Paper, in any form, is in short supply across the world - caused by disrupted supply chains, labor shortages, logistical problems and the insufficient acceptance of digital publications. How is all of this affecting businesses in the US? When I first got into the paper industry, in the mid-90s, paper was arguably at its peak in production and demand,” Bill Rojack says. "Ever since, there's been a steady decline in demand." Rojack is the vice president of the National Division of MIDLAND, one of America's biggest independent paper and packaging distributors . This steady downward trend had led many paper manufacturers either to close their plants or repurpose their equipment. “ Paper mills are incredibly expensive,” Rojack explains. “To start a paper mill costs about $2 billion (€1.8 billion). It takes about five years to build a mill. It's the third most energy-intensive business in the US” These high costs mean that manufacturers are under extreme pressure to ensure that adequate profits are made.
The Paperworkers’ Union announced that the strike at most UPM’s Finnish mills will continue until 30 April 2022, unless new collective labour agreements are reached before that. Yet another extension of two weeks to the strike comes at a moment when negotiations between the union and UPM businesses continue intensively, and the conciliator has submitted a settlement proposal in the negotiations between UPM Pulp and the union. The parties must state their position on the proposal by 14 April. "Drafting of business specific collective agreements, led by the conciliator, has continued intensively during the past weeks. There is already a settlement proposal for UPM Pulp. Now it is important to focus on solving the open questions in the remaining UPM businesses", says Jyrki Hollmén, Vice President, Labour markets, UPM.
Second quarter highlights: *Second quarter earnings per share (EPS*) from continuing operations was $1.02, a decrease compared with an EPS of $1.06 in the year-ago quarter; continuing operations adjusted** EPS increased 25.9 percent to $1.59, up 26.5 percent on a constant currency basis *Second quarter sales from continuing operations increased 3.0 percent over the year-ago quarter to $33.8 billion, up 3.8 percent on a constant currency basis *Second quarter operating income from continuing operations increased to $1.2 billion, compared with operating income of $832 million in the year-ago quarter; adjusted operating income from continuing operations increased to $1.7 billion, up 35.9 percent on a constant currency basis
The two Advice Notes that have been updated are as follows: 1. ADVICE-20-001-12 V2-0 Consequences of Uncontrollable or Non-auditable Risks impacting the Forest Sector at large: The revised version now introduces the option for a continued provision of surveillance and re-certification evaluations by certification bodies for suspended certificate holders if the suspension is not related to performance risks or extraordinary events putting the auditing itself at risk. This allows suspended certificate holders to continue with producing FSC product stock from their pre-suspension input stock, to transition to version 3.1 of FSC-STD-40-004, and to avoid the need for an evaluation prior to lifting the suspension. 2. ADVICE-20-011-14 V1-1 Verification audits for material sold and produced but not dispatched prior to suspension: The Advice Note has been updated to provide for more flexibility as to when the verification audit can be conducted: this audit can now also be conducted after the suspension on the basis of duly considered increased risks that such a later verification entails.
Cosmo Films Limited, a Global Leader in Films for Packaging, Labelling, Lamination and Synthetic Paper and an emerging player in Specialty Chemicals, Polymers & Pet care today announced expansion by setting up CPP film production line at Aurangabad with annual rated capacity of 25,000 MT. The CPP line will require investment of about Rs. 140 crores to be funded through internal accruals and debts and is expected to commence commercial production in 2 years. Commenting on CPP line project Mr. Pankaj Poddar, Group CEO, Cosmo Films Ltd said, “Worldwide significant focus is being given on recyclability & sustainability of packaging films. Monolayer structure of CPP and BOPP is most preferred structure to address sustainability requirements."
Johnson & Quin, Inc. celebrates its 145th year in the printing industry, beginning as a ledger book printer in Chicago in 1876 and evolving into a national supplier of direct mail production and mailing. The company also announces the promotion of Andrew Henkel to President. After 33 years of leadership as CEO and President, David Henkel is handing over this key role to his son. Andrew has been with the company for 15 years, initially concentrating on sales and most recently as Vice President. During that time, his leadership has helped Johnson & Quin remain competitive in the direct mail industry. He was heavily involved in steering the company from older print technology to state-of-the-art color inkjet print and personalization which has been key to the company’s growth. “Andrew’s new role as President is a logical signal of generational change, as well an important sign of continuity to our clients, prospects, vendors and employees,” states David Henkel. “Andrew has been key in managing many of our major clients and instrumental in major company decisions over the past several years. He is supported by an exceptional management team, who have all been involved in the operation and growth of the company over the years.”
GreenFirst Forest Products Inc. welcomed Greg Rickford, Minister of Northern Development, Mines, Natural Resources and Forestry to the Paper Mill in Kapuskasing to announce that the Ontario government is providing $400,000 through the Northern Ontario Heritage Fund Corporation (NOHFC) to support and strengthen the forestry sector in Northern Ontario. Funds will go towards the restart of the curtailed paper machine that would allow GreenFirst to reposition the operation towards further growth while adding 45+ new jobs at the Kapuskasing Paper Mill.
Canfor Corporation announced that it will implement reduced operating schedules at its Western Canadian sawmills effective April 4, 2022 due to the cumulative effects of the unprecedented global supply chain crisis that has been ongoing for several months. The reduced operating schedules will remain in effect for a minimum of four weeks and the Company will continue to assess and make adjustments to operating schedules as supply chain conditions evolve. “We are experiencing extreme supply chain challenges that are significantly impacting our operations and it has become imperative to reduce operating schedules to address our unsustainable inventory levels. We regret the impact that the reduced operating schedules will have on our employees, contractors and communities and we will make efforts to mitigate the negative effects,” said Don Kayne, President and CEO, Canfor. “We will continue to leverage our global operating platform to minimize disruptions in supply to our customers.” It is anticipated that the reduced operating schedules will impact production capacity by a minimum of 100 million board feet.
Canfor Pulp Products Inc.is announcing a minimum six-week extension of the curtailment of BCTMP production at Taylor Pulp due to the ongoing transportation shortages that have resulted in continued high finished product inventories at the pulp mill. “Unfortunately, the ongoing rail transportation situation has not improved, and we have no choice but to extend the current production curtailment,” said Kevin Anderson, VP Operations, Canfor Pulp. “We are very disappointed in the ongoing impact this is having on our employees, their families and the community.” The curtailment extension will further reduce the production of BCTMP by at least 25,000 tonnes.
Kohl’s Corporation mailed a letter to shareholders detailing the steps the Board has taken to maximize shareholder value, including the robust and intentional process to evaluate potential bids. The letter also summarizes Macellum’s shifting narrative and short-term focus on a sale of the Company at any price.
WestRock Company announced Alpa Sutaria has joined the Company as senior vice president, Strategy and Sustainability. In her role, Sutaria will lead WestRock’s enterprise strategy development work as well as partner with business leaders to drive company-wide strategic initiatives. She will also be responsible for strengthening WestRock’s position as a leader in sustainability Alpa comes to WestRock from the Coca-Cola Company, where she most recently served as vice president and general manager of Sustainability, North America, responsible for embedding sustainability into the company's overall business strategy. She led efforts to advance the company’s sustainability objectives, including efforts to reduce packaging waste, increase water sustainability and improve the company’s carbon footprint. Throughout her tenure at Coca-Cola, Alpa held a variety of Strategy, Marketing, and Finance leadership roles. Additional experience includes a strategy and operations role at Deloitte where she led a broad range of complex projects from concept through execution.
Verso Corporation announced it has received necessary approvals from the Nuclear Regulatory Commission and the Public Service Commission of Wisconsin to complete its previously announced merger with BillerudKorsnäs AB ("BillerudKorsnäs"). Verso has now received all regulatory approvals necessary to complete the merger. The transaction is expected to close on March 31, 2022.
Pearson notes the March 29, 2022 announcement from Apollo that it is no longer evaluating a possible cash offer for the Company and that it is consequently bound by the restrictions under Rule 2.8 of the City Code of Takeovers and Mergers. The Board of Pearson confirms that, on 28 March 2022, it received a third proposal from Apollo regarding a possible cash offer for the entire issued and to be issued share capital of the Company at 870 pence per share. Under Apollo's proposal, eligible Pearson shareholders would also be entitled to receive the previously announced FY 2021 dividend of 14.2 pence per share which, when taken together with the Proposal Price, represents a total value of 884.2 pence per share. The Third Proposal followed two previous proposals from Apollo which were unanimously rejected by the Board of Pearson, as detailed in Pearson's 11 March 2022 announcement.
Leading global provider of fiber-based consumer packaging, Graphic Packaging International ('Graphic Packaging') is helping grocer New Seasons Market to build on its commitment to the highest levels of environmental stewardship. The company's PaperSeal® tray product – which was developed in partnership with world leader in tray sealing technology, G. Mondini – has been selected as a winning solution by New Seasons Market to replace the plastic clamshells currently used on the grocer's Partner Brand Fresh Pasta. The new PaperSeal tray-packed pasta will appear in stores beginning this April and will enable New Seasons Market to eliminate 120,000 plastic packs from entering waste streams each year.
Bloomsbury Publishing Plc announces a further year-end trading update for the 12 months ending 28 February 2022. Revenue is expected to be comfortably ahead and profit materially ahead of upgraded market expectations for the year ended 28 February 2022, surpassing the guidance provided in our statement on 26 January 2022*. Nigel Newton, Chief Executive, said: “Bloomsbury excellent performance demonstrates the strength and resilience of our business and the successful execution of our digital and acquisition strategy. In February, the final month of our financial year, Bloomsbury delivered exceptional sales, in part driven by Sarah J. Maas’ new title, Crescent City: House of Sky and Breath, which was a global number one bestseller.
The Postal Regulatory Commission issued its FY 2021 Annual Compliance Determination (ACD) assessing the Postal Service’s compliance with rates and service standards. The Commission is required to issue its ACD 90 days after the filing of the Postal Service’s Annual Compliance Report (39 U.S.C. Section 3653). This ACD is the first compliance review by the Commission following its implementation of new pricing rules for Market Dominant products in FY 2021. Those rules included new rate authority mechanisms, new requirements for workshare discounts and non-compensatory products, and several procedural changes. The Commission’s primary areas of review, its findings, as well as recommendations and directives, include: MARKET DOMINANT RATES AND FEES; COMPETITIVE PRODUCTS RATES AND FEES; SERVICE PERFORMANCE; FLAT-SHAPED MAIL
To help its non-food customers increase the sustainability of their packaging, Berry is now able to offer several of its existing and most popular industrial packaging ranges in versions containing 50% post-consumer recycled (PCR) material as standard. The use of 50% PCR applies to the following Berry product ranges: SuperCube® Rectangular and Square, SuperLift®, SuperLift® Extra, SuperFlex®, PS Range, EuroFlex, Hobbock and Paintainer®. All of them are robust, space-saving, and user-friendly packaging solutions for non-food products for business-to-business use, as well as for consumers. Importantly the containers also offer a mono-material solution, as they are made solely of PP.
Sonoco announced that Ernest Haynes has been appointed to the role of President of Sonoco Metal Packaging, one of the leading manufacturers of sustainable metal packaging for food and household products and the largest aerosol can producer in North America. In this new role, Haynes will lead Sonoco’s newly acquired Metal Packaging business, reporting directly to Howard Coker, Sonoco President and CEO. Haynes will replace Jim Peterson who will be transitioning from the business after more than 15 years of leadership. Haynes will work closely with the Metal Packaging team to continue delivering best-in-class solutions for customers and with the integration team to ensure the business achieves its financial and operational goals.
Do you think it is possible that an individual’s single action could change the course of the entire planet? YES IT IS! The Sustainable Green Printing Partnership & SGP Foundation are seeing Sustainability Champion nominations of individuals from an SGP Facility, Patron, Resource Partner or Brand Leader. Applications must be submitted online by April 8. Listen to the new video explaining the Sustainability Champion’s program and highlighting the 2021 winners Blake Pace of SGP Patron Primex Plastics Corporation and Christopher Rose of SGP Facility Shutterfly.
Built on a deep understanding of the textile and sublimation industry and experience in digital printing, Sun Chemical’s new ElvaJet Topaz SC sublimation ink delivers easy ink and system management for printers in the sector. The new solution increases the ease of use and on printer experience by enlarging the ink operating window for accurate jetting performance. This enables wider cross system compatibility delivering outstanding reliability and reducing the reliance on waveform. At the same time, it provides increased image quality with optimized jetting performance across all drop sizes, allowing any design to be printed without compromise. With careful focus on the jetting behavior, Sun Chemical has designed ElvaJet Topaz SC to have superior drop control at the different available drop sizes on the full range of Kyocera printheads ensuring that it is easier to use day in, day out.
UPM Raflatac’s innovative Vanish PCR plastic labeling materials for the U.S. market have again been independently certified by SCS Global Services as featuring at least 90 percent post-consumer recycled content (PCR) in both the face and liner. The UPM Raflatac Vanish™ PCR range of clear PET films label materials enables brands to maximize eye-catching visuals with more sustainable labels that support the circular economy. Ideal for food, beverage, or personal care end-uses, these thin yet robust products use less raw material compared to other standard clear-on-clear products. Vanish PCR is the only clear-on-clear labeling solution on the market that incorporates recycled content, featuring PET face and liners made from 90 percent post-consumer recycled content. The recycled content in all of the UPM Raflatac 1.2 mil and 0.92 mil face and liner label materials have been verified in accordance with SCS Global Services’ Recycled Content Standard.
The publishing industry faces continuing supply chain issues and paper shortages while another set of challenges have appeared in early 2022, employee resignations and work/life balance. These challenges were the focus of the webinar, “Publishing Now '22: Driving Business Forward,” presented by PW with support from Westchester Publishing Services on March 22. After two years in which book sales did surprisingly well despite problems posed by the pandemic, the industry faces more uncertainties in 2022 because of inflation and rising costs that are eating into companies’ operating margins, said Jim Milliot, editorial director of PW: “It’s safe to say things are a little more complicated.” Jim Fetherston, president and CEO at the printer Worzalla, was quick to point to the root cause of printing delays—the steady closing of printing plants has resulted in “North American print capacity being at historic low levels,” while demand for books remains extremely high.
Stora Enso has initiated a sales process for a possible divestment of four paper production sites. In line with Stora Enso’s strategy, paper is not a strategic growth area for the Group. The divestment intent is aligned with the Group’s strategy to focus on long-term growth potential for its renewable products in packaging, building solutions and biomaterials innovations. Stora Enso’s paper production sites intended for divestment are: Anjala in Finland, Hylte and Nymölla in Sweden, and Maxau in Germany. The assets are high-quality sites for paper and pulp production with strong infrastructure, and skilled and experienced staff.
FedEx Corp. announced that, effective June 1, 2022, Frederick W. Smith, Chairman and Chief Executive Officer, will become Executive Chairman, and Raj Subramaniam, President and Chief Operating Officer, will be promoted to President and CEO. In addition, R. Brad Martin, Chair of the Board’s Audit Committee, is now non-executive Vice Chairman of the Board. As Vice Chairman of the Board, Martin is the Board’s designated successor to serve as Chairman of the Board. David P. Steiner, Chair of the Board’s Governance, Safety, and Public Policy Committee, will continue to serve as Lead Independent Director. Smith and Subramaniam will both report directly to the Board, and the Chief Operating Officer position will not be backfilled. As part of the transition, Subramaniam has been named President and CEO-elect of FedEx Corp. effective immediately.
ePac Lyon is pleased to announce that its Lyon site has obtained BRC (Global Standard for Packaging Materials) certification. The Auvergne-Rhône-Alpes site received an AA rating following an in-depth audit carried out in early January and is now ready to serve customers who require BRC compliance. “Achieving BRC certification validates the quality of our business, and of course, we are delighted to have passed the inspection and received the full score from the auditors,” says Jonathan Schmitt, Managing Director, and Partner at ePac Lyon. “Since the beginning, we have had a very good quality system. Today, we have official approval to support it,” adds Julie Verney, Quality Manager.
