Julie Schertell, CEO of Mativ, commented, “We are very pleased with the completion of the sale of Engineered Papers. They have a great team and strategy in place for a successful future. For Mativ, this is an important part of unlocking our strategy to become a leading manufacturer of specialty materials. As we head into 2024, over 80% of our revenue will be from our Advanced Technical Materials segment, where we have strong positions in large, growing, profitable markets.” The net impact of the transaction on Mativ’s debt is expected to be a reduction of more than $600 million, which equates to approximately 35% of Mativ’s outstanding debt balance as of the end of the third quarter, and is subject to customary post-closing adjustments. This debt reduction is expected to be effective early December 2023. “This transaction fully aligns with our commitment to continued debt reduction and operational focus in attractive markets that accelerate our growth and expand our margins,” stated Schertell. “It marks a key milestone in the transformation of Mativ and aligns with our strategy to focus our efforts, accelerate growth, and drive value for our shareholders.”
It’s important that the use of water to make products doesn’t result in contamination of waterways. Pulp and paper manufacturing requires a large amount of water, and facilities are often located near rivers or lakes to be close to a good water supply. Once the water is used in the process, it is treated in an effluent treatment plant, and regulatory standards have been established to ensure that the final discharged effluent meets government environmental regulations for the protection of waterways. EPAT provides water quality data, such as TSS, COD, BOD and AOX, to its users and they can be especially useful to buyers of paper-based products who are tracking the environmental performance of their paper or packaging suppliers.
Third Quarter of Fiscal 2023 Compared to Third Quarter of Fiscal 2022 *Net sales increased 6.4% to $2.5 billion compared to $2.3 billion, primarily due to increased comparable sales, strong new store performance, and strong growth in other revenue. *Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 4.5% compared to an increase of 14.6%, driven by a 5.9% increase in transactions and a 1.4% decrease in average ticket. *Gross profit increased 3.0% to $992.1 million compared to $962.8 million. As a percentage of net sales, gross profit decreased to 39.9% compared to 41.2%, primarily due to lower merchandise margin, higher inventory shrink, and higher supply chain costs, partially offset by strong growth in other revenue. *Operating income was $327.2 million, or 13.1% of net sales, compared to $361.9 million, or 15.5% of net sales. *Net income was $249.5 million compared to $274.6 million.
Postmaster General Louis DeJoy recently delivered remarks at the 2023 Concordia United States Summit in Cary, NC. DeJoy highlighted how he has leveraged his private sector background to reshape and strengthen the U.S. Postal Service, the nation’s most trusted agency. Following his remarks, DeJoy was interviewed by Michelle Giuda, CEO of the Krach Institute for Tech Diplomacy at Purdue University. “It’s about innovation. It’s about a commitment to work and precision. It’s about competing in a marketplace ... and getting a competitive advantage on everything around you,” DeJoy said in response to a question from Giuda about his approach to leading USPS. DeJoy’s remarks focused on how the Postal Service is continuing to transform and improve operating practices across the organization.
Sheridan is delighted to announce not one, but two steps forward in its binding capabilities with the installation of two cutting-edge Muller Martini perfect binding systems. Installation of a Muller Martini Publica PRO12 binding system is currently underway at Sheridan’s Versailles, KY facility and is expected to be fully operational by year end. This highly automated system boasts a robust 12,000 cycles per hour and features a 24-pocket gathering line, end-sheet tipping and lining station, EVA and PUR glue application, trimmer, and stacker. Another perfect binding system, also a Muller Martini Publica PRO12, has been installed at the Grand Rapids, MI facility and is ramping up operations.
National Average Price for Regular Unleaded Current: $3.248; Month Ago: $3.462; Year Ago: $3.470. National Average Price for Diesel Current: $4.215; Month Ago: $4.451; Year Ago: $5.154.
American Dollar to Canadian Dollar = 0.738251; American Dollar to Chinese Yuan = 0.140609; American Dollar to Euro = 1.088263; American Dollar to Japanese Yen = 0.006756; American Dollar to Mexican Peso = 0.057847.
