Operating loss was $0.5 million for the three months ended September 30, 2017, compared to operating income of $20.2 million in the same period last year. Operating income was $22.6 million for the nine months ended September 30, 2017, compared to operating income of $51.9 million for the same period last year, a decline of 56.5%. The decline during the three months ended September 30, 2017 was primarily due to lower gross profit resulting from lower sales volumes and intangible asset impairments of $7.7 million driven by our current and expected future operating results for certain product lines. The declines in the nine months ended September 30, 2017 were primarily due to lower gross profit resulting from lower sales volumes, the impact of the decision to exit the coating operation, intangible asset impairments of $7.7 million driven by our current and expected future operating results for certain product lines, and higher restructuring and other charges resulting from the 2017 Profitability Improvement Plan. Click Read More below for additional information.
LSC Communications announced that it has acquired the Quality Park envelope business from Cenveo. Quality Park is a leading producer of quality envelopes, mailing supplies and assorted packaging items. Jim Ellward, President of the TOPS Products division of LSC Communications, commented, “We're excited to bring the strong Quality Park brand into our stable of well respected and widely known brands such as Adams, Ampad, Cardinal, Oxford, Pendaflex and TOPS. Taking advantage of the synergies between TOPS Products and Quality Park will enable us to enhance our office solutions offering to extend deeper into new and existing relationships.”
Sales of $1,103 million increased by $82 million or 8% compared to the same period last year, reflecting the consolidation of results from the Greenpac Mill beginning in the second quarter, improved pricing and sales mix in all four of the Corporation's business segments, and additional sales from recovery and recycling activities due to higher recycled fibre pricing. These benefits were partially offset by lower volumes in our North American operations, and the stronger Canadian dollar which resulted in a less favourable CAD/USD exchange rate. Third quarter operating income stood at $51 million , a slight improvement from $50 million last year. This performance reflects the inclusion of Greenpac in the current quarter, price increases mainly in Containerboard, and lower Corporate activities costs related to lower stock-based compensation expense. These were offset by higher raw material costs, and higher production costs in Containerboard and Tissue, due to freight and logistics, and increased use of outside contracting. Specific items recorded in the current period (please refer to the ''Supplemental Information on Non-IFRS Measures'' section for more details) decreased operating income by $2 million . On an adjusted basis, third quarter operating income stood at $53 million , down slightly from $55 million in the prior year period. Click Read More below for additional information.
Kevin Mansell, Kohl's chairman, chief executive officer and president, said, "We are pleased to report an increase in comp sales for the quarter as the traffic momentum we saw in the first half of the year continued. We saw strong results during the back-to-school season, achieving a low single-digit positive comp. The middle of the quarter was soft as we experienced disruptions from the hurricanes and other unseasonal weather. The quarter closed with strong sales in the second half of October." Kohl’s ended the quarter with 1,156 Kohl's stores in 49 states compared with 1,155 Kohl's stores at the same time last year. Kohl's also operates 12 FILA Outlets and four Off/Aisle clearance centers. The Company now expects fiscal 2017 diluted earnings per share of $3.72 to $3.92, which includes the impact of a fourth quarter tax settlement. Click Read More below for additional information.
UPM Plywood introduces a new fire retardant WISA-SpruceFR structural plywood for building and construction end uses. WISA-SpruceFR combines the market leading quality and structural performance with B-s1, d0 fire classification - the highest a wood product can have. "This is uniquely different type of plywood product released to the market," says Riku Härkönen, Product Manager at UPM Plywood. "There are products which are either extremely expensive, pressure treated, or they come with conditions and requirements for other structural solutions," Härkönen describes. Unlike in many other fire-resistant wooden products, the fire-retardant treatment in WISA-SpruceFR does not compromise the plywood's technical properties; the panels preserve the original qualities of untreated WISA-Spruce plywood. Also, different from many other wood panels, WISA-SpruceFR does not require any special structural design to achieve the fire classification. It can be used just like a regular plywood panel. Click Read More below for additional information.
Total reported sales for the third quarter of 2017 were $2.6 billion compared to $2.8 billion in the third quarter of 2016, a decrease of 8%. Third quarter sales include the negative impact on both the Retail and Business Solutions Divisions from hurricanes Harvey, Irma and Maria, which disrupted operations in Puerto Rico and the southeastern United States where a heavy concentration of customers are located. In the third quarter of 2017, Office Depot reported operating income of $108 million, net income from continuing operations of $98 million, or $0.19 per diluted share and total company net income of $92 million, or $0.17 per diluted share. Both net income from continuing operations and total company net income include a net tax credit of approximately $37 million associated with the reduction of the U.S. tax valuation allowance. Click Read More below for additional information.