After two consecutive years achieving a Gold Level evaluation status, Solenis has earned the Platinum Recognition Level for Corporate Social Responsibility (CSR) performance by EcoVadis, a collaborative platform providing sustainability ratings and performance improvement tools for global supply chains. “We are extremely delighted that Solenis has been able to demonstrate its commitment to sustainability and in return was awarded the Platinum status, EcoVadis’ highest possible rating,” said Dr. Daniel Grell, Chief Safety, Regulatory and Quality Officer at Solenis. “Building further on our internal emphasis on people, performance and continuous improvement in the area of sustainability, we were able to continue this rewarding journey. As a result, we improved our overall score from last year by more than 15 percent!”
Schweitzer-Mauduit International, Inc. and Neenah, Inc., two leading global manufacturers of specialty materials, announced that they have entered into a definitive agreement to combine in an all-stock merger of equals with combined revenues of approximately $3 billion, expanded scale and capabilities, and accelerated growth opportunities. This transaction brings together two organizations with highly complementary technologies, geographies and product portfolios in specialty materials. The combined company will capitalize on powerful megatrends with strong positions in large, growing categories including Filtration, Healthcare & Wellness, Protective & Adhesive Solutions, Industrial Solutions, and Packaging & Specialty Paper. Under the terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, shareholders of Neenah will receive 1.358 shares of SWM common stock for each share of Neenah common stock owned. Following the closing of the transaction, SWM shareholders will own approximately 58 percent of the combined company, and Neenah shareholders will own approximately 42 percent of the combined company, in each case, on a fully diluted basis.
The United States Postal Service reported new delivery performance metrics showing the average time to deliver a mailpiece across the postal network continues is 2.7 days. Through March 18, Marketing Mail and Periodicals performance was consistent with the fiscal first quarter. The Postal Service continues its top-down focus on operational precision across the postal network to improve First-Class Mail performance evident in week over week performance to date in March. Second quarter service performance scores covering Jan.1 through March 18 included: *First-Class Mail: 86.7 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.4 percentage points from the fiscal first quarter. *Marketing Mail: 92.1 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 81.4 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter.
Who wins the sustainability argument: the cotton shirt or the polyester shirt? Unfortunately, there is no simple way to call the winner. Choosing sustainable materials is one big positive step businesses - and consumers - can take towards climate action. In an important webinar organised this month by the Textile and Fashion Federation (TaFF) Singapore, industry experts spoke about the sustainable material trends and what lies ahead. What are the preferred materials and why it makes a difference? PEFC was represented in the webinar by Deepa Hingorani, who has 20 year's experience within the fashion industry. She explained to the online audience that PEFC chain of custody is a mechanism to trace certified material from sustainable forests to the finished product.
Smurfit Kappa’s eFlower portfolio is helping customers to capitalise on the growth in demand for eCommerce flower orders which emerged during the pandemic. The customisable portfolio includes nine sustainable packaging solutions ideal for shipping bouquets and potted plants. One of the eFlower portfolio’s stand-out products is the WOW Bloom Box which creates a positive unboxing experience, alongside increased brand perception, making it the perfect eCommerce solution for online flower gifts. The Letterboxable is, as the name suggests, a flower box that is slender enough to go through the letterbox. This, like the entire range of solutions, supports fast product delivery through increased packing efficiency whether the process is handled internally or outsourced to a third party.
Direct mail and digital ads are the ultimate power team. While compelling on their own, together they make a larger impact on the consumer, but this is increasingly difficult to achieve in the wake of the phasing out of third-party cookies. For years, direct marketers have run cross-channel marketing programs that use third-party cookies to track user behavior across websites – we all see those ads that seem to follow us around online. In response to European and CA privacy regulations, third-party cookies have largely already been phased out by most browsers (now only relevant 40% of the time), such as Apple’s Safari and Google’s Chrome, which will fully phase out cookies in 2023. So, if cookies are going away and direct marketers want to reach consumers at the same time across channels to lift and improve response, what do they do?
Huston Patterson and Sigma Graphics, leading suppliers of high-graphic printed materials, announced the companies have merged with Lewisburg Printing Company (“LPC”). LPC, a portfolio company of Radial Equity Partners, manufactures printed materials and packaging for a broad range of markets, including personal care, food & beverage, healthcare, and other consumer markets. Terms of the transaction were not disclosed. Founded in 1895 in Decatur, IL, Huston Patterson manufactures printed materials for the packaging and point-of-purchase markets. The company is a G7 Master Printer with a broad range of capabilities including large and small format lithographic and digital printing as well as value-added prepress and finishing services. The company provides unparalleled value and performance through the effective use of both technology and craftsmanship. Sigma Graphics, located in Ottawa, Illinois, is Huston Patterson’s specialty products division.
Total European shipments of graphic papers in January 2022 were down 3.3% vs. January 2021 and were down 3.3% year-to-date. Total European shipments of newsprint in January 2022 were UP 0.9% vs. January 2021 and were UP 0.9% year-to-date. Total European shipments of sc-magazine in January 2022 were UP 4.7% vs. January 2021 and were UP 4.7% year-to-date. Total European shipments of coated mechanical reels in January 2022 were down 12.7% vs. January 2021 and down 12.7% year-to-date. Total European shipments of uncoated mechanical (improved & others) in January 2022 were down 2.9% vs. January 2021 and down 2.9% year-to-date. Total European shipments of coated woodfree in January 2022 were UP 9.4% vs. January 2021 and UP 9.4% year-to-date. Total European shipments of uncoated woodfree in January 2022 were down 11.1% vs. January 2021 and down 11.1% year-to-date.
Rayonier Advanced Materials Inc. announced that it qualifies as an “Inspected Raw Material” by Nordic Swan Ecolabelling. The Nordic Swan Ecolabel sets strict environmental requirements in all phases of manufacturing, including requirements for eco-friendly chemicals used in ecolabeled products. The status will appear on products made with RYAM’s fluff pulp and indicates to consumers and commercial buyers that the product is sustainably produced and environmentally friendly. “The Nordic Swan Ecolabel exemplifies our commitment to sustainable and environmentally friendly manufacturing and is an important component of realizing RYAM’s BioFuture,” said Vito Consiglio, President and CEO of Rayonier Advanced Materials. “Increasingly, consumers expect that the products they buy be sourced with eco-friendly materials. The ecolabel will help consumers easily identify products made with our fluff pulp as green sustainably produced and environmentally friendly.”
National Average Price for Regular Unleaded Current: $4.243; Month Ago: $3.572; Year Ago: $2.870. National Average Price for Diesel Current: $5.079; Month Ago: $3.979; Year Ago: $3.103.
American Dollar to Canadian Dollar = 0.798114; American Dollar to Chinese Yuan = 0.157180; American Dollar to Euro = 1.100994; American Dollar to Japanese Yen = 0.008218; American Dollar to Mexican Peso = 0.049938.
Several members of the World Print & Communication Forum (WPCF) warn that the current paper shortages will have severe repercussions in the supply of print products for all economic markets and endangers the rebound of the graphic industry after the pandemic. The World Print & Communication Forum is a federation of printing associations all over the world and a number of them point to current supply problems; these countries include Australia, Europe, India, Japan, Nepal, South Africa, South Korea, Sri Lanka and the United States of America. The graphic industry supports all economic activities with their products, be it for information, news, entertainment, education, advertising or packaging. Print plays a huge role in everyday life – so much so that it is frequently overlooked. Our sector supplies the packaging for goods at the supermarket, the books, newspapers and magazines we read as well as the boxes our digitally ordered food, clothing, gadgets and much more are packaged in.
Huhtamaki has strengthened its manufacturing capacity for smooth-molded fiber packaging. Smooth molded fiber is a revolutionary and technologically advanced material that can be used to make very demanding food packaging and to replace hard plastic. Huhtamaki's production plant in Alf, Germany, is moving from the production of plastic products to the production of smooth-molded fiber products to meet the growing demand for plastic-free food packaging. In 2022, the Alpine unit plans to replace more than 2,000 tonnes of plastic with fiber. This modern, automated production unit will be able to produce up to 3.5 billion fiber products annually in the future. Alf's unit will be the first such large-scale plant in Europe with production capacity.
The Postal Service announced today that it placed its initial Next Generation Delivery Vehicle (NGDV) delivery order with Oshkosh, WI, based Oshkosh Defense at a cost of $2.98 billion. The first order is for 50,000 vehicles – a minimum of which will be for 10,019 battery electric vehicles (BEVs). “We are pleased to be moving forward with this much needed investment in our fleet,” said Postmaster General and USPS Chief Executive Officer Louis DeJoy. ”Since I came on board a year and a half ago, we have continuously evaluated and adjusted our vehicle purchase strategy based on our future network initiatives, ongoing review of BEV application to our operational strategy, and our financial outlook as we undertake our ongoing implementation of the Delivering for America plan. Based upon this work and our improving outlook, we have determined that increasing our initial electric vehicle purchase from 5,000 to 10,019 makes good sense from an operational and financial perspective.
The Association of American Publishers (AAP) today released its StatShot report for January 2022 reflecting reported revenue for all tracked categories, including Trade (Consumer Books), K-12 Instructional Materials, Higher Education Course Materials, Professional Publishing, and University Presses. Total revenues across all categories for January 2022 were up 3.7% as compared to January 2021, coming in at $1.3 billion.
A silver lining in the global economy's post-pandemic supply-chain challenges has been policymakers' heightened attention to long-term issues hampering our domestic freight transportation networks. While shuttered Asian factories, chip shortages and other emerging chokepoints are newer problems particular to COVID-19 shutdowns, they’ve shed light on broader, systemic issues that have long impacted American trucking companies and their ability to keep the supply chain turning. Many of those issues emanate from our maritime ports, where abusive business practices by a cartel of foreign-owned ocean shipping companies have fleeced American trucking companies and U.S. consumers to the tune of billions of dollars. Fortunately, both Congress and the Biden Administration are aligned on the goal of increasing marketplace fairness in our ports and eliminating anti-competitive behavior that's enabled ocean carriers to reap record profits at the expense of truckers and consumers.
ePac Flexible Packaging is pleased to announce its third European facility, ePac Poland North, located near the cities of Poznan and Bydgoszcz. This expands ePac’s network of sales and production operations across the Continent, builds on the successful launch of European sites in the UK (Silverstone) and France (Lyon), and further signals the company’s intent to become the supplier of choice in local markets throughout Europe. ePac Poland North is a partnership between ePac and mFlex, and will operate from mFlex’s production facility, an established flexible packaging facility that already uses digital printing. The company will be led by Managing Partners Jacek Ciosek and Marcin Kowalski; both seasoned executives in flexible packaging who will manage ePac’s operations and customer relationships.
Fourth Quarter of 2021 Highlights *The fourth quarter of 2021 (“Q4 2021”) was the Company’s first full quarter operating its newly acquired forest products business **Q4 2021 net earnings of $8.0 million or $0.04 earning per share *Lumber pricing improved in Q4 2021 and into 2022 with continued volatility expected *Made significant strides in reducing reliance on transitional services arrangement with key hires in human resources, IT and accounting *Asset backed revolving loan facility of $65.0 million was undrawn at December 31, 2021 and has remained undrawn at March 23, 2022. Cash from operations has funded the seasonal log inventory build-up *Invested in Boreal Carbon Corporation, an entity focused on acquiring and managing forestry projects in North America to generate carbon credits
Due to the current extraordinary situation, a temporary cost surcharge for our products is unfortunately unavoidable. The general surcharge will be levied on a segment basis and will apply from 1 April 2022 until further notice. The cost surcharge will affect all products produced in Germany. The surcharge will be shown separately on the invoice. Against the background of the current dynamics in the markets, we ask for your understanding for this measure and the short notice involved. Thank you very much.
Solenis, a leading global producer of specialty chemicals, is partnering with BIO-LUTIONS, a Hamburg-based CleanTech company, to develop more sustainable disposable products to replace various single-use plastic products in food packaging applications. BIO-LUTIONS mechanically converts agricultural residues into unique, self-binding, durable fibcro® natural fibers. This patented method eliminates the need for binding agents or chemical cellulose isolation, as the fiber itself is used. From these fibers, BIO-LUTIONS creates a variety of sustainable single-use disposable products and packaging.
Climate change requires everyone to use natural resources more efficiently, and more and more consumers demand sustainable products. The numbers relating to increased eco-awareness are quite substantial: over a third of consumers are prepared to pay up to 25 percent more for a more sustainable option and 85 percent of people indicate having shifted their purchase behaviour towards more sustainable options. Sustainability is becoming an important purchase criterion and 60 percent of consumers already consider it as such. Stora Enso’s pulp customers are getting more and more questions about their products’ sustainability and if these products are compostable. As responsibility lies at the heart of Stora Enso, we initiated a project to certify all our paper pulp grades as compostable. This means that Stora Enso’s paper pulp grades must fulfill specific compostability criteria according to EN 13432 standard; these are measured by an independent external party.
First Quarter Fiscal Year 2022 Financial Highlights *Adobe achieved record revenue of $4.26 billion in its first quarter of fiscal year 2022, which represents 9 percent year-over-year growth or 17 percent adjusted year-over-year growth1. Diluted earnings per share was $2.66 on a GAAP basis and $3.37 on a non-GAAP basis. *GAAP operating income in the first quarter was $1.58 billion, and non-GAAP operating income was $1.99 billion. GAAP net income was $1.27 billion, and non-GAAP net income was $1.60 billion. *Cash flows from operations were $1.77 billion. *Adobe repurchased approximately 3.8 million shares during the quarter.
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index was unchanged in February after increasing 0.4% in January. In February, the index equaled 115.3 (2015=100) the same as January. “February was the first month that the index didn’t increase since July,” said ATA Chief Economist Bob Costello. “Despite a string of gains, the index is still off 1.8% from March 2020. The index is also off 4.2% from the all-time high in August 2019. It is important to note that ATA’s data is dominated by contract freight, not spot market. “Demand for trucking freight services remains strong, but for-hire contract carriers are capacity constrained due to the driver and equipment markets. The spot market has been surging as these carriers can’t haul all of the freight they are asked to move,” he said. “So the fact that the tonnage index hasn’t fully recovered is a supply problem, not a lack of demand. Other ATA data shows that for-hire carriers are operating around 7% fewer trucks, both company and independent contractor equipment, than prior to the pandemic.”
Water is one of the most essential resources on our planet, serving multiple roles and millions of people at once. A few of water’s better-known services include providing millions with drinking water, ensuring food security and playing a vital function in the health and sanitation sectors. Beyond these direct connections, water also maintains a critical and complex relationship with biodiversity—an essential component of Earth’s ecosystems. Countless environments rely on the presence of water to remain stable and healthy—and water, in turn, relies on these environments to maintain its own functions and patterns. When access to the resource is altered or diminished, not only are various species and their habitats at greater risk, but the water supply itself faces further threat through droughts, polluted waterways, soil erosion and decreased water quality. The result is a strained environment unable to sustain local habitats and a shrinking water supply—critical for all populations and an urgent issue for the human population, considering less than 1% of the global water supply is actually available for human use.
I’m happy to report the labor issue at Sheridan seems to be turning a corner – though it may be a wide and long corner, and hiring is picking up across our locations. Could it be that the new workforce of today is just as taken to a juicy burger being cooked on the grill by our operations leaders?… I digress. Here are a few of the many ways that Sheridan is igniting the spark in local communities to keep printing an ongoing art: *We invite local graphic arts students to spend a day with us to gain firsthand experience of the graphic art and book manufacturing processes. *We participate in Woodford County Economic Development Authority’s Annual Industry Day in Kentucky by hosting onsite or virtual tours. *We participate in Make it in Manufacturing day in Wisconsin by hosting onsite tours for local high school students. *We work with local colleges to bring in interns from printing programs, graphic arts, and related studies. *We participate in youth apprenticeship with local high school students. *We speak at local vocational and high schools during career preview days. *We speak at local colleges about manufacturing job opportunities. *We participate in area and trade specific job fairs.
Canon Inc. expresses deep concern for the ongoing military attacks against Ukraine and the humanitarian crisis it has created, and hopes that the people affected may soon be able to live in peace once again. The Canon Group is making a donation of approximately one million euros (approximately JPY 130 million / USD $1.1 million) to the UNHCR refugee agency and other international humanitarian organizations. These funds will be used to provide support to the Ukrainian people whose lives have been so deeply affected. The Canon Group will strive to provide ongoing support through such measures as collecting donations from Group employees. Canon's corporate philosophy is kyosei. It conveys our dedication to seeing all people harmoniously living and working together in happiness into the future. Canon sincerely wishes for a peaceful resolution as soon as possible.