Recently, there has been an increase in contradictory information being spread about the recyclability of Blue4est® checkout receipts. Whereas the German Environment Agency states it is fully recyclable, according to the association INGEDE (International Research Community for De-Inking Technology) blue checkout receipts can cause problems when disposed of as wastepaper, even in small quantities. This statement is inaccurate, and is causing confusion among consumers. The first sustainable and recyclable thermal paper Blue4est® – also known as the blue receipt or eco-receipt – was launched onto the market in 2015. Now, a host of customers across Europe are using these sustainable checkout receipts. The innovative technology has since been refined, with the introduction of Blue4est® Pro paper for labels in 2022. Blue4est® is produced entirely without chemical developers, which is why the German Environment Agency recommends disposing of it as wastepaper. This allows the paper to be recycled and reused as a new raw material. Some time ago, the German Environment Agency officially confirmed – including via an announcement on its website – that blue checkout receipts can be disposed of as wastepaper.
UPM Raflatac announces Soprema as its main partner in label waste recycling in the EMEIA region. Soprema, one of the world's leading companies in waterproofing and a specialist in roofing and insulation, will transform the label waste collected through RafCycle™ by UPM Raflatac recycling service into new construction and insulation materials. Soprema is a key player in the construction sector. With a presence of 123 manufacturing sites and over 120 subsidiaries worldwide, Soprema is known for its commitment to sustainable construction solutions and investment in innovation. The collaboration with UPM Raflatac further underlines Soprema's dedication to sustainability. UPM Raflatac’s RafCycle service is committed to liner waste recycling. With this innovative partnership, label waste is converted into insulation solutions, supporting the use of renewable sources in the construction industry at Soprema’s site in France.
Liberty Coca-Cola Beverages, a local Coca-Cola bottler serving Philadelphia, New Jersey and New York City, and WestRock will collaborate to implement a paperboard carrier that replaces plastic rings for its multipack bottled beverages. WestRock’s PETCollar™ Shield Plus paper-based packaging will be used at Liberty’s Philadelphia production facility to package Coca-Cola’s top brands in multipacks. The 12 ounce (355 millileter) and 16.9 ounce (500 milliliter) products packaged with the durable, easy-to-hold carriers will be distributed throughout Liberty’s multi-state territory. Liberty Coca-Cola Beverages will be the first bottler in the world to implement the PETCollar Shield Plus bottle clip solution. “We’ve made it our mission to invest in technology that produces recyclable beverage containers that can return to our system while significantly reducing the need for secondary plastic packaging,” said Fran McGorry, co-owner of Liberty Coca-Cola Beverages. “We know the most valuable change to reduce plastic waste occurs when bottlers and packaging producers work together. We are proud to partner with WestRock to make this change.”
In our increasingly environmentally conscious world, it’s common for companies to tout their green initiatives and environmentally friendly practices, and that’s just good business. But all too often, companies claim benefits – like the environmental superiority of “recyclable plastic” packaging or “going green” by switching from paper to electronic communications — as a way to cloak poor environmental performance or mask cost-cutting efforts. With no sound scientific evidence to back them up, these types of claims are textbook greenwashing. Some of the consequences of greenwashing are obvious. Clearly, unsubstantiated environmental claims mislead consumers, often causing them to take actions they would not otherwise consider. Greenwashing claims can also cause reputational harm, not only damaging the credibility of companies that make such claims, but also casting doubt over the valid claims of companies that are contributing to real environmental progress. The U.S. Federal Trade Commission’s “Green Guides” provide very specific guidance related to environmental claims, stating that “claims must be truthful, not misleading and supported by competent and reliable scientific evidence.” Unfortunately, this guidance is often ignored.
Costco Wholesale Corporation reported net sales of $20.14 billion for the retail month of November, the four weeks ended November 26, 2023, an increase of 5.1 percent from $19.17 billion last year. For the twelve weeks ended November 26, 2023, the Company reported net sales of $56.71 billion, an increase of 6.1 percent from $53.44 billion for the twelve weeks of fiscal year 2023 ended November 20, 2022. Net sales for the twelve weeks were benefitted by approximately one-half to one percent in the U.S. and worldwide from the shift of the fiscal calendar, as a result of the fifty-third week in fiscal year 2023.
Huhtamaki accelerates strategy implementation by starting a program which is expected to materially support the profitability of Huhtamaki with efficiency improvements leading to savings of approximately EUR 100 million over the next three years. All cost levers will be addressed including potential restructuring to a more optimal manufacturing footprint, reducing input costs at an accelerated pace, and improving productivity globally. The costs of the program are expected to be approximately EUR 80 million, which upon materialization will be treated as items affecting comparability. The program’s performance will be monitored and communicated on a regular basis. Huhtamaki’s updated 2030 growth strategy was announced in March 2023. It is focused on scaling the profitable core for growth, innovating in sustainable packaging solutions for additional growth, and delivering world-class operational performance. With this updated strategy the Company raised its long-term financial ambition to grow 5-6% p.a., reach 10-12% adjusted EBIT%, and deliver 13-15% adjusted ROI.