It highlights several milestones, while noting that the company’s delivery of its sustainability commitments is an ongoing process. These include: •The launch of the company’s Sustainable Forest Management Policy 2.0 in June 2015, which remains at the centre of our operations today as we implement its commitments, including the immediate elimination of deforestation from our supply chain. •The subsequent formation of the Independent Peat Expert Working Group (IPEWG) in early 2016, which is advancing science-led approaches to responsible peatland management. •The achievement of Sustainable Forest Management certification under the Programme for the Endorsement of Forestry Certification (PEFC) – the first Indonesian company to achieve this. •The establishment of the Fire Free Village Programme (FFVP) in July 2015 – a community-based fire prevention initiative that today continues our progress towards a fire free landscape. •The expansion of peatland restoration project, Restorasi Ekosistem Riau, to 150,000 hectares supported by US$100 million over ten years, which today continues to promote the protection of important biodiversity on the Kampar Peninsula. •The implementation of a GHG monitoring project to measure emissions across production and conservation landscapes. Click Read More below for additional information.
The international media, services and education company increased its revenues by 1.3 percent year-on-year to €12.1 billion (previous year: €12.0 billion). Bertelsmann's strategic growth businesses were particularly instrumental in this development: RTL Group's digital activities continued their dynamic growth, increasing by around 30 percent to €560 million. The music company BMG grew by 29 percent; the Bertelsmann Education Group recorded growth of 38 percent. Overall, the share of total revenues contributed by the high-growth businesses increased to 32 percent (previous year: 29 percent). Group profit increased to €694 million at September 30, surpassing the previous year's figure by 6.4 percent (previous year: €652 million). The result before sale of investments was therefore at a record level. With capital gains of €69 million, the Bertelsmann Asia Investments (BAI) fund once again made a high contribution to earnings. Click Read More below for additional information.
With demand for the fuel accelerating in September after a hurricane knocked out a swath of U.S. refining and fires eliminated processing in Europe’s hub, diesel was credited with underpinning a rally in crude. Brent jumped above $60 a barrel last month and is still on an upward trajectory. But while those refinery issues are normalizing -- and diesel is weakening -- there’s been little let-up in the rally in crude futures. They reached a more than two-year high of $64.65 a barrel on Nov. 7, and remain close to that. “This will counter the recent support to crude,” Alan Gelder, vice-president of refining, chemicals and oil markets at Wood Mackenzie, said of signs the diesel market is weaker than expected. “Particularly if demand growth turns out to be disappointing” given the importance of diesel as a source of consumption during winter months. Click Read More below for additional information.
Graphic Packaging Holding Company announced that its wholly-owned subsidiaries, Graphic Packaging International, Inc. and Graphic Packaging International Canada, ULC, have agreed to acquire the assets of Seydaco Packaging Corp. and its affiliates National Carton and Coating Co., and Groupe Ecco Boites Pliantes Ltée. Seydaco is a folding carton producer with a leading position in Canada focused on the foodservice, food, personal care, and household goods markets. Seydaco converts approximately 20,000 tons of paperboard annually and operates three converting plants located in Mississauga, Ontario, St.-Hyacinthe, Québec, and Xenia, Ohio. The business generated revenues of approximately $40 million and low double digit EBITDA margins on an LTM basis. Click Read More below for additional information.
•Group sales almost the same as previous year at €1,054 million •Operating result (EBITDA) improves from €45 million to €60 million – EBITDA margin reaches 8.2 percent in second quarter •Net result after taxes increases by €28 million – positive half-year result for the first time in ten years •Success in strategic development – high demand for digital presses, establishment of new business models, and kickoff of a transformation program to drive operational excellence. Click Read More below for additional information.
HP Inc. expanded its 3D printing portfolio with the announcement of the new HP Jet Fusion 3D 4210 Printing Solution. Designed for industrial-scale 3D manufacturing environments, the new solution significantly lowers overall operating costs while increasing production volume capabilities, raising the “break-even point” for large-scale 3D manufacturing to up to 110,000 parts1 and enabling the industry’s lowest cost-per-part (CPP) - up to 65% less than other 3D printing methods.2 Existing Jet Fusion customers can pre-order the 3D 4210 Printing Solution upgrade today, and new customers can purchase Jet Fusion systems now with the option to pre-order the 4210 system upgrade.3 HP also announced the expansion of its innovative Open Materials Platform with new partners Dressler Group and Lubrizol, as well as three new forthcoming 3D printing materials: HP 3D High Reusability PA 11 and HP 3D High Reusability PA 12 Glass Beads4, and the future availability of HP 3D High Reusability Polypropylene. The new materials, developed at HP’s innovative 3D Open Materials and Applications Labs, will broaden the uses and capabilities of HP Multi Jet Fusion technology and open a world of new high-volume applications. Click Read More below for additional information.
Sales in the third quarter of 2017 totaled $5.281 billion, a decrease of 6.1 percent, compared with sales of $5.626 billion in the third quarter of 2016. The year-over-year decline in total sales reflects, in part, the closure of stores previously announced by the company. Comparable sales on an owned basis were down 4.0 percent in the third quarter and down 3.6 percent on an owned plus licensed basis. Macy’s, Inc.’s operating income for the third quarter of 2017 totaled $121 million, or 2.3 percent of sales, compared to $107 million, or 1.9 percent of sales, for the third quarter of 2016. Operating income for the third quarter of 2017 totaled $176 million, or 3.3 percent of sales, excluding restructuring and other costs of $33 million and non-cash retirement plan settlement charges of $22 million. Operating income for the third quarter of 2016 totaled $169 million, or 3.0 percent of sales, excluding non-cash retirement plan settlement charges of $62 million. Click Read More below for additional information.