Mondi is investing €280 million in Corrugated Packaging operations across four countries to boost production and to serve customers more efficiently. This includes around €185 million across its central and eastern European Corrugated Solutions plant network and €95 million at Mondi Świecie’s containerboard mill in Poland - demonstrating Mondi’s commitment to its customers, its people, and to responsible and sustainable production. These investments together represent an important part of Mondi’s announced €1 billion in expansionary capital investment projects this year to accelerate growth in sustainable packaging. Some highlights of the investment programme: *The upgrade of Mondi Świecie’s containerboard mill, comprising an extensive rebuild of paper machines PM2 and PM5, a new anaerobic treatment plant including an integrated cooling system, and upgrades to the pulp mill, the recycled fibre line and the energy recovery system. These improvements will allow the mill to meet growing customer demand for heavy-duty applications, enhance product quality, and bolster its environmental performance by decreasing water consumption and wastewater emissions and increasing energy efficiency. *The plant at Mondi Warsaw more than doubling in size and capacity, and receiving new machinery and automation, including a corrugator of an industry-leading 3.35 meters in width. *Expanded corrugated solutions production for the eCommerce market, with modernisation and improvements across eight sites located in Poland (Simet, Świecie, Warsaw, Dorohusk, Szczecin, Bystrzyca), Germany (Eschenbach), and the Czech Republic (Bupak), as well as a comprehensive upgrade of Mondi Simet to erect a warehouse for finished goods storage and to automate internal material flows.
To support the shift to renewable and recyclable materials in shopping and takeaway bags, Stora Enso launches CarrEco Brown™. Made from 100% fresh fibers, the material has high strength and tear resistance properties and is also safe for direct food contact. By offering renewable, fiber-based materials suited for paper bags, Stora Enso accelerates the shift away from plastic. Stora Enso now expands its paper bag materials portfolio with CarrEco Brown, a new unbleached and uncoated board that is fully recyclable. Through its unique three-layer structure, CarrEco Brown offers exceptional strength properties suitable for strong shopping bags. The material is also safe for direct food contact and contains only FDA-compliant chemicals which makes it ideal for takeaway food and groceries. “Unbleached paper bags are a good fit with the preferences of today’s eco-conscious consumers. We are well-positioned to meet the growing demand for paper bags, especially in trending end-use areas such as takeaway food. Our newest material CarrEco Brown can help our customers seize these growth opportunities in a sustainable way,” says Oscar Duarte, Business Segment Director, Kraftliners at Stora Enso Packaging Materials.
Tronox Holdings plc, the world’s leading integrated manufacturer of titanium dioxide pigment, announced that it has entered into a long-term power purchase agreement with the South African independent power producer, SOLA Group, to provide 200 MW of solar power to Tronox’s mines and smelters in the Republic of South Africa. The Company anticipates the project should be fully implemented by the fourth quarter of 2023. Today’s announcement is only one example of numerous projects and investments being pursued by Tronox to meet its publicly announced goal to align with a global warming scenario below 2° C and achieve net zero GHG emissions by 2050. “Tronox’s renewable energy project with SOLA Group will reduce our global carbon emissions by approximately 13% compared to our 2019 baseline and has the full support of our Board of Directors and senior management,” commented Melissa Zona, Tronox Holdings plc’s Senior Vice President, External Affairs and Chief Sustainability Officer.
ND Paper, the US subsidiary of Nine Dragons Paper (Holdings) Limited, is taking critical steps to build on its growth in packaging products. At ND Paper's Biron, Wisconsin mill, the company will be converting its B26 paper machine at the end of 2022 from coated mechanical papers to lightweight, high-strength recycled packaging products. Today, the Biron Division, located in central Wisconsin, employs more than 300 full-time personnel and operates two paper production lines with a combined annual production capacity of approximately 530,000 short tons. Its B25 paper machine produces approximately 270,000 short tons annually of corrugating medium and linerboard for packaging applications, while the B26 machine produces approximately 260,000 short tons annually of lightweight coated mechanical (CM) papers for end uses like catalogs, magazines and retail inserts. Upon completion of the conversion, both the machine and the mill will have increased annual manufacturing capacity. The B26 machine will have capacity for over 500,000 short tons of packaging paper, and the mill, in total, will have capacity for over 800,000 short tons.
Canadian Pacific Railway Limited announced that it has reached agreement with the Teamsters Canada Rail Conference (TCRC) – Train and Engine Negotiating Committee to enter into binding arbitration. “CP is pleased to have reached agreement with the TCRC Negotiating Committee to enter into binding arbitration and end this work stoppage,” said CP President and CEO Keith Creel. “This agreement enables us to return to work effective noon Tuesday local time to resume our essential services for our customers and the North American supply chain.”
Part of innovating means pushing boundaries and taking risks to bring new and exciting products to the market. Mohawk Renewal launched in April 2020 as a groundbreaking line of papers made with recycled cotton textiles and alternative fibers, including straw. To make Mohawk Renewal possible, we had to forge together an unprecedented supply chain with strategic partners. One of these partners, Columbia Pulp — the only North American supplier responsible for processing wheat straw into pulp to make Mohawk Renewal Straw — announced in February 2022 that they were ceasing operations. We have exhausted every avenue in Columbia Pulp's absence, but without a supplier, we cannot continue to support this industry-disrupting product and will have to discontinue Straw from the Mohawk Renewal portfolio effective immediately. We will sell the remaining inventory of Mohawk Renewal Straw to depletion without replenishment.
Conciliator Leo Suomaa has submitted a proposal for a settlement in the collective labour agreement negotiations between UPM Pulp and the Paperworkers’ Union. The conciliator has asked the parties to state their position on the proposal by 14 April 2022 at 10:00 EET. In the meanwhile, the conciliator will continue the conciliation with the Union and with UPM’s other businesses. Paperworkers’ Union has now also agreed that all business can run the negotiations parallel instead of having them one by one. "I am pleased that the negotiations have reached a point where the conciliator has seen it possible to submit a proposal for a settlement. I am hopeful that the agreement will be reached, and I hope we get to start the mills as soon as possible," says Juha Kääriäinen, Vice President, Finland Pulp Operations at UPM Pulp, the chief negotiator for UPM Pulp.
A new report from Finland’s Technical Research Center (VTT), “Recycling Food Packaging”, highlights those technology solutions expected to become commercially available in the next five years and says partnerships are essential to deliver the necessary technological innovations in food packaging recycling. VTT’s team examined current and near-future recycling systems for plastic and fiber packaging and found that alliances between brand owners, recycling and sorting technology developers, and waste management companies are fundamental to the development of recycling solutions. Such partnerships are essential for future investment in new recycling technology as they provide, on one hand, accessibility to used material, and on the other hand, a potential user for the recyclate. Commissioned by Huhtamaki the global sustainable packaging solutions provider, the report aims to identify and increase understanding of the key drivers required to deliver a functioning circular economy, in which importantly packaging is not only recyclable, but recycled. “The study predicts a significant increase in industrial chemical recycling capacity in the United States, Europe and East Asia in the next 3–4 years. Chemically recycled polymers can be included in food packaging after full depolymerization, whilst in practice today, recycled polymers certified as food contact material are mainly limited to rPET, used mostly in bottles”, says Mona Arnold, principal scientist at VTT.
As part of our commitment to operating as a sustainable Company, we are proud of our latest recognition with a Zero Waste Certificate Initiative awarded by the Turkish government to our beverage can operations in Izmit and Osmaniye. The award is part of Turkey’s Zero Waste Policy, an action plan initiated in 2017 by local authorities, with the primary goal of collecting and separating all waste and increasing recycling rates, both in industrial and consumer environments across the country. With the active engagement of our employees, the two plants implemented a series of measures that yielded powerful results: Re-using wastewater through the installation of a reverse osmosis system; Reducing hazardous waste by 80%; Reducing chemical usage by 60% and where possible, implementing recycling and decreasing waste incineration; Reducing greenhouse gas (GHG) emission rates by more than 10% through increased energy-saving activities; Reducing GHGs emitted during the transportation of hazardous chemicals and waste by 90%; Reducing waste deposited in landfills by 95%.
New research reveals that despite their best intentions, over a third of people in the UK don’t believe that their recycling efforts have an impact the environment. We found that that almost half (48%) of consumers don’t think that packaging in the UK is easily recyclable, with two thirds (67%) saying that there is a lot of conflicting advice on recycling and a similar number (60%) saying that the disposal instructions on items are hard to find. Analysis from our Kemsley Paper Mill, the largest mill for recycled paper in the UK, has revealed its ‘Dirty Dozen’ – the top 12 items that are harder to recycle when put into mixed or paper recycling streams. According to the research, conducted in partnership with YouGov, the most common Dirty Dozen items put in the recycling bin are junk mail (72%), food trays (38%) and pulp fruit trays (28%) – with soup cartons (21%) and crisp tubes (18%) also making an appearance.
Thysse, best known for generating innovative brand solutions and serving its local community, announced an expanded internal leadership structure. The adjustment will bring the company closer to its vision of becoming the premier model of a Brand Experience Provider. The restructuring includes new internal roles for owner and company President, Jason Thysse, who will serve as Chief Executive Officer, and for Dean Bott, former General Manager, now serving as President. The new leadership structure allows Jason to focus on strategy that shifts Thysse into the future, transitioning the company to one that encourages leadership at every level. This move will empower Thysse employees to act with autonomy in supporting the company’s overall vision while fostering accountability and effective decision-making in their daily work. In his new role as President, Dean Bott will draw on his extensive experience with process education within the print industry, assuming responsibility for day-to-day company functions. Already a key leader in the company, Bott will now oversee leadership, finance, marketing, sales and operations – both creative and manufacturing.
Rayonier Advanced Materials Inc. announced a cost surcharge of USD 146 (EUR 133) per metric ton applicable to all shipments of its cellulose specialties and viscose-grade products. This surcharge is necessitated by the impacts of rapidly escalating inflation and directly correlates to the significant increase in the Company’s costs for energy, logistics, chemicals, and wood. The surcharge is effective immediately and will be applied to all shipments April 1, 2022, or later.
For more than 20 years, Domtar has put sustainability at the heart of everything we do. Our newest sustainability report details our sustainability priorities for the years ahead. We have developed these sustainability priorities through the leadership of our cross-company Environmental, Social and Governance Committee and with input from a wide variety of stakeholders. Our sustainability priorities also align with our efforts to responsibly use natural resources and reduce the long-term effects of our operations on the natural environment. We will focus our work on the following key areas: Verified Fiber Sourcing; Net Zero Emissions by 2050; Water Stewardship Goal by 2030; Employee Safety; Community Engagement; Diversity and Inclusion.
Irving Pulp & Paper, Limited will invest over $150 million in environmental improvements at the Saint John mill. “The construction of this new on-site facility using world class technology will help us continue to achieve our long-term environmental objectives by substantially improving water quality while reducing water consumption by up to 50 percent,” said Mark Mosher, Vice President of Pulp & Paper. “We have been operating at the west side location since 1946, so we value the feedback of our neighbours in the community and we look forward to hearing from them through this process.” This project will modernize the current water treatment being done in the mill to remove, re-use and recycle materials created during the pulping process which need to be treated in an environmentally friendly manner. It will also help Irving Pulp & Paper to comply with a new enforcement approach to federal regulations and reduce the water currently being sourced from Spruce Lake by up to 50 percent.
UPM Raflatac has achieved sustainability certification from the International Sustainability and Carbon Certification Scheme ISCC Plus at its Nancy factory in France. This certification is an addition to UPM Raflatac’s already extensive ISCC Plus certification portfolio. UPM Raflatac’s ISCC PLUS products are certified via a mass-balance approach. “Three of our factories and 14 of our distribution terminals around the world already hold the ISCC Plus certification. The new certification in Nancy is a great addition to our ISCC Plus certification portfolio. It provides a strong external proof of sustainably managed raw materials and value chains for renewable and chemically recycled products,” says Suvi Rasa, UPM Raflatac’s Sustainability Manager. UPM Raflatac aims to be the first label material company beyond fossils.
The United States Postal Service reported new delivery performance metrics showing the average time to deliver a mailpiece across the postal network continues to average 2.7 days. Through March 11, performance for Marketing Mail and Periodicals was consistent with performance from the fiscal first quarter. The Postal Service continues to focus on operational precision across the postal network to improve First-Class Mail performance. Second quarter service performance scores covering Jan.1 through March 11 included: *First-Class Mail: 86.3 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.8 percentage points from the fiscal first quarter. *Marketing Mail: 91.9 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 81.0 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter.
FSC issued a series of normative instruments to implement measures related to FSC certificates in Russia and Belarus to disable sourcing material from these countries. To further support measures issued and queries around them, FSC has published two additional Advice Notes and the corresponding derogation as follows: ADVICE-20-011-14 Verification audits for material sold but not dispatched prior to suspension: FSC-DER-2022-002 Use of material purchased but not dispatched from Russia before suspension of supplier; ADVICE-20-005-01 Waiving of AAF for certificates in Russia, Belarus and Ukraine; FSC has further decided to also waive the AAF for all certificates in Ukraine as of Q2/2022, regardless of their certification status.
Sonoco has issued its 2021 Annual Report to Shareholders and announced the date for its 2022 Annual General Meeting. The annual report, entitled Better Than Ever details the Company’s 2021 financial results, its strategy and the complementary $1.35 billion acquisition of Ball Metalpack, a leading manufacturer of sustainable tin-plate food and aerosol containers, along with closures and packaging components. “Sonoco’s purpose is Better Packaging. Better Life. This means we are committed to creating sustainable packaging solutions that help build our customers brands, enhance the quality of their products and improve the quality of life for our stakeholders around the world,” Howard Coker, Sonoco President and Chief Executive Officer, wrote to shareholders. “We also believe our value-creation strategy – to be the benchmark company for yield and stability in the packaging industry – will make Sonoco Better than Ever.”
As the war and humanitarian crisis from Russia’s invasion of Ukraine continue, it is important that we remain connected and well informed as a team. We are witnessing a tragic situation and our hearts go out to the people whose lives have been so terribly affected. We join the urgent call for a peaceful resolution to the conflict. At Amcor, we are guided by our values: • Our first focus is the safety of our people in Ukraine; • We recognize that our packaging products help people in communities everywhere with their daily necessities; • Our sense of obligation extends also to the multinational customers we partner with in Ukraine and Russia. Those considerations come together in how we work with our customers: they also take care of their own teams and rely on us to bring products to communities in need. Together we support the livelihoods of many thousands of people along complex supply chains. You will remember we proactively closed our site in Kharkiv, Ukraine, to protect our local team right before the armed conflict started. Our dedicated crisis team continues to monitor developments in real time and assist our people. We are deeply concerned about the humanitarian crisis in Ukraine and are actively contributing to the relief efforts. Amcor is committing at least USD1 million for direct support to our team in Kharkiv and their families as well as general humanitarian aid, in partnership with the International Red Cross. This includes a matching contributions program open to all Amcor colleagues around the world. Let’s please keep up the support and a big thank you for all the generous contributions so many of you already made.
Metsä Group has made donations of EUR 160,000 to Aalto University, LUT University, Tampere University, Åbo Akademi, University of Jyväskylä and University of Eastern Finland. Depending on the university, the donations will be allocated to the fields of technology, natural sciences or agriculture and forestry. “High-quality university research and education form the basis for the development of the forest industry as a whole. It’s very important for us to secure future competence,” says Ilkka Hämälä, President and CEO of Metsä Group. Earlier in December, Metsä Group donated a total of EUR 500,000 to its partner universities University of Helsinki and University of Oulu. The donations are part of the matched funding scheme, through which the Government supports donations made to universities by private foundations, companies and individuals. The matched funding scheme will run until the end of June 2022.
