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.