A growing number of leading companies are investing in "nature-based solutions" which are actions to protect, sustainably manage, and restore natural ecosystems that benefit both biodiversity and human well-being. These actions target major challenges like climate change, disaster risk reduction, food and water security, biodiversity loss and human health, and are critical to sustainable economic development. To date, print and paper buyers have significantly contributed to forest conservation, biodiversity and climate change mitigation via the Carbon Balanced Paper and Print program and its partnership with the World Land Trust. The program has funded the long-term protection and management of 71,000 acres of highly biodiverse and threatened habitats in Vietnam, Mexico, Ecuador and Guatemala. In total, over 380,000 metric tons of CO2 have been sequestered.
UPM invests nearly 10 million euros in the modernization of the Korkeakoski sawmill. A new split saw supplied by USNR will start operating at the sawmill in 2025. This is a very significant investment in the efficiency and competitiveness of the Korkeakoski sawmill. "The sawmill industry has a long history of over 60 years in Korkeakoski. Great work has been done here for a long time, and this investment is an excellent continuation of that. The Korkeakoski sawmill has been a model example of excellent production efficiency, and this investment will further strengthen our position", says Korkeakoski Sawmill Director Janne Klaavuniemi. In the modernization of the sawmill, the split saw in the second stage of sawing will be renewed, along with automation and other equipment. The investment enables more efficient use of raw materials, as the same amount of logs convert to more end product. Modern equipment also increases energy efficiency.
The DEAL Consortium and scholarly publisher Wiley today announced the signing of a new five-year agreement which will allow scientists from German academic institutions to publish their research open access (OA) within Wiley’s portfolio of scientific journals. The new agreement continues the successful collaboration that started in 2019 and through which by now over 38,000 articles have been published open access. It will provide authors at participating German institutions with open access publishing options across Wiley’s portfolio alongside read access to all Wiley journal content. The new agreement will also: *Support institutions in the transition to OA, honoring the immense value learned societies bring to the scholarly community. *Enhance infrastructure, including robust workflows to support authors, librarians and open access administrators. *Support participating institutions with bespoke training and continuing collaboration with the Wiley DEAL Advisory Board to monitor success.
CANPACK Group and BA Glass announce that on November 28th they have entered a definitive agreement whereby CANPACK Group will transfer its CP Glass operations in Poland to BA Glass. Consequently, the CP Glass plant located in Orzesze will be incorporated into the existing glass operations of BA Glass in Poland where BA operates two plants located in Sierakow and Jedlice. The parties are committed to ensure a smooth transition of the CP Glass operations and employees into the BA Glass organization in Poland. This agreement, which is pending customary merger control approval from the Polish competition authority and other customary closing formalities, is anticipated to be completed during the first half of 2024. Marius Croitoru, CANPACK Group CEO stated: “CP Glass is a strong niche manufacturer of glass bottles for beverages, and we are confident that our CP Glass operations and team will find a new home with BA Glass, one of the world leaders in the manufacture of glass packaging. With this sale, CANPACK Group will continue to focus its resources on its core businesses.”
Smurfit Kappa has launched its new SupplySmart digital solution, which helps businesses to intelligently adapt their packaging to increase efficiency and reduce emissions across their supply chains. SupplySmart has evolved to tackle increased supply chain complexities and uncertainty in a world which has seen one supply chain disruption after another. Using insights from the analysis of over 100,000 supply chains, it identifies opportunities for optimisation across the entire length of the supply chain. Its new digital twin feature also allows businesses to test their updated packaging in a virtual environment to eliminate risks ahead of implementation. Leading German consumer goods company Henkel partnered with Smurfit Kappa to launch a compact and sustainable paper-based alternative to plastic packaging. SupplySmart was used to build a digital model of Henkel’s supply chain to achieve the company’s goals of reducing CO2 emissions while introducing a more user-friendly and compact pack.
Paper Excellence is pleased to announce that we will be matching donations up to $50,000 this Giving Tuesday. We are proud to support vulnerable youths and help them forge a bright future. The Take a Hike foundation collaborates with public school districts to engage vulnerable youths in a mental health and emotional well-being program. Their mission is to empower these vulnerable youth with the skills and resilience they need to graduate high school, build healthy relationships and achieve success. They provide a safe and caring community by engaging youth in clinical counselling, and regular outdoor adventures.