Paper Excellence today announced it hopes for a speedy end to the CP Rail labour dispute which will begin to impact Skookumchuck Pulp Inc., Paper Excellence’s mill located in the East Kootenays. Global logistics have been incredibly challenging for the company during the pandemic and the additional impacts from devastating wildfires and flood events in BC last year made the situation ever more difficult. The CP Rail strike will further disrupt and impact Skookumchuck Pulp mill. PE respects the collective bargaining process. However, the company is concerned that a protracted disruption in rail service would impact the operation of our mill and employment in the rural communities that support our operation. The Skookumchuck mill, which employs 280 people and infuses over $1 million daily into Canada’s economy, is highly dependent on rail service to get finished pulp to the coast of British Columbia. Paper Excellence remains committed to servicing our customers’ needs during this interruption.
Georgia-Pacific has announced that it plans to close the Green Bay Day Street facility over the next 18 months. This decision does not affect Georgia-Pacific's other operations in Green Bay. The decision to shut down the mill does not reflect the hard work that Day Street employees have performed throughout the years to serve Georgia-Pacific's customers. They have done an admirable job operating these lines as safely and productively as possible. The primary reasons for this decision are a combination of changing customer demand, bath tissue upgrades and investments at other Georgia-Pacific facilities, and less competitive assets at the Day Street mill. Tissue manufacturing at the site will end in mid-May, with some other parts of the mill shutting down in September. The Day Street mill will continue to make napkins until the Fall of 2023.
Kohl’s Corporation provided the following update regarding the Board of Directors’ ongoing review of expressions of interest in acquiring the Company. The Board acknowledged receipt of multiple preliminary indications of interest. The proposals received are non-binding and without committed financing. The Board has authorized Goldman Sachs to coordinate with select bidders who have submitted indications of interest to assist with further due diligence so that they have the opportunity to refine and improve their proposals and include committed financing and binding documentation.
Kohl’s Corporation mailed definitive proxy materials previously filed with the Securities and Exchange Commission in connection with the Company’s Annual Meeting of Shareholders, which is scheduled to be held on May 11, 2022. Kohl’s shareholders of record as of the close of business on March 7, 2022 will be entitled to vote at the Annual Meeting. In conjunction with the definitive proxy mailing, Kohl’s is providing the following letter from the Company’s Board of Directors to shareholders: PROTECT THE VALUE OF YOUR INVESTMENT IN KOHL’S – VOTE THE BLUE PROXY CARD TODAY FOR ALL OF KOHL’S HIGHLY QUALIFIED DIRECTOR NOMINEES
Today, the Bruck paper mill will gradually resume production as energy markets have stabilised to some extent and commercial terms reflecting the current energy situation have been entered into with customers. The new energy boiler is progressing well with its commissioning phase. The boiler is scheduled for takeover in April and will reduce the mill’s gas consumption and improve its energy supply. With somewhat calmer energy markets and required commercial terms, we are pleased that the Bruck paper mill is able to gradually resume production. The new energy boiler, in combination with the existing gas turbine, will give Bruck improved energy flexibility in increasingly uncertain energy markets, says Sven Ombudstvedt, President and CEO of Norske Skog.
Third quarter operating income improved due to higher revenue per shipment and a net fuel benefit at all transportation segments. The quarter's results also benefited from lower variable compensation expense and less severe winter weather, resulting in favorable year-over-year comparisons. The improved results were partially offset by the effects of the Omicron variant, as well as higher purchased transportation costs and wage rates. FedEx Ground operating results declined primarily due to increased rates for purchased transportation and employee wages, network inefficiencies, and expansion-related costs. These costs were partially offset by higher revenue per package, a boost from two additional ground commercial operating weekdays, and a net fuel benefit. Average daily volume was flat, as Ground Economy declined and growth in commercial and FedEx Home Delivery services was constrained by the effects of the Omicron variant. FedEx Freight third quarter operating income nearly tripled, driven by a continued focus on revenue quality and profitable growth. Revenue per shipment increased 19% and average daily shipments grew 2% during the quarter, while the operating margin increased 850 basis points to 15.0%.
The PM10 at Laakirchen Papier AG, part of the Heinzel Group, Austria, that was rebuilt by ANDRITZ has become the world’s fastest converted containerboard production machine with speeds of up to 1,420 m/min at a basis weight ranging from 80 to 140 g/m². Over the last few years, ANDRITZ converted the PM10 from production of SC paper to a fluting and testliner machine. The scope of supply comprised the stock preparation section, a comprehensive rebuild of the paper machine, and the complete automation. Jan Reibert, Production Manager PM10 of Laakirchen Papier, explains: “Per today, PM10 produces lightweight containerboard here in Laakirchen at record speeds. And we have an ace up in our sleeve: there is still potential for further increases in performance. The next step is the upgrade by ANDRITZ of the ropeless tail threading system in the double-tier part of the after-dryer section to reduce threading time when compared to the market standard.”
WestRock Company, a global manufacturer of differentiated paper and packaging solutions, broke ground yesterday on a 285,000 square foot expansion at its consumer packaging facility in Claremont. The $47 million investment was bolstered by a performance-based grant from the One North Carolina Fund and is expected to create 50 new jobs by the end of next year. During yesterday’s groundbreaking ceremony, WestRock project manager and Catawba County native Jason Smitherman remarked, “WestRock has operated on these grounds for 25 years, and this investment ensures we will be here for many more to come. This project would not have been possible without the commitment to and belief in WestRock by the City of Claremont, Catawba County, and the state of North Carolina.” The expanded facility and its employees will support WestRock’s production of sustainable, fiber-based packaging for some of the world’s leading food, food service and beverage brands.
National Average Price for Regular Unleaded Current: $4.274; Month Ago: $3.528; Year Ago: $2.884. National Average Price for Diesel Current: $5.066; Month Ago: $3.942; Year Ago: $3.104.
American Dollar to Canadian Dollar = 0.792348; American Dollar to Chinese Yuan = 0.157203; American Dollar to Euro = 1.103373; American Dollar to Japanese Yen = 0.008398; American Dollar to Mexican Peso = 0.048838.
Canon Solutions America, Inc. provides industry leading enterprise, production and large format printing solutions, supported by exceptional professional service offerings. The Production Print Solutions group specializes in high-speed, high-volume printing and is best known for its industry leading production inkjet portfolio. The company strives to protect the environment throughout the entire life cycle of its products, from its energy efficient product design and manufacturing processes to its large format ink cartridge collection/recycling program and the elimination of hazardous substances from its products and services wherever possible. Canon’s enthusiastic support of Two Sides is yet another way the company demonstrates its sustainability commitment. “Canon is proud to be a Two Sides member as both organizations work to promote the sustainable narrative of print,” says Ed Jansen, Canon Solutions America Vice President of Marketing and Two Sides Board Member. “Working together, we are dispelling common environmental misconceptions by providing consumers with verifiable information on why print on paper is an attractive, practical and sustainable communications medium.”
Established in 2016, and just 6 years old, ePac Flexible Packaging is doubling down on the aggressive growth strategy it has deployed since the company’s creation. ePac will continue to focus on helping small and medium brands achieve big brand presence, recognizing the importance of this sector in driving economic growth in all corners of the globe. 2021 was a strong year for the company, again seeing sales growth in excess of 50% YoY, and an increase in production capacity of over 30%. In North America new plants were successfully opened in Portland, Toronto, and Kansas City, and internationally in the UK, France, Poland, and Australia. ePac now operates 17 plants in North America and 6 more in Europe and Asia Pacific. Looking forward into 2022-2023, ePac will continue expansion in North America, adding plants in the Northeast, Midwest, Southeast, Southwest, and a second location in the Mountain region. Additionally, print and pouch making capacity will be increased in existing ePac operations.
SCA to invest SEK 150 million in new processing equipment at Munksund paper mill in an initiative set to reduce environmental impact. “We will increase our production of pine oil, which is used to produce biofuels. At the same time, we’ll reduce energy consumption,” says Jens Riglert, site manager at Munksund’s paper mill. Pine oil is a by-product of the production of pulp and originates from the wood used. The chemical industry has long used pine oil to produce a wide variety of products including paint and detergents, but now it is also a sought-after raw material for producing biofuels. “Pine oil is key to the transition to a fossil-free society. It can replace fossil fuels and thus help reduce global warming. Demand is increasing in Sweden and globally, as interest in biofuels increases,” says Riglert.
In summer 2021, Heidelberger Druckmaschinen AG (Heidelberg) launched the Generation 4 CutStar, the Speedmaster XL 106-D rotary die cutter, and a new Performance Package for in-mold label production on the Speedmaster XL 106. It is now further expanding this portfolio by entering into a worldwide distribution agreement with the Japanese company AN Corporation for the Kawahara TXS-1100 and Kawahara BMS-1100 automated postpress systems. This marks the global rollout of a pilot agreement concluded for the North America region last year. “Heidelberg is systematically investing in the growth markets of packaging and label printing. The distribution agreement for Kawahara blanking systems adds a further key production step in the workflow to the company’s label printing portfolio,” says Rainer Hundsdörfer, CEO of Heidelberg. “In this way, we are helping our customers further automate their processes and thus make them as efficient and cost-effective as possible,” he explains. As a result, Heidelberg now offers all the technology needed for a highly efficient workflow in industrial label production – from job creation, prepress, and plate imaging all the way through to printing, die cutting, and fully automatic blank stripping.
U.S. purchases of total printing-writing papers increased seven percent in February compared to the same month last year. Total printing-writing paper inventory levels decreased one percent when compared to January 2022. U.S. purchases of uncoated free sheet (UFS) papers in February increased five percent compared to last February while the inventory level decreased two percent compared to January 2022. UFS imports and exports both decreased compared to January 2021, down 16 percent and 28 percent respectively. Coated free sheet (CFS) paper shipments increased eight percent compared to February 2021 while the inventory level increased one percent compared to January 2022. CFS imports increased 43 percent while exports decreased 23 percent in January 2022. U.S. purchases of coated mechanical (CM) papers in February decreased nine percent compared to last February while the inventory level increased one percent compared to January 2022. CM imports and exports both decreased compared to January 2021, down four percent and 12 percent respectively. Uncoated mechanical (UM) paper shipments remained essentially flat (+0.3%) compared to February 2021 while the inventory level increased four percent compared to January 2022. UM imports and exports both increased compared to January 2021, up two percent and 25 percent respectively.
Total packaging papers & specialty packaging shipments in February decreased two percent compared to February 2021. They were down two percent when compared to the same two months of 2021. The operating rate was 86.8 percent, down 1.1 points from February 2021 and down 1.0 points year-to-date. Mill inventories at the end of February increased two thousand short tons from the previous month, and were down 11 thousand short tons compared to February 2021.
The heating plant is located on Vattenfall’s existing combined heat and power plant site in Uppsala, Sweden, some 70 km north of Stockholm. This new plant supplies more than 110 MW of district heat to the Uppsala area and is also prepared for electricity production at a later stage. The fuel for the new plant comprises different kinds of wood-based biomass, such as recycled wood, bark, wood chips, and sawdust. The ANDRITZ scope of supply included biomass receiving, handling and storage silos, a biomass-fired boiler with flue gas cleaning, and a flue gas condenser. The boiler is based on the ANDRITZ EcoFluid bubbling fluidized bed design, which combines high efficiency with excellent environmental performance. Flue gas emissions are reduced to very low levels, with the selective catalytic reduction (SCR) method for NOx emissions and a baghouse filter, including sorbent feeding, for sulfur dioxide (SO2), hydrochloric acid (HCl), heavy metals, and dust emissions. The flue gas condenser significantly increases the district heat output and, therefore, improves plant efficiency to beyond 110% when calculated using the fuel lower heating value.
R.R. Donnelley & Sons Company introduced an offering for cannabis and CBD companies designed to help them meet evolving product life cycle needs, including product differentiation at retail, regulatory adherence, and supply chain continuity. The cannabis and CBD industries have gone through immense regulatory change over the last few years that has transformed the retail landscape and created growth opportunities for both product lines. In fact, the Leafly Jobs Report found that nationwide cannabis sales increased 33% in 2021. As the cannabis dispensary industry continues to mature, customers demand both product variety that fits their lifestyle and easier access to product health and wellness information. RRD’s offering is designed to help cannabis and CBD businesses keep pace with market demand and create meaningful product engagement with consumers at dispensaries and select CBD retailers.
Neenah, Inc. released an update to its 2021 Environmental, Social, and Governance (ESG) report which highlights the ways in which Neenah is enabling sustainable practices that prioritize the safety and well-being of employees, our communities and environment. The report details the progress we’ve made in the last three quarters including: *Achieving a full-year 30% improvement in recordable incident rates in our facilities, as we aspire to reach zero injuries *Establishing long-term goals for reducing greenhouse gas emissions as part of our broader strategy to reduce our environmental impact *Expanding our portfolio of environmentally preferred products and receiving several new certifications from the U.S. Department of Agriculture
Campaigns, Innovations, Performance, Marketing Integrations & Advocacy: Join J.Schmid President, Brent Niemuth, as he shares a client case study of a highly creative and effective direct mail campaign that showcases the magic of print, during the upcoming BRAND United webinar on March 28th. Sign up at: https://lndnm.napco.com/20220328_BRU_WBNR_ELITE_6263_LP.html?partnerref=004
Barnes & Noble announces the shortlists for the Barnes & Noble Children’s & Young Adult Book Awards. These annual awards give a national platform to new and emerging talent in Children’s Publishing. The shortlist in each category of Picture Books, Young Readers and Young Adult is selected by the booksellers at Barnes & Noble who specialize in Children’s bookselling in stores across the country. Barnes & Noble has an astonishing track record for discovering, establishing and championing the careers of many authors with its Book Clubs, Monthly Picks and Book of the Year, and the Children’s & YA Book Awards play a similar role, launching hitherto little-known authors that will shape children’s literature for years to come. Last year, for its inaugural Overall Winner, B. B. Alston’s debut, Amari and the Night Brothers, enchanted the hearts of Barnes & Noble booksellers from coast to coast and went on to achieve extraordinary success.
FSC has shared three recommendations with the EU Commission on the REDII revision process, and in particular on how to make sure that woody biomass are sourced in line with sustainability limits. The energy sector is responsible for more than 75 per cent of the EU’s greenhouse gas emissions (GHG). Renewable energy has a key role in tackling climate change by reducing the EU’s dependency on imported fossil fuels. Under the European Green Deal, the EU Commission has committed to reduce the EU’s GHG by at least 55 per cent by 2030 - and ultimately become climate neutral by 2050. In this framework, the EU Commission has proposed a revision of the Renewable Energy Directive (REDII) to align it with the EU’s increased climate ambition.
Negotiations for the new collective labour agreements between UPM businesses and Paperworkers’ Union have continued intensively. Today the union announced a two weeks’ extension to the strike at most UPM’s Finnish mills, until 16 April 2022, unless new collective labour agreements are reached before that. The Paperworkers’ Union’s strike at UPM Pulp, UPM Biofuels, UPM Communication Papers, UPM Specialty Papers and UPM Raflatac units in Finland began 1 January 2022. Currently, approximately 200 union members work at the mills in tasks critical to society, such as power plants and water treatment facilities. “In recent weeks the parties have negotiated primarily in one-on-one negotiations. Despite intense negotiations, agreements have not been reached. Therefore, UPM Pulp’s negotiations continue now in the official conciliation process”, says Jyrki Hollmén, Vice President, Labour markets at UPM.
Stakeholders from around the world are invited to give feedback on the revised Finland Forest Certification System. Deadline for comments is 12 May 2022. Give your feedback. PEFC Finland revised the country’s national forest certification system following the entry into force of the revised 2018 PEFC Sustainable Forest Management standard. The Finnish system was submitted to PEFC after being revised in line with PEFC requirements. The national system is now undergoing the PEFC assessment process, carried out by an independent PEFC Registered Assessor. It must pass this assessment to maintain its PEFC endorsement. An important aspect of the assessment process is the public consultation. Over the sixty-day consultation, stakeholders from around the world can give their comments and provide feedback on any aspect of the system. The Registered Assessor will use the information received from this consultation in their assessment of the system.
Transcontinental Inc. announces the acquisition by TC Media of Scolab Inc., a leader in the development of digital educational products. Scolab is known for Netmath, distributed in Canada in French and English, and Buzzmath, distributed in the United States. These products are used by thousands of students and teachers across North America. "Scolab is a visionary, innovative and dynamic company", said Patrick Lutzy, President of TC Media. “This strategic acquisition enhances TC Media Books’ already strong digital offering. The co-existence of digital with print is essential today in our industry, and we are proud of our leadership in this area. This new step forward expands and diversifies our offering of digital educational products for the elementary and secondary levels."