Transcontinental Inc.'s Media Sector, TC Media, announces the sale of 21 of its publications and their related web properties, as well as its InMemoriam.ca site to Icimédias Inc., a company led by its President Renel Bouchard, with Marc-Noël Ouellette as Managing Director. In total, 140 employees of these various publications and 28 employees from TC Media's Production team are transferred to Icimédias. TC Transcontinental also concluded a multi-year agreement for the printing and distribution of all of these publications. This represents the largest transaction to date in the process for the sale of TC Media's local and regional newspapers in Québec and Ontario. With the completion of this transaction, close to 50% of the titles included in this process are now in the hands of local owners. The publications sold to Icimédias are: L'Avenir de l'Érable, La Nouvelle union – Wednesday edition and La Nouvelle union – Sunday edition, in Centre-du-Québec; Beauce Média, L'Éclaireur Progrès, Hebdo Régional, La Voix du Sud and Courrier Frontenac, in Chaudière-Appalaches; Le Progrès de Coaticook and Le Reflet du Lac, in Estrie; Le Courrier Sud, L'Écho La Tuque/Haut-St-Maurice, L'Écho de Maskinongé, L'Hebdo du St-Maurice and L'Hebdo Journal, in Mauricie; L'Avenir et des Rivières, Granby Express, Journal Le Guide, Le Canada Français, Le Richelieu and Coup d'œil, in Montérégie. Click Read More below for additional information.
Revenues decreased $71 million, or 9%, in the third quarter of 2017 from the year-earlier quarter to $679 million, reflecting declines in Print and other advertising and Circulation revenues, partially offset by growth in Digital advertising and Other revenues. The U.S. dollar relative to the British pound did not have a significant impact on Revenues for the quarter ended September 30, 2017. Operating Income (Loss) was income of $51 million for the three months ended September 30, 2017 and loss of $167 million for the three months ended September 30, 2016. We recognized Asset impairments of $188 million, related primarily to a domestic tradename intangible, during the three months ended September 30, 2016. Click Read More below for additional information.
Financial and Business Highlights •Record gross revenue was $288.4 million in the third quarter, an increase of 3% compared with $280.0 million in the third quarter of 2016. Year-to-date gross revenue was $835.3 million, a 2% increase compared with $820.3 million in the prior period. •Record gross profit (net revenue) was $72.5 million, or 25.1% of gross revenue in the third quarter, a 7% increase compared to $67.8 million, or 24.2% of gross revenue, in the same period of last year. Year-to-date gross profit (net revenue) was $207.0 million, or 24.8% of gross revenue, an increase of 6% compared to the prior-year period. •Net income was $7.5 million or $0.14 per diluted share in the third quarter, compared to net income of $4.3 million or $0.08 per share in the third quarter of 2016. Year-to-date net income was $17.5 million or $0.32 per diluted share, compared to net income (loss) of $(0.7) million or $(0.01) per diluted share in the same period of 2016. Click Read More below for additional information.
Third Quarter Highlights •Revenue of $245.1 million increased 5 percent, or $12.2 million, from $232.9 million in the prior year. •Operating income of $29.0 million increased 8 percent, or $2.1 million, from $26.9 million in the prior year. •Earnings per diluted share (E.P.S.) of $1.10 increased 16 percent from $0.95 per share in 2016. •On an adjusted basis, E.P.S. of $1.02 in 2017 increased 3 percent from $0.99 in 2016. Adjusted E.P.S. excluded $0.12 per share in 2017 for net proceeds from an insurance settlement, and acquisition, integration, and restructuring costs of $0.04 per share in both years. •Cash generated from operations of $36.2 million decreased from $40.6 million in 2016 while capital spending of $8.0 million in the quarter decreased from $20.8 million in the third quarter of 2016. •A binding agreement was signed to acquire Coldenhove, a Netherlands-based performance materials company and leader in digital transfer media, with annual sales of $45 million. Closing occurred on November 1, with a payment of $45 million. Click Read More below for additional information.
Futures were little changed after slipping 0.3 percent on Tuesday, the first decline in four sessions. Crude inventories fell by 1.56 million barrels last week, while motor-fuel stockpiles gained 520,000 barrels, the industry-funded American Petroleum Institute was said to report. A Bloomberg survey forecast a 2.45 million-barrel oil-supply drop ahead of government data Wednesday. “The U.S. shale machine is poised to shift up a gear as producers make hay amid the healthier price backdrop,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. West Texas Intermediate for December delivery slid 8 cents to $57.12 a barrel on the New York Mercantile Exchange at 10:04 a.m. London time. Total volume traded was 12 percent below the 100-day average. Prices slipped from the highest level in more than two years to close at $57.20 on Tuesday. Click Read More below for additional information.
