In response to the coronavirus pandemic, graduation ceremonies at high schools and colleges across the country have been canceled in an effort to reduce the spread of the virus. In light of these changes, one Stevens Point company is taking steps to recognize its interns and apprentices that are receiving diplomas this May. In addition to receiving invaluable real-world experience through their apprenticeships and internships with Worzalla, an employee-owned printing company specializing in high-quality custom products including popular children’s books and movie tie-in books, the high school and college students working at the Stevens Point facility will also receive a copy of Dr. Seuss’ Oh, the Places You’ll Go as part of a graduation gift from the company. “Despite the uncertainties surrounding coronavirus, we wanted our interns and apprentices to be proud of the professional and academic accomplishments that they’ve achieved,” said Brianne Petruzalek, Vice President of Human Resources at Worzalla. “Oh, the Places You’ll Go may be a children’s book, but we hope that Dr. Seuss’ timeless message will inspire these young adults to go for their dreams in the next chapters of their lives.”
BillerudKorsnäs and UPM have entered into an agreement that will extend the supply agreement for pulp, steam and electricity for the production at BillerudKorsnäs’ mill in Pietarsaari. The original agreement was signed in 2012 in conjunction with BillerudKorsnäs’ acquisition of the Pietarsaari mill and was initially scheduled to expire in June 2022. The now agreed new supply contract is based on market conditions and will enter into force in June 2020. As part of the renegotiation, the parties have agreed that BillerudKorsnäs will pay a compensation of EUR 15 million to UPM during the coming year in three instalments. A provision of this amount will be made in the results for the second quarter 2020 and will then be recognized as a cost affecting comparability.
Our Plymouth Mill has taken another step toward a more sustainable future thanks to the success of a recent resource conservation project. Just one year after the installation of a cooling tower and new heat exchangers, the mill’s closed-loop system for heating process water has exceeded expectations by dramatically reducing daily water consumption and fuel costs. Last May, the team installed a cooling tower and two large heat exchangers to reclaim waste heat from the mill and use it to reduce steam consumption. While the resource conservation project was originally expected to eliminate the use of about 11 million gallons of river water per day, Operations Manager David Council says the system is performing better than expected, saving approximately 18 million gallons of water per day. Before the team installed the new equipment, the mill used water from the nearby Roanoke River to cool mill processes. The mill returned the water to the river in the same condition, only slightly warmer. With the addition of the cooling tower and heat exchangers, the mill now has a closed-loop system that reclaims heat from the mill’s evaporation equipment and transfers it to process water. The reclaimed heat reduces the mill’s steam load, which means it burns less fuel in the boilers to make steam.
The PM 3 at Sappi Europe’s Alfeld mill which was hit by a fire on 12 May will resume operation in week 31 (W/B 27 July). The inspection and investigation of the area affected by the fire revealed that there is limited damage to the PM itself with the MG cylinder being found to be undamaged, writes Sappi. Instead the fire affected the machine hall, particularly to the mezzanine ceiling and the roof, which both are currently undergoing repairs. The PM is planned to restart production in week 31 (W/B July 27) and paper deliveries expected to commence from the beginning of August.
National Average Price for Regular Unleaded Current: $1.972; Month Ago: $1.768; Year Ago: $2.818. National Average Price for Diesel Current: $2.411; Month Ago: $2.450; Year Ago: $3.092.
American Dollar to Canadian Dollar = 0.728088; American Dollar to Chinese Yuan = 0.140170; American Dollar to Euro = 1.114010; American Dollar to Japanese Yen = 0.009333; American Dollar to Mexican Peso = 0.045302.
By now, all of us would agree that Covid-19 will remain in the collective human psyche for years to come. What does this mean to you as a marketer? It means we must take a new look at consumers with a fresh perspective. Just as we did after the Great Depression and 9-11, we will inevitably see changes on a global level. While these changes may occur differently for each individual, for most it will revamp the way we live and think for the long term. In recent months, I’ve been fascinated by how shifts have crept into our lives in unexpected ways, creating challenges for every brand on this earth. How are you preparing for these transformations? How will it affect the way you plan for merchandise and services, your messaging and your overall customer experience? The following is certainly not a complete list of considerations or predictions but it clearly lists how marketers must remain flexible and engage in re-imagining a new business model. Every brand must take a hard look at what they offer, pivot quickly to meet the new reality and meet consumers where they are.
Abercrombie & Fitch Co. announced results for the first quarter ended May 2, 2020. These compare to results for the first quarter ended May 4, 2019. (1) Net loss per diluted share for the first quarter of fiscal 2020 reflects adverse tax impacts of $90.9 million, or $1.45 per diluted share, related to valuation allowances on deferred tax assets and other tax charges, and material adverse impacts as a result of the COVID-19 pandemic. (2) Excluded items this year of $38.5 million, or $0.62 per diluted share, consists pre-tax store asset impairment charges of $42.9 million and the net tax effect of pre-tax excluded items. (3) The estimated impact from foreign currency is calculated by applying current period exchange rates to prior year results using a 26% tax rate.
On the 50th anniversary of Earth Day, Mohawk Fine Papers, Inc. unveiled Mohawk Renewal, a paradigm-shifting portfolio of papers made with hemp, straw, and recycled cotton fiber. Mohawk Renewal was born out of a desire to expand the existing definition of sustainable papermaking and redefine the contours of Mohawk's fiber sourcing practices. By introducing legacy fibers like hemp, straw and cotton textiles, Mohawk is looking to the past to define a more sustainable future. The highly anticipated Mohawk Renewal swatchbook is available to order. The Mohawk Renewal swatchbook was designed and specially crafted to display the breadth of the product line while clearly revealing the story behind this groundbreaking new portfolio of sustainable papers.
In 1Q2020, the net sales of Coated Woodfree were €141 million vs €186 million in 1Q2019, a decrease of €45 million or -24%. In 1Q2020, the net sales of Specialties were €121 million vs €129 million in1Q2019, a decrease of €8 million or -6%. For the first quarter ended 31 March 2020, Lecta had revenue of €316.6 million versus €388.9 million in the first quarter ended 31 March 2019, a decrease of €72.3 million or -18.6%. EBITDA decreased by €2.5 million, or -9.5%, from €26.8 million in 1Q2019 to €24.2 million in 1Q2020. During the three months ended 31 March 2020, Lecta’s cash and cash equivalents increased by €17.3 million or +20.2%, from €85.9 million at 1 Jan 2020 to €103.2 million at 31 March 2020.