Verso Corporation announced it will permanently close its paper mill in Luke, Maryland, in response to the continuing decline in customer demand for the grades of coated freesheet paper produced at the mill, along with rising input costs, a significant influx of imports, and rising compliance costs and infrastructure challenges associated with recent environmental regulation changes. The closure, which is expected to be complete by June 30, will reduce Verso's coated freesheet production capacity by approximately 450,000 tons, reducing total annual paper production capacity to approximately 2.7 million tons. "It is unfortunate that we had to make the decision to close the Luke Mill, but the continuing decline in demand for the grades of paper manufactured there left us no choice but to close this facility that has struggled with profitability for a number of years," said Verso Interim Chief Executive Officer Leslie T. Lederer. "The company explored the possibility of producing alternate grades of paper products but the conclusion remained the same – we could not achieve profitability at the mill in today's market environment. Consistently matching the supply of our graphic paper products with customer demand for these products, reducing our costs and rapidly diversifying our product portfolio into growing markets remain essential drivers for Verso's long-term success, and we continue to vigorously pursue these objectives." Click Read More bellow for additional information.
Resolute Forest Products Inc. reported net income for the quarter ended March 31, 2019, of $42 million, or $0.45 per diluted share, compared to $10 million, or $0.11 per diluted share, in the same period in 2018. Sales were $795 million in the quarter, a decrease of $79 million from the year-ago period. The first quarter of 2018 included sales from the Catawba (South Carolina) and Fairmont (West Virginia) facilities, sold in the fourth quarter of 2018. Excluding special items, the company reported net income of $30 million, or $0.32 per diluted share, compared to $17 million, or $0.18 per diluted share, in the first quarter of 2018. Click Read More bellow for additional information.
Second Quarter 2019 Highlights • Earned $0.62 per diluted share and $0.80 of adjusted earnings per diluted share compared to $0.86 of earnings per diluted share and $0.83 of adjusted earnings per diluted share in the prior year quarter. • The Corrugated Packaging segment delivered a Segment EBITDA margin of 18.5% and a North American Adjusted Segment EBITDA margin of 20.4%, an increase of 10 basis points and 40 basis points, respectively, compared to the prior year quarter. • Successfully completed the installation of a state-of-the-art curtain coater at the Mahrt mill, improving both the quality of the mill’s products and its productivity. • Achieved $70 million of run-rate synergies towards the $200 million target for the KapStone acquisition. Click Read More bellow for additional information.
Total net revenues increased 4.1 percent to $248.4 million compared with $238.5 million in the prior year period. Net loss was $8.2 million, or a loss of $0.13 per share, compared with a net loss of $8.5 million, or a loss of $0.13 per share in the prior year period. Adjusted EBITDA1 was a loss of $4.4 million, compared with a loss of $3.6 million in the prior year period. Click Read More bellow for additional information.
Harvard professor Thales Teixeira explains why customer behavior, not technology, ultimately drives disruption. The emergence of a new technology is often cited as what drives the disruption of an industry or business. But that’s not true in most cases, according to Harvard Business School professor Thales Teixeira. Instead, startups disrupt established companies by decoupling the customer value chain — picking one aspect of the business and doing it better than the incumbent. His findings, based on eight years of researching startups, tech companies and incumbents, are explained in his new book, Unlocking the Customer Value Chain: How Decoupling Drives Consumer Disruption. Teixeira joined the Knowledge@Wharton show on SiriusXM to talk about his book. An edited transcript of the conversation is available at: https://knowledge.wharton.upenn.edu/article/what-drives-disruption/
Oil prices on Tuesday as Venezuela’s opposition leader called on the military to back him to end Nicolas Maduro’s rule and after Saudi Arabia said a deal between producers to withhold output could be extended beyond June to cover all of 2019. The statements by Saudi energy minister Khalid Al-Falih came despite pressure by U.S. President Donald Trump to raise output to make up for a supply shortfall expected from tightening U.S. sanctions against Iran. Click Read More bellow for additional information.
Families with newborn babies face many challenges. While we we can’t help with all of them, we do know a bedtime story and a dry bottom can offer some relief during a stressful time. That’s why we recently packed diaper kits to assist low-income families. During our EarthWeek celebrations in April, several of our facilities sponsored packing parties for Domtar’s Comfort and Care Diaper Assistance program. We developed this program to help address diaper poverty, which affects one in three families in the United States, as well as low-income adults who suffer incontinence. Our diaper kits contained more than 90 Domtar diapers and a few books from First Book, a nonprofit organization that focuses on literacy and education. These baby care packages also included an encouraging note from Domtar. Click Read More bellow for additional information.
Consolidated net sales totaled $229.1 million and $211.2 million for the three months ended March 31, 2019 and 2018, respectively. Excluding the Steinfurt, Germany acquisition and on a constant currency basis, Advanced Airlaid Materials’ net sales increased by 19.2% and Composite Fibers’ net sales decreased by 3.3%. Click Read More bellow for additional information.
New research has just found that three out of four advertising executives say that "trust-related attributes" are the #1 key factor when deciding on how to allocate their ad budgets to media. In March 2019*, more than 200 advertising executives (40% in-house marketers and 60% ad agency) overwhelmingly stated that trust plays a major part in advertising, technology and media-buying decisions. From my standpoint, trust is both far-reaching and multi-layered. Not only must advertisers have trust in the media they are using but the wider industry also has to be seen as trustworthy. Gone are the days where all the main TV networks and upmarket newspapers are respected and dependable; so smarter choices need to be taken in today’s world. Click Read More bellow for additional information.
JOOL Invest AB has become a co‐investor in Zanders Paper GmbH. The Swedish company with subsidiaries mainly within paper, wood products and finance industries, has a clear industrial mindset and will be an active partner bringing further experience and capital creating a strong foundation for the planned growth of Zanders Paper. Zanders Paper will continue with all core products Chromolux, Zanlabel, Zanbarrier, Zanpack, Zanjet, Silver Digital and RX Nature. In addition, it is planned to introduce further grades in the coming months.