The Navigator Company, the leading operator in the pulp and paper sector, and the Web Summit, the world's largest digital technology event, have reached agreement on a partnership on Sustainability issues. As the Web Summit Carbon Offsetting Partner, Navigator will offset the event's carbon dioxide emissions by planting 95,000 pine trees in central Portugal, enough to neutralise all the event's emissions, including air travel by more than 60,000 visitors, in addition to eliminating nonrecyclable consumables during the summit, by using biodegradable paper cups and receptacles which are 100% recyclable. Click Read More below for additional information.
KPLP Q3 2017 Business and Financial Highlights -- Revenue increased by 7.5% to $336.3 million in Q3 2017 compared to Q3 2016 -- Adjusted EBITDA was $39.4 million in Q3 2017 compared to $45.6 million in Q3 2016 -- TAD Products sales and Adjusted EBITDA contribution continued to be strong, in line with previously set targets -- Successful start-up of new Paper Machine #8 and a new converting line in Crabtree, Quebec site. Click Read More below for additional information.
Allen Press, Inc. will host a community open house on Thursday, November 9, 2017 to celebrate its Digital Production Center grand opening. The event will take place from 11 a.m. to 5 p.m. and is open to the public. A Lawrence Chamber of Commerce ribbon cutting ceremony will begin at 11:30 a.m. with remarks from Lawrence City Commission Representative Lisa Larsen and Chamber of Commerce Board member Phil Bradley. Afterwards, guests will have the opportunity to chat with printing, mailing and marketing experts, meet their local sales representative Paula Gibbs, tour the plant and see live demonstrations of two new state-of-the-art digital presses and a variety of high tech finishing equipment. Complimentary food and beverages will be served throughout the day. “Allen Press is a proud staple that has contributed to the Lawrence community for over 80 years,” said Allen Press CEO Randy Radosevich. “We believe it’s important to connect with local residents and the businesses we serve so they continue to be a part of what we’re up to, and with our new digital production equipment and increased creative services capabilities, what better time than now to celebrate together that for the first time we are able to serve everyone’s complete marketing needs.” Click Read More below for additional information.
In a move toward growth, Target has decided to close stores, and a dozen of them at that. The Minneapolis-based Star Tribune first reported on the news Tuesday afternoon. "We have a rigorous process in place to evaluate the performance of every store on an annual basis, closing or relocating underperforming locations as needed," a spokeswoman for the big-box retailer told CNBC. "Typically, a store is closed as a result of seeing several years of decreasing profitability," she added. The 12 stores — spread across states including Michigan, Florida, Illinois and Texas — will close on Feb. 3 of next year. Click Read More below for additional information.
Net sales increased $6.7 million, or 18%, in the third quarter of 2017 compared to the second quarter of 2017. The increase in net sales principally reflects the continuing ramp-up of new business, which began to be produced and shipped late in the second quarter of 2017. Converted product net sales increased $7.2 million, with $6.9 million of the increase attributable to increased volume and $0.3 million due to an increase in the average selling price. Parent roll sales decreased $0.5 million, reflecting the utilization of increasing mill capacities to service new converted-product business. Cost of sales increased $5.5 million, or 15%. Standard cost of sales increased $4.2 million, or 15%, consistent with the change in sales. Major contributors to the remaining $1.3 million increase in cost of sales include: approximately $0.9 million of increased freight cost based on changes in customer and geographic distributions; approximately $1.0 million of increased material costs, principally for virgin fiber; approximately $1.2 million of increased overhead costs not yet covered by production and sales at the new Barnwell, South Carolina facility; and other factors such as inventory obsolescence resulting from changes in customers' product lines and certain manufacturing efficiency variances. Partially offsetting these noted changes in costs were: approximately $1.3 million of variances were capitalized that were directly attributable to preproduction test runs necessary to get Barnwell's new equipment ready for its intended use, and Pryor's absorption variance improved by approximately $0.6 million. Click Read More below for additional information.
UPM and the Government of Uruguay have signed an investment agreement, which outlines the local prerequisites for a potential pulp mill investment. The agreement details the roles, commitments and time-line for both parties as well as the relevant items to be agreed prior to the final investment decision. The agreement defines the requirements for the operating environment of a world-class pulp mill project. The site of the mill would be close to the city of Paso de los Toros, in the department of Durazno in central Uruguay. A long-term industrial operation requires stable and predictable operational environment. This will be supported by several measures in the areas of regional development, environment, forestry and land planning as well as labour and energy conditions. Click Read More below for additional information.
In a move that surprised many in the self-publishing community, Macmillan has announced that it will cease all operations at Pronoun, a self-publishing platform that it acquired in May 2016. Jeff Seroy, senior v-p of publicity and marketing at Macmillan's Farrar Straus and Giroux unit, confirmed the shutdown. Asked why Pronoun was being shuttered 18 months after the acquisition, Seroy said despite Macmillan investment in the platform and “terrific” feedback from Pronoun authors, “we came to the conclusion that there wasn't a path forward to a profitable business model and decided to shut down the platform." Seroy said Macmillan will, “continue to invest in the data and analytics side of the company as we have found it of great value.” He also said that former Pronoun CEO Josh Brody and former chief product officer Ben Zhuk left Macmillan earlier in the year. Click Read More below for additional information.