Sun Chemical is expanding its edible ink range with the launch of its FSR ink, which was developed to meet the specific needs of the food industry and verified for printing directly onto food including baked goods. Created to offer outstanding color and sharpness, while also complying with the highest levels of quality and safety regulations, Sun Chemical’s FSR ink range is based on synthetic colorants suitable for use for direct food printing using mid-viscosity range piezo printheads, such as the Ricoh GH2220 digital printhead. This completes a series of digital edible inks, complementing the existing low and high viscosity FSE and FSS lines, to enable food decoration with a full range of digital printhead technologies. The FSR range of inks has been developed using carefully selected synthetic food dyes that conform to FDA and EU legislation and is suitable for food printing when used in the right conditions for food production. The technology is also suitable for pharmaceutical and nutraceutical markets such as printing on pills and capsules. Sun Chemical is collaborating with printer manufacturers specifically targeting the food and pharmaceutical industries, highlighting the need to provide the market a fully capable and innovative food printing technology.
Start-up is scheduled for the first quarter of 2023. The new press section has a design speed of 1,200 m/min and a width of 5.32 m at the pope reel. The aim of the rebuild is to significantly increase the dryness content after the press – while also saving energy – and to improve other paper properties. This new press section will enable Burgo to achieve a remarkable reduction in steam and specific energy consumption, resulting in a smaller CO2 footprint. The scope of supply includes a new PrimePress X shoe press for the 4th nip, with a line load of 1,450 kN/m. With this type of shoe press, highest dry content levels are possible compared to the market standard. In addition, the runnability of the machine will be improved.
Kevin will be focused on optimizing the value of Canfor Pulp’s business and he will start this work by leading the company through a comprehensive business review. “Kevin’s proven ability to build and lead highly effective teams, in combination with his extensive experience in the forest sector, make him the ideal choice to lead Canfor Pulp as the Company works to improve operational reliability and optimize the use of our fibre supply,” said John Baird, Chair, Canfor Pulp Board of Directors. “I’m excited to welcome Kevin to lead the Canfor Pulp team. Kevin is a highly successful leader with strong knowledge of the forestry and pulp industries and I am confident he will lead the organization to a profitable and sustainable future,” said Don Kayne, President and CEO, Canfor.
Just as direct-to-consumer delivery has grown in popularity, so has consumer demand for eco-friendly packaging and products has increased. Packaging components ranging from the actual container (ex. box) that the product is shipped in, to the outer package wrap and void fill each must be considered. If you are committed to sustainability but still use foam or plastic void fill, it is time to explore eco-friendly alternatives. Void fill (sometimes called “box filler”) exists to fill the empty spaces in your packaging and protect your product from too much movement during the shipping process. Customers are used to getting packages filled with styrofoam peanuts, plastic air pillows, plastic bubble wrap, and so on. However, many of these methods are reliant on unsustainable materials. Additionally, they may demand an avoidable amount of messy packing space or disregard the customer's unboxing experience.
Dear Industry Member: While we wait for President Biden to sign the Senate-passed Postal Service Reform Act (and our intel says this will happen soon), now is an ideal time to reach out to your senators if you heeded to our call to request their support of the bill. Why Bother? As an industry stakeholder, your advocacy has been critical in driving the legislation forward and it's important that legislators and staff hear from you, especially when signature pieces of legislation are enacted that will help the industry. As importantly, expressing your company's recognition and appreciation to Congressional staffs for their hard work is an essential component to relationship-building in Washington. Please try to get this done early this week by following these simple steps: • The ACMA has prepared this template for you to use. Just be sure to add your company's own information where indicated. • Click here to see which senators voted in favor of the bill - obviously, make sure you're only thanking those who voted YEA. • Click here for a list of all Senate legislative directors, which contains their email addresses and phone numbers. It's advised that you simply email them your thank-you notes.
The production at the Leitza factory was resumed last Saturday, March 12, following the agreement reached in the negotiation of the Collective Agreement between Lecta and the Trade Union Committee of the Leitza factory. The agreement was ratified by the workers last Friday, March 11. With the settlement of the agreement, the work centre re-establishes the production program in metallized, thermal, cast coated and carbonless products foreseen in these facilities. The company reiterates its commitment to providing the best service to all our customers.
Tilly’s, Inc. announced that its Board of Directors has authorized a share repurchase program, pursuant to which the Company may repurchase up to two million shares of the Company’s Class A common stock over the next twelve months through March 14, 2023. Repurchases of Class A common stock by the Company pursuant to the Program may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company is not obligated to repurchase any specific number or amount of shares of Class A common stock pursuant to the Program, and it may modify, suspend or discontinue the Program at any time. The Company will determine the timing and amount of repurchased shares, if any, in its discretion based on a variety of factors, such as the market price of Class A common stock, corporate requirements, general market economic conditions and applicable legal requirements.
Amazon and Global Optimism announced that more than 300 companies have now signed The Climate Pledge, a nearly 600% growth in signatories over the past year. Among the nearly 100 new signatories joining today are the world’s largest container shipping company, Maersk; the leading enterprise software developer SAP; the North American timberland company Weyerhaeuser; the largest residential solar company in the U.S., Sunrun; and the leading brand in connected car and audio services, HARMAN. Pledge signatories in total generate over $3.5 trillion in global annual revenues and have more than 8 million employees across 51 industries in 29 countries. Signatories to The Climate Pledge must agree to: *Measure and report greenhouse gas emissions on a regular basis. *Implement decarbonization strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies. *Neutralize any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets to achieve net-zero annual carbon emissions by 2040.
The consolidated sales of the Group reached EUR 3,069.7 million and were thus 21.4% or EUR 541.3 million above the previous year’s figure (2020: EUR 2,528.4 million). This increase resulted primarily from the acquisition of the Board & Paper division. At EUR 269.6 million, the operating result was 16.5% or EUR 38.2 million higher than in the previous year (2020: EUR 231.4 million). Around 55% of this growth is attributable to MM Board & Paper and around 45% to MM Packaging. At EUR 244.5 million, earnings before taxes were 10.1% higher than in the previous year (2020: EUR 222.1 million). Income taxes amounted to EUR 53.8 million (2020: EUR 59.8 million), resulting in an effective Group tax rate of 22.0% (2020: 27.0%). The net profit for the year thus increased by 17.5% or EUR 28.5 million to EUR 190.7 million (2020: EUR 162.2 million).
Ahlstrom-Munksjö continues to expand in the packaging tape market by launching MasterTape™ Pack Green tape backing offering consisting of bio-based tape backings with greater sustainability attributes. MasterTape™ Pack Green is available in multiple variants and basis weights, including saturated tape backings, as well as saturated and release coated tape backings with different levels of releases that are compliant with various adhesive systems. The offering can also be fully customized based on customer requirements. MasterTape™ Pack Green offers an alternative to plastic tape solutions, and it is produced from responsibly sourced and renewable wood pulp, certified according to Forest Stewardship Council® standards. Aligned with Ahlstrom-Munksjö’s ‘from Plastic to Purpose’ campaign that aims to raise awareness about the possibilities of fiber-based solutions as a renewable option, its bio-based contents are above 85%, and it is repulpable and recyclable according to EN13430.
Given the current global situation driving rapid escalation of raw material costs along with the sharp rise in crude oil resulting from the U.S. and U.K. governments’ decision to ban the purchase of Russian oil derivatives, Solenis is experiencing unprecedented weekly volatility in our cost to serve our customers. As a result, Solenis will move to monthly pricing on all product lines effective April 1, 2022. All product lines and market segments are being severely impacted by these world events. We continue to focus our team on mitigating the impact of this situation on our customers’ operations by exhausting every pathway to procure raw materials to support customer demand and avoid run outs. However, these volumes are coming at an extremely high cost which requires our temporary shift to a monthly pricing structure. We consider this a temporary situation, and we will continue to monitor this volatile situation and will keep lines of communication open to allow de-escalation of monthly pricing as energy pricing and other raw material feedstocks normalize.
Skutskär Mill in eastern Sweden is a modern pulp mill focusing on the production of fluff pulp for absorbent hygiene products such as diapers, other hygiene products and air-laid nonwovens. Skutskär Mill has a long history of continuously reducing the environmental footprint of its operations and products. Skutskär Mill started production already in 1895 with an annual capacity of only 6,000 tonnes of pulp. Today the mill’s annual capacity has reached 545,000 tonnes. As production has grown, so have Stora Enso’s goals for improving the mill’s environmental footprint. During the years, many steps have been taken towards Skutskär Mill becoming a carbon neutral mill. Today this goal is very close to becoming reality. Today, all the energy, heat and power produced at Skutskär Mill is based on biofuels. Recent measurements made in December 2021 showed that the mill was also 93% self-sufficient in electricity. At times, the mill is able to sell excess energy to the national grid as production exceeds the mill’s own needs.
Verso Corporation announced that, at a special meeting of stockholders held today, its stockholders voted to approve the previously announced merger with BillerudKorsnäs AB ("BillerudKorsnäs") as well as other related proposals. The merger proposal was supported by approximately 98.5% of votes cast, representing approximately 73% of outstanding shares of Verso's common stock. The final voting results of the special meeting, as tabulated by an independent inspector of elections, will be filed as part of a Form 8-K with the U.S. Securities and Exchange Commission. Verso and BillerudKorsnäs now expect the merger to close in late-March or April of 2022, subject to the satisfaction of customary closing conditions, including the receipt of approvals from the Nuclear Regulatory Commission and the Public Service Commission of Wisconsin. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR") expired effective February 10, 2022. The State of Wisconsin Department of Health Services consented to the transaction on February 25, 2022 and the Federal Energy Regulatory Commission issued an order authorizing the transaction on March 8, 2022.
Consistent with the rest of the shipping industry, USPS experienced delays in both ground and air transportation during the month of February due to inclement weather events including winter storms in the Midwest, South and Northeast regions. The Postal Service continues to implement mitigation plans to move mail and packages effectively across the nation. Additional second quarter service performance scores covering Jan.1 through March 4 included: *First-Class Mail: 86.9 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.3 percentage points from the fiscal first quarter. *Marketing Mail: 91.7 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of .5 percentage point from the fiscal first quarter. *Periodicals: 80.5 percent of Periodicals delivered on time against the USPS service standard, a decrease of .4 percentage point from the fiscal first quarter.
Gap Inc. and NEXT Plc announced the opening of the first Gap-branded shop-in-shop within NEXT’s largest West End store on London’s Oxford Street, marking the first milestone of the joint venture franchise relationship between the two companies to manage Gap’s e-commerce business as well as Gap-branded shop-in-shops at NEXT locations. The location in central London cements Gap’s physical return to the British high street. As the largest brand shop within the store, covering over 4,000 square feet of retail space, the Gap store embodies the brand’s reinvented approach to retail in the UK with an open, modern and minimal design. Customers can shop curated collections of elevated everyday essentials including denim, fleece, khakis, shirting and iconic logo product for women, men and kids. A customization shop offering embroidery, badging and monogramming will also be available to all Gap customers.
For the second year in a row, HH Global has completed a full assessment of the carbon footprint of our business and disclosed the results to CDP. CDP is a not-for-profit organization that runs the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts. Their aim is to see a thriving economy that works for both people and planet in the long term. We are proud to announce that we have increased our rating from a C to a B for our climate change disclosure, with A ratings given for the strength of our governance and emissions reduction initiatives.
International Paper (NYSE: IP) announced its intention to explore strategic options, including the possible sale, of its 50% ownership interest in Ilim Group. International Paper has no intention to seek suspension of operations or initiate any liquidation or bankruptcy proceedings with respect to Ilim Group.
Fourth quarter 2021 net income from continuing operations was $21.4 million ($0.63 per diluted share) compared to $6.5 million ($0.19 per diluted share) in the fourth quarter of 2020. Net income from ongoing operations, which excludes special items, was $6.2 million ($0.18 per diluted share) in the fourth quarter of 2021 compared to $9.7 million ($0.29 per diluted share) in the fourth quarter of 2020. Full year 2021 net income from continuing operations was $57.9 million ($1.72 per diluted share) compared to net loss from continuing operations of $16.8 million ($0.51 per diluted share) in 2020. Net income from ongoing operations was $39.6 million ($1.18 per diluted share) in 2021 compared to $50.8 million ($1.51 per diluted share) in 2020. A reconciliation of net income (loss) from continuing operations, a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to net income from ongoing operations, a non-GAAP financial measure, for the three months and year ended December 31, 2021 and 2020, is provided in Note (a) of the Notes to the Financial Tables in this press release.
Mactac® has acquired CSI – SoCal, a custom slitting and distribution center for roll label printers located in Ontario, Calif., under an asset purchase agreement. A $2.5 million investment, the acquisition is the latest in a major Mactac operational expansion plan. The strategically located West Coast finishing center provides Mactac a turnkey, high-performing roll label slitting and distribution center with a talented operations team and newer world-class slitting assets. Mactac is also investing nearly $10 million in expanding its slitting and service capability, including installing five new world-class slitters across its North America network beginning this summer. The strategic move is part of an ongoing commitment by Mactac to deliver the roll label market and customers' enhanced products and services, supply chain continuity, and added reliability.
For the Fourth Quarter of Fiscal 2021: *Net sales increased 24.1% to $2.7 billion compared to $2.2 billion in the fourth quarter of fiscal 2020 due to the favorable impact from stronger consumer confidence and fewer COVID-19 restrictions compared to the fourth quarter of fiscal 2020. *Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) increased 21.4% compared to a decrease of 4.8% in the fourth quarter of fiscal 2020, driven by a 10.4% increase in transactions and a 9.9% increase in average ticket. Compared to the fourth quarter of fiscal 2019, comparable sales increased 15.4%. *Gross profit increased to $1.0 billion compared to $771.0 million in the fourth quarter of fiscal 2020. As a percentage of net sales, gross profit increased to 37.6% compared to 35.1% in the fourth quarter of fiscal 2020, primarily due to leverage of fixed costs, favorable channel mix shifts, and improvement in merchandise margins. *Net income increased to $289.4 million compared to $171.5 million in the fourth quarter of fiscal 2020. Adjusted net income for the fourth quarter of fiscal 2020 was $193.4 million.
Fiscal 2021 Fourth Quarter Results Overview *Total net sales were $204.5 million, an increase of $26.6 million or 14.9%, compared to $177.9 million last year. Total comparable net sales, including both physical stores and e-commerce, increased by 12.5% compared to last year. *Net sales from physical stores were $152.2 million, an increase of $29.6 million or 24.2%, compared to $122.5 million last year. Comparable net sales from physical stores increased by 20.7%. Net sales from stores represented 74.4% of total net sales compared to 68.9% of total net sales last year. The Company ended fiscal 2021 with 241 total stores compared to 238 total stores at the end of fiscal 2020. *Net sales from e-commerce were $52.3 million, a decrease of $(3.1) million or (5.6)% compared to $55.4 million last year. E-commerce net sales represented 25.6% of total net sales compared to 31.1% of total net sales last year. Consumer behavior in 2021 favored stores over e-commerce relative to last year during which stores were more constricted in operating hours and customer occupancy limits than this year. *Gross profit was $70.4 million, an increase of $12.1 million or 20.8%, compared to $58.3 million last year. Gross margin, or gross profit as a percentage of net sales, was 34.4%, an improvement of 170 basis points compared to 32.7% last year. Total buying, distribution and occupancy costs improved by 190 basis points collectively, despite increasing by $1.9 million in total, due to leveraging these costs against higher net sales. Product margins decreased by 20 basis points as a percentage of net sales primarily due to an increase in sales return reserves and less favorable inventory shrink results than last year, the combination of which more than offset a lower markdown rate compared to last year. *Net income was $12.1 million, or $0.38 per diluted share, compared to $8.9 million, or $0.29 per diluted share, last year. Weighted average shares were 31.4 million this year compared to 30.1 million last year.
S&P Global Ratings has suspended commercial operations in Russia. The safety and well-being of our people come first, and we continue to support them. We will also maintain analytical coverage for existing ratings from outside Russia. We have in place a comprehensive business continuity plan to ensure our ongoing ability to deliver our data and opinions to market participants while maintaining our adherence to our legal and regulatory obligations. This report does not constitute a rating action.
