Oil prices steady, supported by OPEC tightening supplies

Oil prices were broadly steady on Friday as surging U.S. supply and concerns of a global economic slowdown were offset by falling OPEC output. The 14-member Organization of the Petroleum Exporting Countries pumped 30.68 million barrels per day (bpd) in February, a Reuters survey showed on Friday, down 300,000 bpd from January and the lowest OPEC total since 2015. In Venezuela, oil exports have plunged by 40 percent to around 920,000 barrels per day (bpd) since the U.S. government slapped sanctions on its petroleum industry on Jan. 28. Click read more below for additional detail.
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Canfor Closes Vida Group of Sweden Acquisition

Canfor Corporation announces that it has completed the purchase of 70% of the Vida Group (“VIDA") of Sweden for a purchase price of 3,990 million Swedish Krona (approximately CAD$580 million). “We are excited to welcome the VIDA team to Canfor and we are looking forward to working with VIDA to develop our business on a global scale,” said Don Kayne, President and Chief Executive Officer of Canfor. “We respect VIDA’s team, the quality of the wood products they produce, their strong customer relationships, and most importantly the value of the VIDA brand worldwide.”
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“Best Use of Certified Timber” – PEFC continues partnership with the World Architecture Festival

Was timber a key material in one of your construction projects? Did you choose wood for its many aesthetic, natural and architectural properties, or simply because it is the only renewable building material? If yes, you can enter your project for a World Architecture Festival prize! For the second time, PEFC is sponsoring the WAF Best Use of Certified Timber Prize, rewarding architects and project teams for their use of certified timber as a main construction material for buildings outstanding in sustainability, innovation, quality or aesthetics. “We sponsored the prize for the first time last year and were very pleased with the quality and diversity of the entries,” said Fabienne Sinclair, Head of Marketing at PEFC International. “We are excited to see what projects will be submitted this year.” Click read more below for additional detail.
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Transcontinental Inc. announces its financial results for the first quarter of fiscal 2019

Highlights •Revenues increased by $249.9 million, or 49.8%, from $501.7 million to $751.6 million, essentially as a result of the transformational acquisition of Coveris Americas, which contributed $306.0 million to revenues. This increase was partially mitigated by the accelerated recognition of deferred revenues of $39.8 million recorded in the first quarter of 2018 and the $19.5 million unfavourable effect of the sale of our California newspaper printing operations resulting from the agreement signed with Hearst. Adjusted revenues, which exclude the accelerated recognition of deferred revenues, increased by $289.7 million, or 62.7%, from $461.9 million to $751.6 million. Organic growth remained stable in the first quarter of 2019 compared to the corresponding period in 2018. •Operating earnings decreased by $70.0 million, or 56.6%, from $123.6 million to $53.6 million, mainly as a result of the $39.8 million positive effect of the accelerated recognition of deferred revenue recorded in the first quarter of 2018 and the favourable impact of gains on the sale of certain activities amounting to $33.0 million in the first quarter of 2018. Adjusted operating earnings, which exclude the accelerated recognition of deferred revenues, accelerated depreciation, restructuring and other costs (gains), impairment of assets and amortization of intangible assets arising from business combinations, increased by $6.3 million, or 8.9%, from $70.4 million to $76.7 million. Click read more below for additional detail.
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WestRock Named One of 12 Winners of NextGen Cup Challenge

WestRock announced that its prototype of a recyclable fiber-based cup for hot and cold applications was named one of 12 winners of the NextGen Cup Challenge. WestRock was recognized in the innovative cup liner category for its circular cup, a recyclable and compostable paperboard solution for a hot or cold beverage cup. The cup is being designed to consistently hold hot and cold beverages under a variety of conditions while being easily recyclable, ideally back into paper mills as post consumer fiber where it can be made into new cups. The cup has also recently passed compostability testing with the Compost Manufacturing Alliance. Click read more below for additional detail.
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