Net sales of $1.1 billion increased 6% on an as reported basis. Currency had a positive impact on total net sales of 1%, or $13 million. As reported, net sales increased across all regions. Net income from continuing operations on a reported basis was $62 million, or $0.33 per diluted share, as compared to net income from continuing operations of $64 million, or $0.32 per diluted share, in the third quarter 2016. Net income in the third quarter 2017 was unfavorably impacted by $24 million of special items, including $9 million of restructuring and other restructuring associated costs, $7 million related to acquisition and divestiture activity and $5 million of tax special items. Net income in the third quarter 2016 included $17 million of special items, including $7 million of charges related to restructuring and other costs associated with our restructuring programs and $9 million related to tax special items. Click Read More below for additional information.
“Mike is a great fit for SFI because he brings a wealth of leadership experience on sustainability and community building. His approach shows that financial results and corporate responsibility are not mutually exclusive. Mike’s message that we have to reach far beyond day-to-day business operations and really have a positive impact on our shared quality of life resonates with the entire SFI community,” said Kathy Abusow, President and CEO of SFI Inc. To excel in sustainability and community engagement, Mike and his team focus their efforts on three pillars: preserving the environment, putting food on the table, and investing in education. “These pillars at Graphic Packaging line up with SFI’s work on elevating conservation values, engaging communities and supporting environmental education,” Doss said. Click Read More below for additional information.
Transcontinental Inc. announces the consolidation of its newspaper printing activities in Québec into three plants, and consequently the closure of Montréal-based Transcontinental Métropolitain in late January 2018. The printing activities will be mainly transferred to the Transcontinental Transmag plant in Montréal, which has state-of-the-art equipment. The regional plants of Transcontinental de la Capitale in Québec City and Transcontinental Qualimax in Gatineau will also take in volume upon transfer of activities which will take place progressively beginning in early January. This decision was made in the context of the decline in the newspaper printing market, and more specifically in connection with the upcoming end of the printing of La Presse newspaper. The plant closure will enable the Corporation to optimize its newspaper printing platform in order to stay competitive. Customers will continue to be served with quality products by TC Transcontinental Printing's network and its talented teams. Click Read More below for additional information.
TIME ranks #1 most trusted news brand and PEOPLE ranks #1 most trusted entertainment news brand, according to a new study released by Sharethrough. The study was conducted to compare trust, transparency and engagement between premium publishers and social media platforms – revealing that premium publishers rank ahead of Facebook and Twitter. According to the results, Time Inc.’s TIME and PEOPLE are the most trusted premium publishers, when comparing the mindset of audiences that access news content through premium publishers versus major social media platforms. Click Read More below for additional information.
Forest Positive brings significant benefits for nature because it not only ensures net zero deforestation, but is also proven to promote biodiversity, improve water quality, and enhance the ability of forests to absorb carbon dioxide. The innovative RAFNXT+ range has a carbon potential that is up to 20% more carbon positive than standard paper labels. The RAFNXT+ range optimizes the use of raw materials, using less energy and water, and generating less waste during its lifecycle compared to standard labels. It provides a competitive edge for printers and brand owners alike in terms of both sustainability and efficiency, with fewer reel changes delivering savings in downtime and start-up waste, lower packaging and transportation costs, and increased storage capacity for both raw materials and finished stock. Click Read More below for additional information.
Blackford Capital is excited to announce the acquisition of Kingsport Book. Kingsport Book is the second company in the book printing industry to be acquired by Printing Consolidation Company - a Blackford Capital portfolio company - which also owns Dickinson. Kingsport Book has developed a strong reputation as a high-end book finishing and fulfillment company, located in Church Hill, Tenn. In its 120,000-sq.-ft. facility, the company has developed an equipment platform that can flexibly service deluxe, trade, and soft-cover books at quantities ranging from one to a million. "The addition of Kingsport Book is in direct response to the needs of our customers. The ability to manufacture deluxe books domestically with very short-turn times, is one of the core requests we have heard from our customers base," says Aaron Day, CEO of Printing Consolidation Company (PCC) and Dickinson. Click Read More below for additional information.
We continue to accept stock orders and run limited finishing equipment (primarily sheeters and winders) to process and convert existing work in process to customer specific sizes. We have inventory remaining in most of our grades including: • U1X sheets • U2:XG Sheets • U2 Sheets & Web • Utopia Premium Sheets • Utopia Inkjet • Reincarnation Sheets • C1S Sheets (limited amounts) • Ethos Offset 30-100% PCRF • Ethos Enhanced Inkjet • Ethos Uncoated Inkjet with ColorPRO • Ethos Pharma Insert Opaque
Stora Enso has joined forces with Microsoft to bring cloud-based intelligent packaging solutions to clients globally. Intelligent Packaging by Stora Enso utilizes Microsoft Azure, the leading cloud platform for business digitalization. The global and scalable cloud platform from Microsoft enables reliable and secure data collection and analytics for clients investing in innovative intelligent packaging solutions. Intelligent Packaging by Stora Enso integrates widely adopted RFID (Radio frequency identification) technology which enables the product to be tracked, traced and tamper-proofed throughout the entire supply chain. Moreover, the technology allows communication between the brand-owner and the end-user using an NFC (Near Field Communication)-enabled smartphone. Comprehensive data management and analytics capabilities are vital to all intelligent packaging solutions. Through the Microsoft cloud service, all data are collected for analytics to support and improve business efficiency. Click Read More below for additional information.