Our hearts are with all those directly and indirectly impacted by the tragic events in Ukraine. With a reported 2 million people fleeing the violence and suffering in the region—most of whom are women and children with little more than the clothes on their backs—Gap Inc.’s brands will make a collective in-kind donation of more than $1 million worth of women and children's clothes to the UNHCR for communities in need. We are also encouraging employees to contribute company-matched donations to USA for UNHCR, CARE and the International Rescue Committee. As a values-led company, one that is proud to do the right thing over the past 53 years in business, at this time, we have also suspended deliveries to Russia, where we have a small franchise presence. We also have a handful of franchise locations in the Ukraine, which are currently closed, and we are working through our partner to account for the safety of those employees.
The FSC Remedy Framework is now open for public consultation, until 10 May 2022. FSC looks forward to receiving inputs and suggestions from its stakeholders on ways to improve the efficacy of the FSC Remedy Framework. FSC invites all its stakeholders to participate in this consultation process, by clicking here. Through this framework, FSC aims to standardize the requirements that non-conforming companies need to fulfil to remedy past social and environmental harm. The core objective of the FSC Remedy Framework is to promote forest restoration through the development and implementation of transparent remediation roadmaps by non-conforming companies.
Fourth Quarter 2021 Highlights (as compared to fourth quarter 2020): • Revenue increased 20.2% to $413.7 million primarily due to the impact of higher selling prices and an increase in volume/mix primarily driven by certain tapes and dispensing machines. • Gross margin decreased to 19.7% from 25.7% primarily due to the unfavourable mathematical impact of Dollar Spread Maintenance(2) and an increase in plant operating costs including costs associated with supply chain disruptions and labor shortages, partially offset by a favourable product mix. • Net earnings attributable to the Company's shareholders ("IPG Net Earnings") decreased $8.0 million to $9.1 million primarily due to an increase in finance costs mainly due to an increase in the NCI Put Options Revaluation(3) and a decrease in gross profit, partially offset by a decrease in SG&A. Fiscal Year 2021 Highlights (as compared to fiscal year 2020): • Revenue increased 26.3% to $1,531.5 million primarily due to the impact of higher selling prices in all product categories driven by significant increases in the cost of raw materials and freight as well as an increase in volume/mix. 1 • Gross margin decreased to 22.2% from 23.8% primarily due to the unfavourable mathematical impact of Dollar Spread Maintenance. • IPG Net Earnings decreased $4.9 million to $67.8 million primarily due to (i) an increase in finance costs mainly due to the 2018 Senior Unsecured Notes Redemption Charges(5), the non-recurrence of the Nortech Contingent Consideration Gain(6) and an increase in the NCI Put Options Revaluation, and (ii) an increase in SG&A, partially offset by an increase in gross profit.
On February 11, Paper Excellence first publicly raised serious concerns about poor rail service provided by CN Rail. Full CN rail service is critical to moving products from Meadow Lake Mechanical Pulp mill to global markets. While rail service has not yet improved, Paper Excellence has appreciated the recent advocacy the Saskatchewan government has undertaken with the federal government and the Minister of Transport, Minister Alghabra. Specifically, Minister Fred Bradshaw has written a strong letter to Minister Alghabra that raises the rail challenges we, and many other industries, continue to face, and we would like to thank the Minister for doing that. Saskatchewan’s economy relies significantly on rail companies to transport goods to market, and we look forward to the government’s continued support in rectifying, as soon as possible, the ongoing lack of CN rail service that continues to negatively impact our business operations.
As previously announced, Mondi’s operations in Russia represented c. 12% of the Group’s revenue by location of production in 2021 and, over the last three years, generated c. 20% of the Group’s underlying EBITDA. Mondi has operated in Russia for over 22 years. The most significant facility is a wholly owned integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar (Komi Republic). The Group also has three converting plants in Russia. All these facilities primarily serve the domestic market and have continued to operate through this time of heightened geopolitical tension. Mondi employs c. 5,300 people in these operations. In Ukraine, Mondi has one paper bag plant located in Lviv, west of the country, employing c. 100 people. Production is currently suspended.
National Average Price for Regular Unleaded Current: $4.331; Month Ago: $3.480; Year Ago: $2.826. National Average Price for Diesel Current: $5.132; Month Ago: $3.876; Year Ago: $3.045.
American Dollar to Canadian Dollar = 0.783927; American Dollar to Chinese Yuan = 0.157838; American Dollar to Euro = 1.099316; American Dollar to Japanese Yen = 0.008557; American Dollar to Mexican Peso = 0.047890.
I'm excited to report the Senate passed the Postal Service Reform Act tonight, with a strong bipartisan vote of 79-19. The legislation marks the most significant overhaul to the USPS' operations since the Postal Accountability and Enhancement Act (PAEA), signed in 2006. The Postal Service Reform Act now heads to the desk of President Biden, who has previously indicated he will sign it. On behalf of ACMA, I would like to thank our members and others for your continuous advocacy and engagement efforts both in the House and Senate. At this critical juncture in Washington, the legislation would not have passed but for engagement from the industry and stakeholders. We worked diligently with other industry groups to engage you and others in the mailing community and you stepped up. Here are some highlights of the bill: • ends the requirement (from PAEA) that the Postal Service prefund retiree health care expenses and requires postal retirees to enroll in Medicare; • retains six-day delivery for mail and packages; and • requires the Postal Service to develop a service performance dashboard
Bauer Media has today announced the expansion of Bauer Illuminate for the automotive market, allowing auto advertisers to accurately target audiences at different stages of their car buying journey, using unique and invaluable first-party data gathered from Bauer’s network of high quality, brand safe automotive digital platforms. This first-party information aids brands to send targeted messages to relevant automotive cohorts at key stages of the car buying journey, increasing efficiency and engagement. This includes audiences looking at general car buying advice at an early stage (‘Awareness’ phase), to those further down the funnel and looking at certain body style or fuel type (‘Engagement’ phase), to consumers who are in deep research stage and typically eight weeks away from purchase (‘Intent’ phase). Early trials have shown that when targeting users during the ‘Engagement’ stage using Illuminate, dwell time increased by 50% and the number of users that engage with car adverts by 13%. The introduction of the service follows the launch of Bauer Autoventure in 2020, which married Bauer’s Automotive titles such as Parkers, Car, Fleet News, Automotive Management, Classic Car and Practical Classics with its market-leading audio business, providing automotive brands creative advertising solutions. With the expansion of Bauer Illuminate, auto brands will now be able to benefit from both Bauer’s creativity and insight to create campaigns with impact – especially as the industry rapidly moves to a cookieless world.
Controlled wood (CW) requirements explicitly require an assessment of whether a country’s forest sector is associated with armed violent conflict as listed in Indicator 2.1 of CW category 2 of FSC-PRO-002a: “2.1. The forest sector is not associated with violent armed conflict, including that which threatens national or regional security and/or is linked to military control.“ FSC concluded that a strong association between the forest sector and government exists in Russia and Belarus. Combined with their government’s military action, ‘specified risk’ had to be concluded. FSC further concluded that this risk cannot be mitigated by any other control measure except to altogether avoid source material from these areas. To implement this credibly in the FSC system, shorter timelines were required in addition to providing a mandate for FSC International to make changes to such risk assessments and control measures directly.
Smurfit Kappa has provided 240,000 tonnes of excess soil to the ‘Park in the Past’ project, a local heritage and conservation project in Wales. The soil, which became available due to an expansion at its Mold facility, has been repurposed to create the foundation for an ambitious community development including an authentic Roman fort. In the last six months, the soil has been transferred from the Smurfit Kappa manufacturing facility to the nearby ‘Park in the Past’ development which is creating several new amenities including a Roman fort, children’s adventure area, sensory spaces and rare species pond at the site of a disused quarry in North East Wales. What’s more, the area from which the soil was removed has been transformed into a 3-acre nature trail containing a wide variety of wildflowers, as well as aquatic features for all types of wildlife. The new area, which is being used by both local residents and Smurfit Kappa Mold employees, will also have upwards of 10,000 trees and shrubs and a lagoon to support water drainage for a new property complex in the area.
KPLP Q4 2021 Business and Financial Highlights • Revenue was $424.1 million in Q4 2021 compared to $385.0 million in Q4 2020, an increase of $39.1 million or 10.2%. • Net income was $42.3 million in Q4 2021, compared to a loss of $28.5 million in Q4 2020, an increase of $70.8 million. • Announced additional investment of $111.5 million in the Sherbrooke Expansion Project, for a total investment of $351.5 million. KPLP Full Year 2021 Financial Highlights • Revenue was $1,465.2 million in 2021 compared to $1,516.0 million in 2020, a decrease of $50.8 million or 3.4%. • Net income was $42.0 million in 2021, up from $27.3 million in 2020, an increase of $14.7 million.
UPM will suspend purchasing of wood in and from Russia as well as the UPM Chudovo plywood mill operations for the time being. The company is preparing a mitigation plan accordingly. UPM also informed on 3 March 2022 that it will cease deliveries to Russia. The suspension will be implemented with due consideration of UPM’s local employees, customers and stakeholders as well as the legislation in Russia. UPM continues to honour its obligations towards its employees in Russia. UPM businesses will keep their customers and suppliers informed of the situation. We also continue to monitor the development of the sanctions and will make further decisions accordingly. Today’s decision is in line with the recent analysis and positions by major forest certification bodies FSC and PEFC. They have excluded the wood originating from Russia and Belarus from their certification systems.
The U.S. Postal Service congratulated the leadership and members of the U.S. Senate for its bipartisan approval of the Postal Service Reform Act. The bill, which was approved by the House on Feb. 8, now goes to the White House to be signed into law by President Biden. “With the legislative financial reforms achieved today, combined with our own self-led operational reforms, we will be able to self-fund our operations and continue to deliver to 161 million addresses six days per-week for many decades to come,” said Postmaster General and CEO Louis DeJoy. “I thank the Senate and our Committee leadership that broke the 10-year logjam which has long constrained the finances of the Postal Service. The Postal Service serves every American every day and so it’s only right that our future is now collectively assured by members of all political parties.” As passed by the House and Senate, the key elements of the Postal Service Reform Act are that it eliminates the unfair, outdated, and burdensome retiree health benefit prefunding requirement, and it integrates our retiree health benefit program with Medicare in a manner that is fully consistent with private sector best practices. The bill also formalizes our obligation to deliver mail and packages six days per-week through an integrated delivery network, and includes accountability, transparency and reporting requirements.
The Postal Regulatory Commission is pleased to announce that it has been awarded funding and support through the Technology Modernization Fund (TMF) to invest in mission-critical information technology infrastructure optimization initiatives. The Commission will use the TMF award to adopt a cloud-based applications system and develop three critical platforms that are essential to its role as the regulator of the U.S Postal Service. Specifically, the Commission will invest in 1) a new user-friendly public-facing website, 2) a replacement of its legacy docketing system, and 3) the development and deployment of a comprehensive data management system. Complementing these initiatives, the Commission recently hired its first chief data officer to lead data governance and open data efforts. The TMF investment will accelerate the agency’s ability to deploy and scale these important projects to meet its mission of ensuring the transparency and accountability of the Postal Service to the American public.
The Finland Forest Certification System has been submitted to PEFC for assessment. The public consultation, which is your chance to give your feedback on this revised system, will run from 15 March to 12 May 2022. PEFC Finland revised the country’s national forest certification system following the entry into force of the revised 2018 PEFC Sustainable Forest Management standard. To provide you with additional information, we are holding a webinar on 14 March, at 10:00 CET. The webinar is free to attend, and everyone is welcome.
Highlights *Revenues of $690.6 million for the quarter ended January 30, 2022; operating earnings of $33.8 million; and net earnings attributable to shareholders of the Corporation of $18.4 million ($0.21 per share). *Completed, on February 1st, 2022, a private offering of $200 million of 2.667% senior unsecured notes due in February 2025. *Ranked 16th among the world's most sustainable corporations by Corporate Knights.
HP Inc. announced the delivery of the 100th HP Indigo 100K Digital Press marking a milestone as customers continue to thrive on the breakthrough press. Adding to their existing fleet of 5 HP Page Wide and Indigo products, award winning print service provider Solopress, continues in their digital transformation this month, with the installation of the HP Indigo 100K Digital press. Simon Cooper, MD of Solopress, comments, “We’re really pleased to see the market turn a corner and orders start to increase after a very tough period. During the last few years we’ve spent time as a business making changes which deliver more value to our customers. And in of support of that goal, we recently added the HP Indigo 100K to our fleet, which alongside the introduction of HP Siteflow, complements our existing automation capabilities.”
Sun Chemical has collaborated with HP to launch sustainable flexible packaging produced with HP’s Indigo digital press and Sun Chemical’s new solventless lamination solution SunLam. Due to its fast-curing, ultra-low monomer and solvent-free properties, SunLam can help brands improve their sustainability and expand the circular economy. As part of the partnership, Sun Chemical and HP developed stand-up pouches printed on HP’s Indigo 25K digital press using monomaterial polyethylene (PE) and polypropylene (PP) substrates, and laminated with Sun Chemical’s SunLam solution. The all-PP pouch was certified by Germany’s Institute Cyclos-HTP after being successfully tested for a recyclability rate of 96%.
North Pacific Paper Company is pleased to announce its recognition as a Best-in-Class Employer in a recently released survey of midsize employers conducted by global human resources firm, Gallagher. Gallagher’s 2021 Benefits and Benchmarking Survey found the Longview, WA-based papermill to be a leading employer in providing innovative solutions for creating organizational structures and workplace policies and rewards which inclusively engage its employees. Gallagher’s Best-in-Class awards recognize employers that excel in supporting their employees’ physical, emotional, career and financial wellbeing for better organizational outcomes.
Due to unaffordability of operations in the current energy environment, temporary downtime has been initiated at the Bruck paper mill in Austria. The new boiler scheduled for start-up in April is expected to contribute to alleviate the situation by reducing the mill’s gas consumption and improve its energy supply. The boiler project and the packaging conversion project at the Bruck mill continue as planned. Bruck has delivered newsprint and LWC magazine paper to its customers despite a challenging energy market since the second half of 2021. Although we have secured parts of the mill’s energy supply in March, the energy prices we presently experience make operations at Bruck unsustainable, says Sven Ombudstvedt, President and CEO of Norske Skog. Norske Skog expects underlying EBITDA for the group in the first quarter of 2022 to be approximately in line with the fourth quarter of 2021.
The Great Lakes Graphics urges all industry members to read this message, act, and share with your industry network. These programs are critical to the future of the printing industry. The undergraduate Graphic Communications (GCOM) program at the University of Wisconsin-Stout prepares students for careers in the graphic communications industry. The hands-on major and minor cover the fundamentals of print production, including pre-press/premedia; color management; offset, digital, flexo and gravure print technologies; post-press/finishing processes; project management and estimating; marketing techniques; and business practices. UW-Stout campus leaders recently have announced the suspension of new admissions to the GCOM program for incoming freshmen effective Fall 2022. The GCOM program website now states the following: Admission to this program is suspended effective Fall 2022. A group of industry professionals, faculty and higher education consultants are working on revising the current curriculum to meet the printing industry needs. Courses for currently enrolled students who are pursuing a GCOM major or minor will continue to be offered.
Key Updates: *Restart of Brownville facility ahead of schedule *Limited direct Russia/Ukraine business exposure *Full-year 2022 Adjusted EBITDA on track to be $135-145 million, an increase of 15-25% over prior year. Neenah announced today the restart of its Brownville, New York manufacturing facility. The facility, which has been closed as a result of a recent fire, is resuming production earlier than anticipated. Although the restart will not materially reduce the estimated $3.0 million impact on the first quarter, it provides additional capacity to address the elevated level of demand and reduces supply uncertainty for Neenah’s customers. Secondly, in light of the rapidly deteriorating events in Ukraine, Russia and Belarus, Neenah is confirming its limited direct exposure to the region. The Company does not have facilities or inventory located in these countries. Annual sales in the region have historically been less than 1% of overall revenue, and the Company does not have meaningful exposure to raw materials sourced from these countries. Like many businesses, however, the company may experience ancillary impacts, including elevated energy prices, which the company is prepared to manage.
