Net sales in the second quarter of 2016 were $1.8 billion, up $217 million, or 14 percent, from the prior year second quarter. The Company's investment in non-organic growth is driving the top line higher; the acquired business generated $234 million in net sales - 13 percent of global net sales - due to strong shipments within Mexico and to the United States. Price was up $18 million on a global basis, primarily driven by price adjustments that reflect cost inflation. Unfavorable currency translation adversely impacted net sales by $31 million, or 2 percent. Earnings from continuing operations before income taxes were $141 million in the quarter, an increase of $79 million compared with prior year. This was mainly driven by higher segment operating profit (+$46 million) and the change in items not considered representative of ongoing operations (+$33 million). Segment operating profit was $233 million in the second quarter, $46 million higher than prior year second quarter. The substantial year-on-year improvement was primarily driven by the strong results of Europe and the acquired business. Legacy Latin America reported strong performance in light of the aforementioned decline in volume. Adverse currency translation, primarily in Europe and Latin America, impacted segment operating profit by $5 million compared with the second quarter of prior year. click Read More below for details
McKinley Paper Co. has reached agreement with the Association of Western Pulp and Paper Workers Local 155 on a new labor deal that will be in effect once McKinley opens its Ediz Hook paper mill, company and union officials said Monday.
The question remains when the plant will begin production of containerboard out of 100 percent recycled cardboard.
The mill was owned by Japanese-owned Nippon Paper Industries USA and manufactured paper and newsprint when it closed in March 2017, leaving 150 workers without jobs.
It was purchased by McKinley in April 2017 for $20.6 million, including a biomass cogeneration electric plant that cost Nippon $91 million to build.
Greg Pallesen, president of the Portland, Ore.-based AWPPW, and McKinley General Manager Edward Bortz said Monday that the company and the AWPPW reached an agreement last week when the local union voted for a new contract.
“It’s good for the community up there and the entire region,” Pallesen said.
“It’s similar to the previous agreement,” he added.
Pallesen said 14 employees have been working at the plant under an existing labor agreement to keep it maintained since the closure.
“We anticipate adding [about] 120 employees to current staffing once the mill is up to full operation,” according to McKinley’s shoreline substantial development permit with the city of Port Angeles.
Bortz would not comment Monday on the labor pact beyond confirming that McKinley and the AWPPW had signed an agreement.
more detail at source: https://www.peninsuladailynews.com/news/an-accord-is-reached-mckinley-paper-co-local-union-agree-to-labor-contract/