“American Eagle’s Project Phoenix proves that intentional focus on increased efficiency benefits company operations – environmentally, socially and economically,” said AF&PA President and CEO Donna Harman. American Eagle Paper Mills commissioned Project Phoenix to increase efficiency and reduce water use at their Tyrone, Pennsylvania, mill – one of the oldest working paper mills in the United States. Infrastructure updates resulted in an 83 percent reduction in total daily river and watershed water withdrawal; a 91 percent reduction in daily water consumption; and an 18.1 percent reduction in process water effluent per ton of paper produced. Click Read More below for additional information.
“A series of environmental commitments led Resolute to implement voluntary and pro-active improvements to drastically reduce GHG emissions from their facilities,” said AF&PA President and CEO Donna Harman. Resolute adopted a series of ambitious sustainability commitments, including a goal to reduce greenhouse gas emissions (scope 1 and 2) from their facilities by 65 percent between 2000 and 2015. By improving the energy efficiency of their operations and increasing their use of lower carbon fuels, Resolute surpassed that goal. At the end of 2016, the company had lowered GHG emissions by 73 percent compared to 2000 levels, equivalent to the removal of 1.82 million cars off the road. Click Read More below for additional information.
“All of Sappi’s mills follow standard industry safety measures, but their mill in Cloquet, Minnesota went the extra mile to implement a set of initiatives that reached unprecedented safety records,” said AF&PA President and CEO Donna Harman. Sappi’s Cloquet mill implemented four unique safety programs, engaging and educating its employees on recognizing safety issues, reducing risk of injury, maintaining a safe work environment, and creating and sustaining safety standards. The programs led the Cloquet mill to reach a company milestone of two million hours worked without a lost time injury – an equivalent to over 450 days without significant injury. Click Read More below for additional information.
WestRock received a Leadership in Sustainability Award for Water for its Covington Mill Power Boiler Ash Handling Systems project and the Innovation in Sustainability Award for its Moving Products the Green Way project. “By converting and updating an existing system at its Covington, Virginia mill, WestRock reduced the facility’s water use and is now able to provide a biomass byproduct for beneficial reuse,” said AF&PA President and CEO Donna Harman. To optimize its management of fly ash – a byproduct of burning coal in boilers for energy in the paper mill's manufacturing process – WestRock’s Covington, Virginia mill converted its boiler ash handling system from a water-managed to a dry ash system. Benefits include an 8 percent reduction in daily water usage at the mill, improved water effluent quality, and increased opportunities for reuse of the fly ash. “Developing innovative software allowed WestRock to reduce the environmental impact of its transportation systems and save costs without sacrificing the company’s high standards for customer service,” said Harman. Click Read More below for additional information.
“International Paper took the initiative to increase and expand its certified fiber supply by supporting small private landowners – benefitting its customers, its suppliers and its businesses,” said AF&PA President and CEO Donna Harman. International Paper created a cost-effective means for small private landowners to become Forest Stewardship Council (FSC) certified following customer demand for certified products. Through Certified Forest Management LLC, its own FSC forest management group, International Paper has directly enrolled and actively maintained FSC forest management certification for 210 private landowners in ten states since 2012, significantly increasing certified forestlands and their certified fiber supply in the process. Click Read More below for additional information.
Oil traded near the highest level in more than two years as political upheaval in top crude exporter Saudi Arabia reverberated through a market where prices were already elevated by signs of tightening supply. Investors have piled into oil as a shake-up of the ruling elite in OPEC’s biggest producer was seen to consolidate power with Crown Prince Mohammed bin Salman, who backs extending the group’s output cuts aimed at clearing a global glut. The purge also raised concern over instability in the kingdom, supporting a geopolitical-risk premium on crude that’s emerged with heightened tensions surrounding nations such as Iraq and Iran. Oil’s gained more than 20 percent since the beginning of September on signs global supplies are tightening and the Organization of Petroleum Exporting Countries and its allies may prolong their output deal past March. Click Read More below for additional information.
Hachette Book Group has acquired most of the assets of Meadowbrook Press, which is based in the Minneapolis suburb of Minnetonka. Approximately 25 of Meadowbrook’s pregnancy, childcare, and parenting backlist titles will be updated and reissued under the Da Capo Lifeline Books imprint. Another 25 of Meadowbrook’s children’s and gift/humor backlist titles will be reissued by HBG's Running Press unit. Meadowbrook Press was founded in 1975 by Bruce Lansky and his then-wife, Vicki, to publish her first book, Feed Me I’m Yours, a cookbook for parents of young children; it has sold to date more than three million copies. The company is also the publisher of several bestselling titles for parents and expectant parents, such as The Simple Guide to Having a Baby, which has sold 1.5 million copies, Pregnancy, Childbirth and the Newborn, which has sold almost 1.4 million copies, as well as six baby-naming books, including 100,000+ Baby Names. The baby-naming books, which were authored by Lansky, have sold a total of more than 11.5 million copies. Click Read More below for additional information.