THIRD QUARTER SUMMARY: GAAP Results: Revenue of $516 million (+7%), Operating Income of $46 million (+34%), and EPS of $0.63 (+62%) NINE MONTHS SUMMARY: GAAP Results: Revenue of $1,537 million (+9%), Operating Income of $161 million (+20%), EPS of $1.86 (-2%), Cash Provided by Operating Activities of $158 million (+2%)
Because of the association of the forest sector in Russia and Belarus with armed conflict, no FSC-certified material or controlled wood from these countries will be permitted to be traded. FSC remains deeply concerned about Russia’s aggressive invasion of Ukraine and stands in solidarity with all victims of this violence. With full commitment to FSC’s mission and standards, and after a thorough analysis of the potential impact of withdrawal of FSC certification, the FSC International Board of Directors has agreed to suspend all trading certificates in Russia and Belarus and to block all controlled wood sourcing from the two countries. This means that wood and forest products from Russia and Belarus cannot be used in FSC products or be sold as FSC certified anywhere in the world as long as the armed violence continues. FSC will continue to closely monitor the situation and is ready to take additional measures to protect the integrity of its system.
Sonoco-Alcore S.a.r.l. announces that due to the continued escalation in the cost of European energy, it will raise prices by €100 (£85) / tonne on all recycled paperboard grades sold in the Company’s EMEA regions effective for all shipments made on or after the 14th March 2022. “We are continuing to see considerable price volatility in energy markets and across other cost areas of our business. These cost increases, in conjunction with disruptions to our supply chain, now mean that we have no choice but to react to the situation,” said Phil Wolley, Division Vice President – Paper Europe. “We will continue to monitor events as they develop and take actions necessary to maintain supplies to our customers. We cannot, however, rule out further increases or surcharges being required at this stage.” Sonoco Alcore S.a.r.l. is wholly owned by Sonoco (NYSE:SON) and operates 24 tube and core plants and five paperboard mills in Europe.
Intertape Polymer Group Inc. announced that it has entered into a definitive agreement to be acquired by an affiliate of Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”). Under the terms of the agreement, Clearlake will acquire the outstanding shares of IPG for CDN$40.50 per share in an all-cash transaction valued at approximately US$2.6 billion, including net debt. This represents a premium of approximately 82% to the closing price of IPG common shares on the Toronto Stock Exchange on March 7, 2022 and approximately 66% to the volume weighted average trading price of IPG common shares on the Toronto Stock Exchange for the preceding 30 trading days. Upon completion of the transaction, IPG will become a privately held company. “We believe this transaction is a great next step in the evolution of our business as Clearlake has strong industry knowledge in the protective packaging and e-commerce ecosystems. Clearlake provides us the operational and financial resources to accelerate our acquisition strategy, as well as organic growth opportunities such as investing in product innovation, sustainability, and market expansion,” said Greg Yull, President and Chief Executive Officer of IPG. “We have built a scaled business serving a diverse set of growing end markets, and have seen particularly strong growth in our large e-commerce segment. Clearlake’s investment reflects its confidence in our people, processes, and strategy, and this transaction will advance our vision of becoming a global leader in packaging and protective solutions. We believe this all-cash transaction represents an attractive return and provides certainty for our shareholder base.”
MM supports its employees in Ukraine and their families with a comprehensive program in kind and financially. MM donates EUR 150,000 to Caritas, Red Cross and other humanitarian aid organizations in Ukraine. MM has stopped all carton deliveries to Russia. MM is Europe's leading producer of cardboard and folding boxes with an attractive range of Kraft Papers and Uncoated Fine Papers. The focus is on sustainable and innovative fiber-based packaging solutions. Including the most recent acquisitions, MM generates sales of around EUR 3.2 billion and employs around 12,500 people.
A refrain is now heard throughout the printing industry; paper supplies are very tight, allocations limit the ability to take on new customers, discounts and rebates are a thing of the past, shipments are delayed until price increases take effect, and printing and packaging companies increase paper inventories at every opportunity. The supply and demand curves have crossed, and the mills are in charge. There are several reasons pricing leverage has shifted to the mills, including a labor strike at Finnish papermaker UPM, Covid-related supply chain disruptions, shortages of drivers, all in addition to the numerous closures of paper mills over the past several years. The Finns will eventually go back to work, shipping containers will get sorted out, truck drivers will be hired, and pricing will eventually settle down. However, one trend that is not likely to reverse is the conversion of papermaking machines from printing paper grades to packaging grades.
Meadow Lake Tribal Council (MLTC) joined Paper Excellence today in calling on CN to provide more rail cars for Meadow Lake Mechanical Pulp Inc. The pulp mill is dependent on CN, which has failed to adequately transport Meadow Lake mill’s product to ports for months. Paper Excellence leadership announced a further production slowdown due to the lack of rail service on February 11th. The mill has not operated at full capacity since December. Currently, CN continues to provide less than 40% of requested rail cars and now the mill has had to resort to participating in a CN auction process that drives up prices for the few cars that are available.
Consistent with the rest of the shipping industry, USPS experienced delays in both ground and air transportation during the month of February due to inclement weather events including winter storms in the Midwest, South and Northeast regions. The Postal Service continues to implement mitigation plans to move mail and packages effectively across the nation. Additional second quarter service performance scores covering Jan.1 through Feb. 25 included: *First-Class Mail: 86.6 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.5 percentage points from the fiscal first quarter. *Marketing Mail: 91.4 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of .8 percentage point from the fiscal first quarter. *Periodicals: 80.3 percent of Periodicals delivered on time against the USPS service standard, a decrease of .5 percentage point from the fiscal first quarter.
Sylvamo is beginning an orderly suspension of operations in Russia. The suspension will focus on employee and contractor safety and environmental stewardship. It will be conducted in a manner to allow a resumption of full operations in an environment consistent with the company’s values. “We are suspending operations in Russia,” said Jean-Michel Ribiéras, chairman and chief executive officer. “We are appalled by the suffering and loss of lives in Ukraine, and we continue to hope for an immediate cease-fire agreement and diplomatic resolution.” The company is also announcing a $250,000 donation to the International Committee of the Red Cross to assist the people of Ukraine.
Kohl’s Corporation will host a virtual Investor Day during which it will provide an update on the Company’s strategy to drive growth and become the retailer of choice for the Active and Casual lifestyle. Kohl’s will also announce an updated long-term financial framework. “Kohl's is undergoing a significant transformation of our business model and brand to be the retailer of choice for the Active and Casual lifestyle. We have fundamentally restructured our business to drive sustainable and profitable growth, while providing a strong return to shareholders,” said Michelle Gass, Kohl’s chief executive officer. “We have laid the foundation for our winning strategy and have started to implement key initiatives that will scale and accelerate our growth in the years ahead. We delivered record EPS in 2021 and achieved our operating margin goal two years ahead of schedule, reflecting our progress to drive more profitable growth. The initiatives we are announcing today, including plans to drive the Sephora business to $2 billion, are further positioning us for long-term value creation.”
All timber originating from Russia and Belarus is ‘conflict timber’ and therefore cannot be used in PEFC-certified products, the Board of PEFC International clarified today. PEFC is extremely concerned about the Russian government's attack on Ukraine. The military invasion is in direct opposition to our core values. This aggression causes unspeakable and unacceptable pain and death to innocent people, including women and children. It also has an immediate and long-term destructive impact on the environment, on forests, and on the many people that depend on forests for their livelihoods. The clarification that timber from Russia and Belarus is conflict timber follows an extraordinary meeting by the PEFC International Board to discuss Mr Putin's military aggression against Ukraine and its implications for PEFC and PEFC-certified forest owners and companies.
Silgan Holdings Inc. announced that its Board of Directors has authorized the Company to repurchase up to an aggregate of $300 million of its common stock through December 31, 2026. “This authorization replaces our prior similar authorization which had expired at the end of 2021 and will allow us to repurchase common stock from time to time through December 31, 2026,” said Adam Greenlee, President and CEO. “As in the past, we maintain a disciplined approach to capital deployment with a priority towards growth investments for the Company,” concluded Mr. Greenlee.
C-P Flexible Packaging announces the acquisition of privately held Bass Flexible Packaging, Inc. (Bass). With the addition of Bass, C-P expands into the highly attractive confectionary and health & beauty markets and adds state of the art short run and short lead time capabilities. C-P is a long-standing portfolio company of First Atlantic Capital, a New York based private equity firm. Terms of the transaction were not disclosed. Located in Lakeville, MN, Bass has developed a customer-centric service model supported by nimble assets and systems enabling the company to meet short lead times for a wide breadth of order quantities. Bass produces a variety of stand-up pouches, premade bags and shrink sleeves. This strategic investment complements C-P Flexible Packaging’s best-in-class converting capabilities. C-P Flexible Packaging’s North American footprint now consists of 11 locations with over 1,000 employees. According to C-P Flexible Packaging CEO Mike Hoffman, “The Shaffers have developed one of the most agile service models in the industry at Bass, with precision focus on the market’s need for short lead times and run lengths. Combining this unique strength with their high-growth end markets complements C-P’s strategic initiatives in these areas. We are excited to welcome the Bass family to our team!”
Metsä Fibre, part of Metsä Group, is to initiate negotiations on changes related to its plans to discontinue the sawn timber production in Kyrö. According to the plans, production will end in the summer of 2022. The change negotiations at the Kyrö sawmill concern all the sawmill’s 73 employees. “The Kyrö sawmill has reached the end of its technical service life, which is why we’ve initiated plans to close down its operations,” says Ismo Nousiainen, CEO of Metsä Fibre. The annual production capacity of the Kyrö sawmill is approximately 230,000 m3 pine sawn timber, and the annual wood consumption is approximately 450,000 m3.
EraCup Natural is a totally recyclable, biodegradable and polyethylene-free paper-based solution for paper cup manufacturing. Its effectiveness has been proven in the most widely-used converting machines. EraCup Natural is the first product in Lecta's new "Era" range of functional papers for nature-friendly packaging aligned with responsible consumption habits in which each decision matters. EraCup Natural has recently obtained the concession of level A according to the Aticelca® 501/19 system based on the UNI 11743:2019 standard. This standard is in accordance with European norm EN 13430 - Requirements for packaging recoverable by material recycling.
Net sales for the quarter increased 16.1 percent, to $50.94 billion, from $43.89 billion last year. Net sales for the first 24 weeks increased 16.4 percent, to $100.35 billion, from $86.23 billion last year. Net income for the quarter was $1,299 million, $2.92 per diluted share. Last year’s second quarter net income was $951 million, $2.14 per diluted share, which included $246 million pretax, $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Net income for the first 24 weeks was $2.62 billion, or $5.90 per diluted share, compared to $2.12 billion, $4.76 per diluted share, last year. For the four-week reporting month of February, ended February 27, 2022, the Company reported net sales of $16.29 billion, an increase of 15.9 percent from $14.05 billion last year.
*Fourth quarter 2021 net sales of $4.5 billion increased 2% year-over-year and were down 3% compared to 2019; Comparable sales were up 3% year-over-year and increased 3% versus 2019 *Fiscal year 2021 net sales of $16.7 billion increased 21% year-over-year and were up 2% compared to fiscal year 2019; Comparable sales were up 6% year-over-year and increased 8% versus 2019 *Returned over $400 million to shareholders in fiscal 2021 through dividend program and share repurchase plan
In alignment with its operational Impact 2025 sustainability goals, Berry Global Group, Inc. announced all of its Health, Hygiene, and Specialities Division facilities located in China as zero waste to landfill. These facilities join the Division’s global list of 12 facilities to receive the prestigious internal recognition. Berry encourages all sites to embark on a zero waste to landfill journey, defined internally as diverting over 90% of waste away from disposal, with less than 1% of waste being disposed via landfill. Announced in 2019, Berry set a goal to reduce landfill waste intensity by 5% per year. Just this year, Berry reduced the amount of waste disposed via landfill by over 2,000 metric tons, achieving a landfill waste intensity reduction of 12%, well above the year-over-year target of 5%; this also reflects a 9% reduction from 2019. Guided by the waste management hierarchy, Berry leverages continuous improvement to reduce waste generation and maximize the value recovered from any waste that is generated.
The operations of Metsä Group's only production unit in Russia, the Svir sawmill, have been suspended. Wood procurement in Russia for the Svir sawmill and imports to Metsä Group’s Finnish and Swedish mills has also been discontinued.
Solenis, a leading global producer of specialty chemicals, will increase prices on various product lines of pulp & paper and water treatment chemicals across the Asia Pacific region. The increase will be up to 35 percent, and will be effective from April 1, 2022, or as customer contracts allow. As a consequence of continued and sustained cost increases in raw materials, energy and transportation, further price increases will be initiated for the selected products lines. The increase is necessary due to the significant impact on key feedstocks across the product range.
The German Felix Schoeller Group sources a small part of its raw material demand of titanium dioxide and starch from the Ukraine. We are currently working on alternative sources to secure our supply. In addition, one of our TiO2 suppliers obtains part of its raw material from the Ukraine. This source is also disrupted. We are working at full speed on the resulting consequences and will inform you shortly. As an energy-intensive company, we are highly dependent on gas and electricity. More than 50% of German natural gas imports are sourced from Russia. We do not expect any bottlenecks in the short term. Nevertheless, we are currently examining possible alternatives to secure our energy supply. We are currently seeing unprecedented prices and very high volatilities in the energy markets. This will therefore also influence our pricing policy.
As a result of Russian aggression against Ukraine, the geopolitical situation in Europe has permanently changed. This has wide-reaching human, political and economic implications in Europe and the situation is evolving rapidly. Our primary concern are the people suffering from the war. UPM is providing support to its employees in the affected areas. We have also started providing humanitarian and material support to Ukraine this week. UPM will cease its deliveries to Russia for the time being. UPM businesses will keep the Russian customers and suppliers informed of the situation. While the forest industry is not directly targeted by the international sanctions at the moment, sanctions against the financial sector may impact UPM’s or its customers’ businesses and transactions in Russia. The full impact of the current and possible new sanctions and counter-sanctions will be known only as the situation evolves. UPM monitors the situation closely and makes decisions accordingly. UPM has employees, customers and suppliers in both countries but UPM’s exposure to Russian and Ukranian markets is limited. UPM Raflatac has a distribution terminal in the Kyiv region with 13 employees. The terminal operations have been closed until further notice. In Russia, UPM employs 800 persons most of whom work at the Chudovo plywood mill. The operations are currently running as usual. UPM’s sales to Russia and Ukraine combined was approximately 2 % of UPM’s total sales in 2021. Assets in Russia are less than 1 % of the group total. In 2021, less than 10 % of UPM’s wood sourcing to Finland originated from Russia.
First Quarter Financial Highlights include: *Net income of $10.3 million or $0.18 per diluted Class A share decreased compared to net income of $23.4 million or $0.40 per diluted Class A share. Net income, excluding the impact of adjustments(1), of $75.6 million or $1.28 per diluted Class A share increased compared to net income, excluding the impact of adjustments, of $35.9 million or $0.61 per diluted Class A share. *Net cash provided by operating activities increased by $10.9 million to $22.4 million. Adjusted free cash flow(3) decreased by $7.3 million to a use of $18.8 million. *Total debt decreased by $242.6 million to $2,296.8 million. Net debt(4) decreased by $260.9 million to $2,177.1 million. The Company’s leverage ratio(5) decreased to 2.39x from 3.79x and from 2.49x at year-end.
Driven by demand for polypropylene and polyethylene, plastics recycler EFS-plastics is opening a processing site in Lethbridge, Alberta. The 70,000-square-foot facility will increase EFS’s processing capacity by 10,000 metric tons per year, a 20% jump, a press release said. Beginning in the first week of April, EFS will accept bales of plastics Nos. 3-7 and 1-7 from materials recovery facilities (MRFs) in the western United States and Canada, building on “the strong relationships that EFS has developed with [w]estern MRFs since the Chinese National Sword Policy limited export of residential plastics in 2018,” the press release said.
