Stora Enso is implementing a profit protection programme intended to achieve an annual cost reduction of EUR 120 million as well as reduction of capital expenditure by about EUR 50 million compared to the earlier announced forecast. The programme includes plans to reduce costs at the Ala and Imavere sawmills and a plan to close paper machine 6 at Imatra Mills. Stora Enso is implementing a profit protection programme of EUR 120 million targeting reductions in variable and fixed costs, as market uncertainty increases. The programme will include all divisions and corporate functions. The Group estimates that some effects will be visible already during 2019 with full impact by the end of 2020. Click read more below for additional detail.
Between 2005 and 2015, U.S. forests grew by the equivalent of 2,740 NFL football fields each day. That’s a total of almost 1.3 million acres a year! In the U.S., we grow many more trees than we harvest. In fact, there are 20% more trees today than there were on the first Earth Day Celebration in 1970. Yet, our nation consumes more paper products than many parts of the world. How can this be? It turns out that consumption of paper and other wood products, along with sustainable forest management, is essential to maintaining this growth. Click read more below for additional detail.
Net sales increased 20% to $72.4 billion in the fourth quarter, compared with $60.5 billion in fourth quarter 2017. Excluding the $801 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 21% compared with fourth quarter 2017. Operating income increased to $3.8 billion in the fourth quarter, compared with operating income of $2.1 billion in fourth quarter 2017. Net income increased to $3.0 billion in the fourth quarter, or $6.04 per diluted share, compared with net income of $1.9 billion, or $3.75 per diluted share, in fourth quarter 2017. Click read more below for additional detail.
Berry Global Group, Inc. reported its first quarter 2019 results, referred to in the following as the December 2018 quarter. First Quarter Highlights (all comparisons made to the December 2017 quarter) • Net sales increased 11 percent to $2 billion • Organic sales growth, which excludes currency and acquisition effects, up 3 percent • Operating income up 8 percent to $176 million • Operating EBITDA up 7 percent to $331 million. Click read more below for additional detail.
National Average Price for Regular Unleaded – Current: $2.262; Month Ago: $2.257; Year Ago: $2.600. National Average Price for Diesel – Current: $2.922; Month Ago: $2.989; Year Ago: $2.992.
American Dollar to Canadian Dollar = 0.761105; American Dollar to Chinese Yuan = 0.148459; American Dollar to Euro = 1.147139; American Dollar to Japanese Yen = 0.009182; American Dollar to Mexican Peso = 0.052287.
Oil prices steadied on Friday as the resolution of trade talks between the United States and China remained in doubt while producer cuts and U.S. sanctions on Venezuelan exports have helped to tighten supply. "Many traders recognise that sense is likely to prevail and a deal will be struck after the summit - although the shape of any deal will continue to drive a jittery market," Cantor Fitzgerald Europe said in a note. Crude prices were weighed down by a survey on Friday that showed China's factory activity shrank by the most in almost three years in January, reinforcing fears that a slowdown in the world's second-largest economy is deepening. Click read more below for additional detail.
Greif, Inc. announced today that it has received notice that the U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act regarding Greif's pending acquisition of Caraustar Industries, Inc. As this was the last regulatory approval required to complete the pending acquisition, Greif and Caraustar Industries expect the acquisition to close on February 11, 2019, subject to customary closing conditions.
Quad/Graphics, Inc., announced today that it has completed the third amendment to the Company’s April 28, 2014, senior secured credit facility to: (1) increase its existing revolving credit facility from $725 million to $800 million with a five-year term (the “Revolver”); (2) increase its existing term loan A from $375 million to $825 million with a delayed draw feature and five-year term (the “DD-TLA”); (3) increase the existing term loan B from $300 million to $500 million with a seven-year term (the “TLB”); and (4) amend certain financial covenants. Quad/Graphics expects to use the net proceeds from the DD-TLA and TLB to complete the pending acquisition of LSC Communications, Inc. Click read more below for additional detail.
Following the approval of all relevant authorities, BASF and Solenis have completed the previously announced merger of BASF’s wet-end Paper and Water Chemicals business with Solenis. With pro forma sales of approximately U.S. $3 billion, the combined company will operate under the Solenis brand and is positioned to provide expanded chemical offerings and cost-effective solutions for customers in pulp, paper, oil and gas, chemical processing, mining, biorefining, power, municipal and other industrial markets. BASF will own 49 percent of the combined company and 51 percent is collectively owned by Solenis management and funds managed by Clayton, Dubilier & Rice (CD&R). The new Solenis has approximately 5,200 employees, with increased sales, service and production capabilities across the globe. The merger includes the Paper and Water assets of BASF’s Performance Chemicals unit, including production sites in Bradford and Grimsby, UK; Suffolk, Virginia, USA; Altamira, Mexico; Ankleshwar, India; and Kwinana, Australia and related assets including intellectual property. BASF’s paper coating chemical business is not part of the transaction. Click read more below for additional detail.