Billions of consumer packages are consumed globally every day, and the amount is growing. The Better with Less – Design Challenge is challenging packaging designers to create ever more environmentally-friendly, functional packaging solutions for everyday goods. The international competition jury includes renowned packaging design experts. Better with Less – Design Challenge starts 6 November, 2017. The international packaging design competition, organized by Metsä Board, aims to find new packaging solutions for some of the world’s most frequently used and fastest growing types of consumer packages. Billions of consumer packages are consumed globally every day, and as the population continues to grow, so will the number of packages. The high amount of plastic used in packaging is an international concern, in part because globally the plastic waste inputs into the oceans amount annually to almost nine million tonnes. Click Read More below for additional information.
Due to continuing input cost increases Sappi is forced to continue passing on this cost inflation by increasing its LWC and MWC grades prices by 6-8% from January 1st 2018 for all markets. This follows previous announcements made for its woodfree coated and woodfree uncoated grades. Despite strong order books margins continue to be depressed by this severe input cost inflation. Sappi’s sales representatives will be in touch with their customers to agree on the specifics over the following weeks.
Following improved global market balance as well as improved demand for printing paper, SCA announce a price increase in Europe of € 40 per ton for Coated Mechanical reels and Uncoated Mechanical reels, valid for deliveries from January 1 2018.
Sustainable packaging leader Smurfit Kappa has announced that it has slashed the chemical oxygen demand (COD) in its water discharge three years early. The company had set an ambitious goal to improve the quality of its water quality by reducing the COD by 1/3 per tonne of produced paper by the end of 2020 compared to 2005. This significant improvement in water quality is an important step for protecting aquatic life and comes after extensive research and development. Smurfit Kappa invested over €60 million in sustainable water treatment technology installing anaerobic water treatment processes that do not need oxygen and subsequently use less energy, followed by aerobic treatment to ensure low COD results. The treatment transforms water pollutants into biogas which is then reused as fuel in the company’s combined heat and power plants. Click Read More below for additional information.
Electronics For Imaging, Inc. announced the availability of a new EFI™ Fiery® digital front end (DFE) for the Xerox® iGen® 5 Press. The Xerox EX-P 5 Print Server Powered by Fiery first made its debut at PRINT 17. The new Fiery DFE supports the iGen 5 Press' new White Dry Ink capability, and is the first commercially available DFE on the new Fiery FS300 Pro platform. "We believe the new capabilities with the Fiery DFE will be a significant asset to our customers, especially as it relates to optimizing our fifth station options," said Ragni Mehta, vice president and general manager, Cut Sheet Business, Xerox. "This partnership with EFI will allow Xerox to capitalize on the ability of White Dry Ink and other specialty colors to increase the breadth of applications that can be produced on the Xerox iGen 5 Press." Click Read More below for additional information.
Crude prices started the week on an upbeat note on Monday, boosted by expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month. Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8 million barrels a day (bpd) for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices. Prices received another boost as a sizable weekly drop in active U.S. oil rigs to the lowest level since May fed expectations for a slowdown in domestic crude output growth. Click Read More below for additional information.
The U.S. Department of Commerce announced Thursday it will impose countervailing and antidumping import duties on several Canadian softwood lumber firms. Commerce Secretary Wilbur Ross said the department determined Canada is providing unfair subsidies to its producers of softwood lumber at rates from 3.34 percent to 18.19 percent and has sold softwood lumber to the United States at 3.20 percent to 8.89 percent less than fair value. "While I am disappointed that a negotiated agreement could not be made between domestic and Canadian softwood producers, the United States is committed to free, fair and reciprocal trade with Canada," Ross said. As a result of the findings, Commerce instructed U.S. Customs and Border Protection to collect import duties averaging 20.83 percentt on Canadian lumber imports. Click Read More below for additional information.
Forest Products Association of Canada (FPAC) is disappointed with the U. S. Commerce Department’s announcement of final duties on Canadian softwood lumber. These are unwarranted duties that the U.S. is levying against our industry and it will result in Americans paying more to build and renovate their homes. FPAC will continue to work alongside the federal government, provincial governments and our provincial forest products association partners to ensure that Canada’s forest products sector remains competitive and innovative in the face of these protectionist measures. "We appreciate that the federal government has pledged its continued support to defend our sector and our workers against these tariffs which are completely without merit,” said Derek Nighbor, CEO of Forest Products Association of Canada.