Tetra Laval, the group which comprises Tetra Pak, Sidel and DeLaval is donating EUR 2 million to humanitarian support to Ukrainians in Ukraine and those that have been forced to flee to neighbouring countries. We are deeply distressed by the war in Ukraine and join all parties calling for peace. To reflect our sense of values, we will do what we can to support local humanitarian efforts, says Lars Renström, Chairman of the Tetra Laval Group. EUR 1 million is donated to UNICEF’s Drive for Ukrainian Children to support of the more than half a million children already affected by the war. A further EUR 1 million will be allocated to secure safe food distribution for refugee camps mainly in collaboration with Tetra Pak’s local customers.
With its perfect combination of softness and strength, Harmony Line of retail bath tissue and towel brings a great blend of premium quality and value to your shelves. Backed by Resolute’s vertically integrated production, this eye-catching brand delivers consistent industry-leading performance in every sheet. The Harmony Line offers outstanding quality, performance and value that gets noticed in store and builds loyalty at home. • Colorful Harmony packaging captures shoppers’ attention • Great consumer value that enhances retail margins • Includes offerings made with Resolute Tissue’s premium structured paper grade
The geopolitical situation has changed dramatically. Our thoughts are with the Ukrainian people and everyone else impacted by the war in Ukraine. Ahlstrom-Munksjö is following the situation closely. We have initiated a centralized crisis alert team on the first day of the invasion to carry out our Business Contingency and Preparedness Response Plan. Our primary focus is on the safety and well-being of our 87 employees in our Tver plant in Russia, and that manufacturing, and customer service continue in normal order. Of Ahlstrom-Munksjö’s 45 manufacturing and converting facilities globally, one is located in Russia, in the city of Tver. The factory is part of the company’s Glass Fiber Tissue business, which operates a similar production facility in Finland in the city of Karhula. Ahlstrom-Munksjö has recently started the construction works of a new line in Madisonville, Kentucky, U.S. Russia represented 1.3% and Ukraine 0.1% of Group's pro forma net sales of EUR 3,077 million in 2021.
BillerudKorsnäs and Viken Skog plan to initiate a feasibility study about future pulp production at Follum. This will be completed during the first half of 2023. The intention is to establish a state-of-the-art production line for bleached chemi-thermomechanical pulp (BCTMP) at the Follum mill with a capacity assumption of up to 200 kt/a. The Follum mill already has much of the infrastructure needed to establish such a production line and is located in an area with competitive and sustainable wood supply and good transports to BillerudKorsnäs’ board mills. If the project will proceed after the feasibility study is completed, the investment for BillerudKorsnäs is estimated to be in the range of 600-800 MNOK. “This initiative forms part of BillerudKorsnäs’ strategy for sustainable and profitable growth and supports our ambition to grow in paperboard. To cover the increasing need for BCTMP for our growing board operations, we want to explore the possibilities of producing this pulp quality in Follum together with Viken Skog. As part of this partnership, the intention is also to enter into a long-term wood supply agreement with Viken Skog. We initially see good prospects for creating an efficient supply chain and competitive access to the raw materials needed to produce the packaging materials of the future,” comments Christoph Michalski, President and CEO of BillerudKorsnäs.
Highlights • Strong financial performance ◦ Underlying EBITDA of €1,503 million, up €150 million year-on-year (11%), with second half up 29% ◦ Profit before tax of €983 million, up 28% ◦ Basic underlying earnings per share of 154.0 euro cents, up 19% ◦ ROCE up at 16.9% ◦ Continued good cash generation and strong balance sheet of 1.2x net debt to underlying EBITDA ◦ Recommended full year dividend of 65.0 euro cents per share, up 8% • Good progress on all elements of our sustainability roadmap, Mondi Action Plan 2030 (MAP2030) • Successful execution and delivery of key investments • Strong pipeline of capital investment projects to further capture growth in our packaging markets, building on our leading market positions and long track record of disciplined capital allocation, including €1 billion of expansionary projects approved or under advanced evaluation • Accelerated climate plans - committed to transition to Net-Zero by 2050, in line with a 1.5°C scenario • Agreed sale of Personal Care Components business in February 2022 to deliver greater focus • Well-positioned for the future, with unique portfolio of leading sustainable packaging solutions, cost-advantaged asset base and strong financial position
Facing inadequate supplies of critical raw materials, Sylvamo may curtail or temporarily shut down pulp and paper production at its Svetogorsk, Russia, mill later this week. The mill is currently operating while the company takes steps to mitigate the supply chain issues and continue production. The Svetogorsk mill, located at the border with Finland, employs approximately 1,700 people and produces uncoated freesheet, coated paperboard and pulp. The mill relies on raw materials and other critical supplies and services imported from Europe. The mill is also the primary water, electricity and water treatment provider for the Svetogorsk community. The company is committed to continuing to provide those critical services. The Svetogorsk mill has an annual capacity of 720,000 short tons of pulp, paper and paperboard. Russian operations accounted for roughly 15% of Sylvamo’s 2021 total revenue.
Urban Outfitters, Inc. announced net income of $41 million and earnings per diluted share of $0.41 for the three months ended January 31, 2022. For the year ended January 31, 2022, net income was $311 million and earnings per diluted share were a record $3.13. Total Company net sales for the three months ended January 31, 2022, were a record $1.33 billion. Net sales increased 13.9% compared to the three months ended January 31, 2020. Comparable Retail segment net sales increased 14%, driven by strong double-digit growth in digital channel sales, partially offset by low double-digit negative retail store sales primarily due to reduced store traffic. By brand, comparable Retail segment net sales increased 49% at the Free People Group, 14% at the Anthropologie Group and 3% at Urban Outfitters. Total Retail segment net sales increased 15%. Wholesale segment net sales decreased 22% primarily from reducing the Free People Group’s sales to promotional wholesale customers. Nuuly segment net sales increased by $11.3 million driven by the continued expansion of the number of subscribers since its launch at the end of the second quarter of fiscal 2020. For the year ended January 31, 2022, total Company net sales increased 14.2% compared to the year ended January 31, 2020.
Nordstrom, Inc. reported fourth quarter results in line with the Company's fiscal year 2021 outlook, demonstrating progress against its long-term growth strategy. The Company reported net earnings of $200 million, or $1.23 per diluted share ("EPS"), and earnings before interest and taxes ("EBIT") of $299 million, or 6.8 percent of sales, for the fourth quarter. For the fiscal year ended January 29, 2022, net earnings were $178 million and diluted EPS was $1.10, with EBIT of $492 million, or 3.4 percent of sales. Net earnings for the fiscal year included an $88 million debt refinancing charge ($65 million after tax, or diluted EPS of $0.40) in the first quarter. For the fourth quarter ended January 29, 2022, net sales increased 23 percent versus the same period in fiscal 2020 and decreased 1 percent versus the same period in fiscal 2019. Gross merchandise value ("GMV") increased 24 percent versus the same period in fiscal 2020 and was flat versus the same period in fiscal 2019. Nordstrom banner net sales were flat and GMV increased 2 percent compared with the fourth quarter of 2019. Net sales for Nordstrom Rack decreased 5 percent versus the fourth quarter of fiscal 2019, a sequential improvement of 320 basis points over the third quarter.
Stora Enso announced that they will stop all production and sales in Russia until further notice due to the ongoing invasion in Ukraine. Stora Enso has three corrugated packaging plants and two wood products sawmills in Russia, employing around 1,100 people. The Company will also stop all export and import to and from Russia. A mitigation plan has been activated to secure availability of input materials from other sources. “The war in Ukraine is unacceptable and we are fully behind all sanctions. We will now focus all our attention on supporting our customers and the well-being of our employees,” says Annica Bresky, President and CEO. Stora Enso’s sales in Russia is approximately 3% of total Group revenues. The impact on Stora Enso’s sales and EBIT is not material.
Overview • Record-high 2021 operating income before adjusting items of $2.2 billion; adjusted shareholder net income of $1.5 billion, or $12.16 per share • Fourth quarter of 2021 adjusted operating income of $216 million; adjusted shareholder net income of $155 million or $1.24 per share • 2021 includes impairment charges totaling $294 million or $1.47 per share, resulting in reported operating income of $1.9 billion for the year, net shareholder income of $1.3 billion or $10.74 per share; fourth quarter of 2021 operating loss of $67 million, net shareholder loss of $23 million or $0.19 per share • Completed acquisition of Millar Western Forest Products Ltd.’s (“Millar Western”) solid wood operations and associated tenure located in Alberta, Canada, for $420 million, including an estimated $56 million in working capital, adding 630 million board feet to Canfor’s annual production capacity • Announced sale of Mackenzie forest tenure and sawmill assets for combined proceeds of $70 million
•Fourth quarter and full year operating margin of 8.4% and 9.2% on a reported basis, respectively, and 8.6% and 9.6% on an adjusted non-GAAP basis, the highest in over a decade. •Fourth quarter and full year net income per diluted share of $1.12 and $4.20, respectively on a reported basis and $1.14 and $4.35, respectively on an adjusted non-GAAP basis. •Repurchased $142 million, or 4.1 million shares in the fourth quarter for a total of $377 million, or 10.2 million shares in Fiscal 2021; contributing to a 15% reduction in shares outstanding from Fiscal 2020.
Stakeholders from around the world are invited to give feedback on the revised Responsible Wood Forest Certification System. Deadline for comments is 28 April. Give your feedback. Responsible Wood revised the national forest certification system for Australia and New Zealand following the entry into force of the revised 2018 PEFC Sustainable Forest Management standard. The Responsible Wood system was submitted to PEFC after being revised in line with PEFC requirements. The national system is now undergoing the PEFC assessment process, carried out by an independent PEFC Registered Assessor. It must pass this assessment to maintain its PEFC endorsement. An important aspect of the assessment process is the public consultation. Over the sixty-day consultation, stakeholders from around the world can give their comments and provide feedback on any aspect of the system. The Registered Assessor will use the information received from this consultation in their assessment of the system.
Canfor Corporation is announcing that it has completed the purchase of Millar Western Forest Products Ltd.’s solid wood operations further to the Company’s news release dated December 16, 2021. “We are very excited to welcome the employees at the Whitecourt, Fox Creek and Spruceland facilities to the Canfor team,” said Don Kayne, President and CEO, Canfor. “The additional manufacturing capacity in Alberta positions Canfor well to meet the growing demand of our customers for high-quality, sustainable wood products.”
*Fourth quarter diluted earnings per share of $2.20 exceeds expectations *Record full year 2021 adjusted diluted earnings per share of $7.33, eclipsing previous high of $5.60 in 2018 *Repurchased $548 million of shares in the quarter and $1.355 billion of shares in 2021 *Expects full year 2022 ne t sales to increase 2% to 3% as compared to 2021, operating margin to be in the range of 7.2% to 7.5% and earnings per share to be in the range of $7.00 to $7.50 *Increasing the quarterly dividend by 100%, which equates to an annual dividend of $2.00 per share, and planning to repurchase at least $1.0 billion in shares in 2022, of which $500 million is expected to be repurchased through open market transactions or an accelerated share repurchase (ASR) program executed in Q2 2022
YETI Holdings, Inc. announced that its Board of Directors has authorized the repurchase of up to $100 million (exclusive of fees and commissions) of YETI’s common stock. This share repurchase program is effective immediately and extends through February 27, 2023. Matt Reintjes, President and Chief Executive Officer, commented, “We remain confident in driving near and long-term demand for the YETI brand while also focused on efforts to drive shareholder value. Given recent market dynamics, we believe our shares are undervalued and this share buyback provides the ability to take advantage of the current valuation. At the same time, we have the financial flexibility to pursue both organic and inorganic growth opportunities.”
News Corp announced that it has completed the acquisition of the Oil Price Information Service (OPIS) and related assets, including the Coal, Mining and Metals business from S&P Global and IHS Markit. OPIS, a highly profitable and growing digital data, analytics and insights provider, will join Dow Jones’ professional information business, expanding Dow Jones’ presence in the energy, commodities and renewables markets. News Corp acquired OPIS for $1.150 billion in a cash transaction, subject to customary adjustments (and expects to receive an estimated tax benefit of $180 million as part of the transaction1). News Corp also has an agreement to acquire the Base Chemicals business from S&P Global and IHS Markit; that acquisition is expected to close in the coming months.
Huhtamaki has worked with Carte D’Or to shift the packaging for their ice cream to recyclable paper tubs and lids. The move to recyclable paper-based packaging will help the brand eliminate more than 900 tonnes of virgin plastic in the UK annually. “Huhtamaki is on a journey to becoming the first choice in sustainable packaging solutions with a focus to ensure our products are recyclable, compostable, or reusable by 2030. We are delighted to support Unilever’s ambitions for its packaging portfolio which includes halving the amount of plastic used by 2025 and rethinking plastic packaging to use less, better or no plastic. The shift in packaging for Carte D’Or addresses these key targets.
Sun Chemical and its parent company, the DIC Corporation, will amend their existing transportation surcharge. In addition, and in order to reflect cost dynamics in the global energy market, an energy surcharge on the entire Color Materials portfolio will become effective from April 1, 2022. As the unprecedented pace of inflationary cost movements continues to impact the entire spectrum of raw material and packaging components for the color materials industry, without sign of stabilization in sight, the industry is also being hit by abrupt rises of energy costs, including electricity, gas and diesel, drastically impacting manufacturing costs and freights costs. “Our priority remains to keep supplying our customers, allowing them to keep their facilities operating,” said Stefan Sütterlin, President, Global Color Materials. “We continue to leverage our global network to secure our manufacturing and services efficiency. However, the magnitude of recent energy related inflation cannot be absorbed and requires us to implement surcharges. The situation will need to be adjusted as it goes, and we can assure our customers that surcharges will be phased out as the situation allows.”
Michael Grech succeeded Thomas Komin on March 1, 2022 and is thus the new Head of Sales SC Paper for the global sales of supercalendered papers of the "Grapho" brand at Laakirchen Papier. In his function, Michael Grech is the first point of contact for SC customers.
Avery Dennison Corporation announced that Deon Stander has been appointed as president and chief operating officer, effective March 1, 2022. Mr. Stander, 53, has been the vice president and general manager of the company’s Retail Branding and Information Solutions (RBIS) division since June 2015, where he led a significant transformation of the business. In addition, as Avery Dennison’s sustainability leader, he has served as a key architect in shaping the company’s sustainability strategy and partnering across the company’s businesses to develop and implement an ambitious roadmap. As COO, Stander will be responsible for the company’s global business operations, with all business unit leaders reporting to him. Mitch Butier continues as chairman and chief executive officer. “Deon has led the remarkable transformation of our RBIS business, establishing a strong foundation for profitable growth, and he has been an excellent thought partner at the enterprise level,” said Mitch Butier, chairman and CEO, Avery Dennison. “He is highly respected throughout the company for his exemplary vision, and I look forward to our continued partnership. This appointment reflects the next evolution of our leadership capabilities that will enable our continued success over the long term, as we accelerate our strategies to deliver value for all of our stakeholders.”
Mondi continues to closely monitor the situation in Ukraine, the response of international governments and any potential impact on the Group. Mondi has operations in Russia, representing around 12% of the Group's revenue by location of production, including a high margin, cost-competitive, integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar (Komi Republic). These businesses primarily serve the domestic market and all are currently operational. In Ukraine Mondi has one paper bag plant located in Lviv, west of the country, employing approximately 100 people. Production is currently suspended.
Latvijas Finieris, a global producer of birch plywood products under the brand Riga Wood, now uses bio-based glue in plywood production. The fossil-based phenols in the glue are replaced with bio-based lignin Lineo® by Stora Enso, and thanks to the long cooperation between Stora Enso and Latvijas Finieris, we are able to reduce the carbon footprint of Riga Wood plywood products without compromising their technical performance. According to Latvijas Finieris, their plywood’s potential environmental impact has been reduced by up to 49%. Across markets, there are calls for change as consumers are increasingly turning to eco-friendly products. At the same time, the business demand for renewable, bio-based and circular solutions is growing rapidly. We want to do our part and replace fossil-based materials with safer and more natural alternatives. “Plywood is usually seen as a mature product in a rather mature market. We found the idea of using a lignin-based glue interesting and we welcome new innovations. Since 2017, we have worked together with Stora Enso to test and develop the bio-based binder, and finally we are proud to say that we can replace fossil-based resins with lignin-based alternatives in our plywood production processes,” explains Māris Būmanis, Head of Development Research at Latvijas Finieris.