Forest Products Association of Canada (FPAC) applauds the Canadian government’s announcement yesterday that Bill C-79 – the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) involving Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam received royal assent. Being one of the first six countries to bring the agreement into force will ensure Canada maintains its competitive advantage in the region. This agreement will bring real benefits Canada’s forest products sector by eliminating tariffs, providing clear provisions to help settle disputes, and prohibiting the unfair blocking of imports. The royal assent of this agreement reaffirms the Canadian Government’s commitment to Canadian forest products companies and their 230,000 employees. Between 2012 and 2017, Canadian forest products exports to CPTPP member countries grew by 18% to over $2 billion annually, with exports to Vietnam, New Zealand, and Singapore growing the most by 312%, 90% and 89%, respectively. Click read more below for additional detail.
Unit sales of print books inched ahead 0.5% in the week ended Oct. 20, 2018, over the comparable week in 2017, at outlets that report to NPD BookScan. The nonfiction adult category posted a small rise over the week ended Oct. 21, 2017, with units up 2.2%. Tucker Carlson’s Ship of Fools moved into the top spot on the category list, selling nearly 45,000 copies. Two new books landed in the fourth and fifth spots on the adult nonfiction list. Shade by Pete Souza was #5, selling just over 35,000 copies, followed by Gmorning, Gnight! by Lin-Manuel Miranda and Jonny Sun, which sold just less than 35,000 copies. Print unit sales increased 4.3% over 2017 in juvenile nonfiction, helped by the debut of Lafayette by Nathan Hale, which sold more than 6,400 copies, putting it in second place on the category list. Click read more below for additional detail.
Sealed Air Corporation announced a bold sustainability and plastics pledge to design and advance their innovative packaging solutions to be 100% recyclable or reusable by 2025. The company will accelerate its use of recycled materials, expand reuse models for packaging and lead the collaboration with partners worldwide to ensure execution. “At Sealed Air, we strive to leave our world, environment and communities better than we found them by leading innovative efforts to create differentiated, sustainable solutions,” said Ted Doheny, Sealed Air President and CEO. “Our history of sustainability is strengthened through our new sustainability and plastics pledge and, as an industry leader, it’s our responsibility to build a waste-free future, keep our oceans clean and leave a lighter carbon footprint.” Click read more below for additional detail.
JUST Water, the innovative global water brand from the United States, has received the “Best Packaging Solution” award at the 2018 Global Bottled Water Congress with its unique Tetra Top® carton bottle. Ira Laufer, CEO of JUST said, “The JUST mission is to do things better in all aspects of our business, from sourcing to our packaging. We believe a package should protect and deliver its contents with minimal environmental impact, with the highest quality in sustainability, function and consumer appeal. The Tetra Top package is made from 82% renewable resources, primarily FSC™ certified paperboard and bio-based plastic derived from sugar cane. This package allows us to provide our customers a better solution, while fulfilling our global mission of reducing plastic pollution.” JUST Water was launched in the US in October 2015. Click read more below for additional detail.
UPM Raflatac has signed up to the New Plastics Economy Global Commitment among 250 organisations including many of the world's largest packaging producers, brands, retailers and recyclers, as well as governments and NGOs. The Global Commitment and its vision for a circular economy for plastic is led by the Ellen MacArthur Foundation, in collaboration with UN Environment. The commitment has been officially unveiled at the Our Ocean Conference in Bali today Monday, October 29. By signing the commitment UPM Raflatac wants to demonstrate its commitment to labeling a smarter future beyond fossils. By developing sustainable labeling solutions and partnerships UPM Raflatac supports brand owners in eliminating unnecessary plastic packaging and achieving their target of 100% of plastic packaging to be reusable, recyclable or compostable by 2025. Click read more below for additional detail.
Discover Financial Services reported net income of $720 million or $2.05 per diluted share for the third quarter of 2018, as compared to $602 million or $1.59 per diluted share for the third quarter of 2017. The company’s return on equity for the third quarter of 2018 was 26%. Commenting on the quarter's results, Roger Hochschild, CEO and president of Discover, said, “Consistent execution against our strategic priorities enabled us to deliver strong loan and revenue growth once again this quarter. By leveraging the strength of the Discover business model, in combination with our disciplined approach to credit, we continued to generate profitable growth and exceptional returns." Click read more below for additional detail.
Resolute Forest Products Inc. announced $40 million in investments at its Northwestern Ontario operations, in addition to $13.5 million in major maintenance and the creation of 25 new jobs. "Resolute has a strong operating presence in the region, and we are committed to investing in our facilities to ensure their profitability and long-term competitiveness," stated Yves Laflamme, president and chief executive officer. "A secure fiber supply and sustainable business environment remain critical to future investments in the province." The investment plan includes $14.7 million for the company's Thunder Bay pulp and paper mill to improve energy efficiency and reduce greenhouse gas emissions, as well as $14.3 million to improve pulp capacity, reduce costs and maintain assets. Resolute also expects to spend $13.5 million in major maintenance at the facility in 2018. Click read more below for additional detail.
· Sales increased 3.0% to EUR 2 585 (2 509) million, making Q3 the seventh consecutive quarter of sales growth. The growth was primarily due to favourable prices and active product mix management. · Operational EBIT increased 23.4% to EUR 358 (290) million, due to favourable prices and active product mix management. · Balance sheet continued to strengthen, and net debt was reduced by EUR 304 million. The net debt to operational EBITDA ratio improved significantly to 1.1 (1.6). · Operational ROCE was 16.7% (13.9%), well above the strategic target of 13% for the fifth consecutive quarter. Click read more below for additional detail.
HIGHLIGHTS: • Record-high Operating Cash Generation¹ and Adjusted EBITDA²: R$1.8 billion and R$2.1 billion, respectively. • Pulp market marked by strong demand and profitability: sales volume of 902.7 thousand tons (+12.6% vs. 2Q18) and Adjusted EBITDA²/ton of R$1,895/ton (+15.1% vs. 2Q18). • Cash cost competitive and below period inflation (4.5%): R$602/ton, 2.5% higher than in LTM to 3Q17. • Paper business posts robust results: Adjusted EBITDA²/ton of R$1,212/ton³ (+32.5% vs. 3Q17). Click read more below for additional detail.
The forest product industry directly employs approximately 950,000 men and women and supports more than twice that many derivative jobs in supplier industries and local communities. While the industry lost jobs during the Great Recession, our manufacturers have been adding jobs in recent years as the economy expands. That’s worth noting as we celebrate the 58th anniversary of National Forest Products Week (NFPW), and we can’t forget to point out the following. Because of our employees’ dedication, commitment and innovation, our industry ranks as one of the largest manufacturing sectors in America. Let’s take a closer look at our employees and the value they provide to the industry and the economy in producing products that play an integral part in the everyday lives of people across the country and around the world. Click read more below for additional detail.