Drinking from her Contigo reusable coffee mug, tested and approved by the GH Institute, Good Housekeeping Deputy Editor and Good Housekeeping Institute Director Laurie Jennings does more than just talk the sustainability talk; she is developing the first annual Green Summit, to be hosted at Hearst Tower on November 8. As a consumer-advocacy publication for more than 130 years, the team at Good Housekeeping decided now was the time to plan Raising the Green Bar: Your Roadmap to Sustainability & Success because of an increased interest from its readership in sustainability and a growing concern for the environment. “Three years ago, when we asked consumers if a product was green would it make them more likely to buy it, the answer was ‘not really’,” Jennings says. “Now, more and more, there is a big resounding ‘yes–green matters’ response to that question.” Click Read More below for additional information.
Sears Holding Corp. has announced yet another round of store closures, with Kmart taking a big hit. The embattled retailer said it will close 63 stores, including 45 Kmart locations and 18 Sears stores. The stores will close after the holidays, in late January. But liquidation sales will begin as early as Nov. 9. “Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size,” the retailer stated in an announcement on its website. “In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.” Click Read More below for additional information.
Norske Skog has over the last few days made meaningful progress with the holders of the EUR 100 million NSF facility and the majority holder of the 2115 Perpetual Notes towards find a mutual acceptable solution where these financial instruments are included in the consensual recapitalization of the Norske Skog group. If a solution is achieved, Norske Skog will have received indicative support from the requisite majority of all relevant financial instruments in the Norske Skog capital structure. Due to the need to include a solution for the NSF facility and the Perpetual Notes in the overall recapitalization proposal, a new consent solicitation to the secured and unsecured noteholders will need to be launched. It is not anticipated that the updated consent solicitation will include any material changes to the terms set out in the current consent solicitation statement. As a new consent solicitation will have to be launched, the current consent solicitation will not be extended and will therefore expire on 3 November 2017 at 17:00 CET. Click Read More below for additional information.
R.R. Donnelley & Sons Company announced it has taken the ParityPledge™, building on its commitment to improving the pathway for women in leadership positions. The ParityPledge asks that companies commit to interviewing at least one qualified woman candidate for every open position, vice president and above, including the C-suite and board. The ParityPledge is an initiative of Parity.org, a 501(c)(3) non-profit organization focused on bringing gender equality to the highest levels of business. “I am thrilled to make this pledge on behalf of RRD to champion the advancement of women in business,” said Sheila Rutt, Executive Vice President and Chief Human Resources Officer at RRD. “Our commitment to diversity and inclusion is fundamental to our ability to meet the needs of our current and future clients, drive business success and promote a high-performance culture. The ParityPledge strengthens our commitment to gender parity in the RRD workforce and broader dedication to diversity and inclusion in the highest levels of corporations today.” Click Read More below for additional information.
Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the acquisition of Nekoosa, a leading manufacturer of specialty paper and film products used in the graphics and commercial print markets. Terms of the deal were not disclosed. Headquartered in Nekoosa, Wisconsin, Nekoosa produces a comprehensive suite of specialty engineered materials in four key product areas: application and pressure sensitive tapes used to protect and transfer graphics onto surfaces such as store windows and commercial vehicles; specialty synthetic papers that offer a digitally printable tear-and-water-proof alternative to lamination; sheeted digital and offset grade carbonless paper; and extruded film products used in wall panel, credit card, and lighting applications. Through a network of more than 1,000 global distributor partners, Nekoosa serves a highly-diverse base of more than 70,000 commercial print and graphics shops in 65 countries. Click Read More below for additional information.
Condé Nast has shuttered its print edition of Teen Vogue, adjusting the frequency of various titles, and laying off approximately 80 staffers, Folio: has learned. The cuts represent approximately 2.5 percent of its 3,000 employees, and the company “is expected to complete its final round of cuts by next Thursday,” reports WWD. In addition to the changes at Teen Vogue, GQ, Glamour, Allure, Architectural Digest, Bon Appétit, W and Condé Nast Traveler are among the company’s magazines set to see decreases in print frequency. Vanity Fair, Vogue, Wired, Brides and The New Yorker, however, will remain unaffected and continue to print at the same frequency. Click Read More below for additional information.
Frontline has announced today the acquisition of Gold Key Media, the Publishing and Venue Services division of COMAG. Gold Key Media Ltd becomes a fully owned subsidiary of Frontline Ltd on 1 November 2017 and will continue to be led by the existing, highly experienced management team. With an exciting mix of market-leading dynamic distribution services, Gold Key Media creates bespoke solutions supplying newspapers and magazines in print and digital format to the business, leisure, travel, luxury and event industries across the world. Established in 2001, Gold Key Media has grown to represent over 300 international publishers, distributing over 60 million newspaper and magazine copies per annum across a complete range of international venues and global events. Click Read More below for additional information.
National Average Price for Regular – Current: $2.517; Month Ago: $2.543; Year Ago: $2.218. National Average Price for Diesel – Current: $2.772; Month Ago: $2.733; Year Ago: $2.422.
American Dollar to Canadian Dollar = 0.779492; American Dollar to Chinese Yuan = 0.150886; American Dollar to Euro = 1.164568; American Dollar to Japanese Yen = 0.008766; American Dollar to Mexican Peso = 0.052415.