Solenis, a leading global producer of specialty chemicals, is participating in the Piloting Alternatives for Plastics project, a global initiative to help develop the next generation of fiber-based materials to replace plastics used in food packaging, filters, hygiene products and other goods. Solenis is joining more than 50 other companies in the technical consortium, including major packaging and paper manufacturers, led by VTT Technical Research Centre of Finland (VTT). During the 30-month project, the group will work to identify materials and manufacturing methods best suited for full-scale development. The goal is to reduce the time it takes to move projects from initial laboratory results into commercial production.
Infused with new capital from an unconventional parent company and energized by an expanding client base, Minneapolis-based Periscope is fortifying its executive team in pursuit of double-digit growth. The integrated marketing agency today announced that Cari Bucci-Hulings will join as president, effective July 6, in addition to other recent high-profile hires. Bucci-Hulings most recently served as president of MARC USA, one of the largest independent agencies in the country. In the role, Bucci-Hulings will be responsible for accelerating Periscope’s mission to do things people love and growing the business into new offerings and markets. She will report to Eric Ashworth, vice president of Agency Solutions for Quad, the creative engineering company that acquired Periscope in 2019.
Neenah, Inc. announced that the Company has entered into a Term Loan Credit Agreement, providing a Term Loan B Facility of seven years in the amount of $200 million. The Facility is rated BBB-by S&P Global Ratings and Ba3 by Moody's Investors Service. Neenah also announced today that it is calling its outstanding 2021 notes for redemption in full on July 16, 2020. Proceeds under the new Facility will be used to redeem the $175 million of outstanding 5.25% 2021 notes, repay borrowings under the Company’s senior secured revolving credit facility, and for general corporate purposes. The Company also has amended its Global Asset Based Lending Agreement to reduce the revolving credit facility from $225 million to $175 million and make certain other changes related to the refinancing and resizing. The interest rate under the new Facility will be determined based on LIBOR or other published rates, with an expected initial rate of approximately 5.00%. The Term Loan Credit Agreement contains no financial maintenance covenants and includes other customary covenants for agreements of this nature. The Facility may be prepaid with a one percent call premium for the first 12 months, after which it may be prepaid, in whole or in part, without premium or penalty.
Macy’s, Inc. reported results for the first quarter of 2020. As previously reported, the company had net sales of $3.017 billion. Nearly all of the company's stores have now reopened, including stores in the major metropolitan regions. Stores continued to perform ahead of expectations through May and June, and the company's digital business sales remained strong across geographies. The company continues to expect a gradual sales recovery. Primarily as a result of the COVID-19 pandemic, the company’s long-term projections and market capitalization changed, requiring interim impairment assessments for its goodwill and long-lived assets. As a result of these assessments, the company recognized pre-tax, non-cash goodwill and long-lived asset impairment charges of $3.1 billion and $80 million, respectively, during the 13 weeks ended May 2, 2020. The company is now reporting a Diluted loss per share of $11.53 and Adjusted Diluted loss per share of $2.03.
Active Interest Media has sold off its healthy living, fitness and outdoor divisions, collectively representing several of its largest publications, to Pocket Outdoor Media, a Colorado-based publisher of a handful of enthusiast magazines, the two companies announced Tuesday. Included in the sale are Backpacker, Better Nutrition, Clean Eating, Climbing, Muscle & Performance, NatuRx, Oxygen, Ski, Vegetarian Times and Yoga Journal magazines, as well as the digital outlet SNEWS and the action sports film studio Warren Miller Entertainment, among other properties.
Net loss for the first quarter of 2020 was $(65.7) million or $(1.38) per diluted share compared to net income of $4.0 million or $0.08 per diluted share for the first quarter of 2019. First quarter 2020 results include non-cash pre-tax asset impairment charges of $10.3 million or $0.22 per diluted share. Net sales for the first quarter of 2020 were $134.3 million compared to $314.2 million for the first quarter of 2019. Net sales were impacted by the temporary store closures related to the COVID-19 pandemic. Omni sales for the first quarter increased 17 percent over last year. In April, omni sales were 47 percent higher than last year driven by fulfillment from closed stores where allowed. Gross profit for the first quarter of 2020 was a loss of $(10.0) million or (7.5) percent of sales compared to $87.5 million or 27.8 percent of sales in the comparable period last year. The lower gross profit reflects deleverage of occupancy costs as a percentage of sales and higher markdowns.
UPS announced the launch of its 18th annual Sustainability Report, “Accelerating Sustainable Solutions.” The digital Report is fully interactive and details efforts that took place during 2019 to advance the company’s 2020 and 2025 sustainability goals in alignment with its enterprise strategy. Most notable is surpassing four goals one year ahead of schedule, including: $123.8 million in charitable contributions, 21.7 million employee volunteer hours, 15.4 million trees planted, and, a 3.1% reduction in auto accident frequency.
The Sustainable Forestry Initiative (SFI) and Project Learning Tree Canada (PLT Canada), an initiative of SFI, are pleased to welcome Dawn Carr, Executive Director of the Canadian Parks Council, to SFI’s 18-member Board of Directors. Carr has a successful track record of collaborating with SFI and PLT Canada. Notably, through the Canadian Parks Council and its network of national, provincial and territorial parks, she has supported, and continues to support, hundreds of high-quality work experiences for youth across Canada as part of PLT Canada’s Green Jobs program. “I’m thrilled to be joining the SFI and PLT Canada Board of Directors. It is a welcome opportunity to contribute to an organization that is clearly committed to sustainability and growing the community of future forest and conservation professionals,” says Carr. “Nurturing a conservation ethic among young professionals is critical for sustaining nature and our collective health and wellbeing. I’m really looking forward to contributing my time and energy to help make a positive difference.”
Espoma Organic, a lawn and garden brand, continues to showcase their commitment to the environment by replacing fossil-fuel-derived polymers in their packaging with more sustainable alternatives. In response to Espoma Organic’s mission to “develop the finest organic gardening products that work in harmony with nature, grow beautiful gardens and make a greener world for the future,” global packaging company Amcor partnered with the brand to innovate more sustainable packaging and launch a new bio-based polymer package. The polyethylene (PE) film contains 25 percent bio-based material, derived – in this case – from sugar cane. “We know consumers increasingly are paying attention to product packaging as they make purchasing decisions,” said Troian. “The use of renewable materials in packaging offers brands a new way to stand out on store shelves while driving down the total carbon footprint of their products.”
Ahlstrom-Munksjö establishes a partnership with Spanish sports and life style accessories company BUFF® to provide filter media for face masks. The BUFF® face masks are now available in the United States and Canada following a launch in Europe in June. Each BUFF® face mask includes five single-use filters in the original packaging. Replacement filters are sold separately in packs of 30 units.