A tentative deal has ended the week-long strike by 3,200 Canadian National Railway Co. conductors. The Teamsters Canada Rail Conference said on Tuesday morning members will return to work by 6 a.m. local time on Wednesday, ending the longest rail strike in a decade. Details of the deal, which must be ratified by union members, were not available.
Ahlstrom-Munksjö has signed a non-binding letter of intent with the majority shareholders of Hebei Minglian New Materials Technology Co., Ltd. to acquire the company, comprising a state-of-the-art greenfield decor paper plant in the city of Xingtai, Hebei Province, China. The debt free purchase price is approximately EUR 60 million. The letter of intent contains customary exclusivity undertakings on the part of the sellers with respect to the considered transaction. The transaction is subject to further due diligence and final and binding transaction agreements, and it is expected to be completed during the first quarter of 2020. By combining Minglian with its existing Decor business, Ahlstrom-Munksjö would have a strong presence in the world’s two largest decor paper markets and improved cost competitiveness.
This is part four in our four-part series discussing the advantages of working with medium sized catalog printers. This content is the product of an interview with Steve Sanfelippo, our Senior Vice President of Sales and Marketing here at Arandell. In the final section, we close out our discussion with several reasons why working with a medium sized catalog printer like Arandell provides you with the best of both worlds. After the discussion, we also share additional resources and invite you to speak with Steve personally if you’d like to learn even more!
LSC Communications, Inc. announced that it received notification from the New York Stock Exchange (NYSE) on November 20, 2019, that the Company is no longer in compliance with NYSE continued listing criteria, which require listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. In accordance with NYSE rules, the Company has a period of six months from receipt of the notice to regain compliance with the NYSE’s minimum share price requirement, or until the Company’s next annual meeting of stockholders if stockholder approval is required to cure the share price non-compliance, as would be the case to effectuate a reverse stock split. Under NYSE rules, the Company’s common stock will continue to be listed and trade on the NYSE during this period, subject to the Company’s compliance with other NYSE continued listing requirements. The Company plans to notify the NYSE within 10 business days of receipt of the notification of its intent to cure the deficiency. The Company is in compliance with all other NYSE continued listing standard rules. The Company intends to pursue measures to cure the share price non-compliance.
Neenah, Inc. announced that on November 21, 2019, its Board of Directors approved a four percent increase in the cash dividend on the Company's common stock. The quarterly dividend will increase from $0.45 per share to $0.47 with the first payment at the new rate in March 2020. Neenah has consistently paid a dividend every quarter since the Company was first incorporated in 2004. In addition, the Company announced authorization of a 2020 share repurchase plan for up to $25 million of its outstanding common stock. The current share repurchase plan will remain in effect through December 31, 2019. Purchases by the Company under the program would be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. The program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time.
REI Co-op is opening a new store in Gainesville, Florida in spring 2020, bringing Floridians a wide assortment of quality gear, experiences and expertise for the region’s most popular outdoor activities. The new 23,000-square-foot store will be located at the Butler Town Center at 3650 Southwest 32nd Court. With over 320,000 lifetime REI members in state, REI Gainesville will join existing stores in Jacksonville and Winter Park. “Gainesville is an incredible outdoor community, with so many opportunities to paddle, cycle and camp,” said Gail Kirkland, REI regional director for the south. “We are excited to further connect our local members to the many nearby lakes and state parks. Whether through a new piece of gear, a rental or an outdoor program, we offer something for anyone who wants to get outside.”
Shutterfly, Inc. announced the appointment of Hilary Schneider as President and Chief Executive Officer, effective January 15, 2020, succeeding Ryan O’Hara. Schneider has more than 20 years of experience leading consumer technology companies. Since January 2018, she has served as Chief Executive Officer of Wag!, the country's largest on-demand mobile dog walking and dog care service. Prior to this role, she served as President and Chief Executive Officer of LifeLock, the leader in identity theft protection, through its public listing and acquisition by Symantec. Previously, Schneider served in a series of executive positions at Yahoo! from 2006 to 2010 and in several senior leadership roles at Knight Ridder from 2002 to 2005. She has a B.A. in economics from Brown University and an MBA from Harvard Business School.
Smurfit Kappa has been named a founding member of a new industry alliance to boost the contribution of paper-based packaging in a circular and sustainable economy. The 4evergreen forum, which is led by the Confederation of European Paper Industries (CEPI), will see Smurfit Kappa work with leading brand owners and packaging companies to increase awareness about the benefits of fibre-based packaging materials.
Starting January 2020 the chemical Bisphenol A (BPA) will no longer be allowed to be used in making thermal paper in the European Union. In response, UPM Raflatac announces its portfolio of thermal label papers and films is now BPA-free. Moreover, the company is providing total phenol-free thermal label paper options. BPA is an organic synthetic compound used in the manufacture of plastics. It is also used as a color developer in the thermal layer of thermal paper. In recent years, there have been concerns that BPA could negatively affect people’s health which prompted the EU to set regulations restricting its use.
Canfor Corporation announced it will be curtailing operations at all British Columbia sawmills at the end of December. All sawmills, with the exception of WynnWood, will be curtailed for two weeks from December 23 through January 3, with operations resuming on January 6. WynnWood will be curtailed for five days. The curtailments are due to the high cost of fibre and continued weak lumber markets, which are making the operating conditions in BC uneconomic. These curtailments will remove almost 58 million board feet of production output and are in addition to all previously announced capacity reductions.