FY24 first quarter service performance scores covering October 1 through November 17, included: *First-Class Mail: 87.7 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 3.3 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.3 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 84.5 percent of Periodicals delivered on time against the USPS service standard, a decrease of 1.5 percentage points from the fiscal fourth quarter.
The latest analysis of the effects of invalid traffic/IVT estimates that the problem will result in $72.37 billion in wasted ad spend in 2024 — up 33% from an estimated $54.63 billion wasted in 2022. The report, from marketing efficiency platform Lunio, was based on an analysis of 2.6 billion paid ad clicks and 104 billion impressions from more than 60,000 ad accounts across Lunio’s clients — all resulting from paid media campaigns — conducted between May 2022 and May 2023. The analysis found 8.5% of all paid traffic, and one in every 11.7 paid-traffic website visits, to be invalid.
Bauer Media, one of the world’s leading media groups, is now using the Love Paper logo to highlight the sustainability of its printed magazines. The initiative signifies the company’s proactive stance in promoting the sustainable aspects of their print production and its commitment to behaving in an environmentally responsible way. The Love Paper campaign aims to improve perceptions and raise awareness of the sustainability and attractiveness of print, paper, and paper-based packaging. The campaign echoes Bauer’s long-standing commitment to environmental stewardship as outlined in its most recent Sustainability Report, which stated a commitment to source paper from sustainable partners.
More than 100 manroland Goss presses worldwide produce for the printing giant Quad – one of North America's largest printing companies and a global marketing experience company that unites all the essential resources required for frictionless, scalable marketing execution. In the last seven years alone, manroland Goss has successfully commissioned eight new presses for Quad. The two newest machines, two LITHOMAN IV presses, are in operation at Quad's Hartford, Wisconsin, location. The customer and manufacturer are working together to achieve a peak run time of 52,500 rph on the recently installed LITHOMAN IV – a new record speed for manroland Goss commercial web presses. *Production successfully started on two new LITHOMAN IV presses at Quad in Hartford, Wisconsin. *More than 100 presses worldwide testify to Quad's decades of confidence in the quality and reliability of manroland Goss. *Drive for top performance: Customer and manufacturer work on a new top speed for the LITHOMAN IV.
On October 11, 2023, Paper Excellence announced an additional $175,000 contribution towards wildfire recovery efforts in Shelburne County to follow its $25,000 donation to the Canadian Red Cross Nova Scotia & Atlantic Canada Fires Appeal earlier in the year. The earlier $25,000 donation received matched support from the Governments of Canada and Nova Scotia, leading to a total of $250,000 towards wildfire rebuilding efforts in Nova Scotia and Atlantic Canada. In October, community members in Shelburne County gathered to celebrate the contributions from Paper Excellence, as well as generous contributions of lumber and support from Freeman Lumber, Scotsburn Lumber, and Wilson’s Home Hardware Building Centre in Barrington.
The European Investment Bank (EIB) has signed a SEK 1.3 billion (approximately €110 million) loan agreement with Swedish company Billerud, a world-leading paper and packaging materials supplier. The loan supports investments in the modernisation and upgrade of a bioproduct mill, including the replacement of a recovery boiler. The upgrades are well anchored in Billerud’s sustainability strategy and will secure high environmental performance for the mill, with increased energy and resource efficiency. Materials made at Frövi mill are used in various packaging applications, with a particular focus on food and beverage packaging — an area that has strict requirements in terms of durability and hygiene standards. Fibre-based packaging has the advantage of being fossil-free, recyclable, and biodegradable — features that set it apart from fossil-based types of packaging. Materials produced by Billerud can be recycled many times and made into recycled board, before finally being used for energy production.
Total Company net sales for the three months ended October 31, 2023, increased 9.0% to a record $1.28 billion. Total Retail segment net sales increased 7.3%, with comparable Retail segment net sales increasing 5.6%. The increase in Retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and mid single-digit positive growth in retail store sales. Comparable Retail segment net sales increased 22.5% at Free People and 13.2% at Anthropologie and decreased 14.2% at Urban Outfitters. Wholesale segment net sales decreased 3.6% driven by a 3.5% decrease in Free People wholesale sales due to a decrease in sales to department stores and close out account partners. Nuuly segment net sales increased by $30.2 million primarily driven by a 68% increase in our subscribers versus the end of the prior year’s comparable quarter.
For the third quarter ended October 28, 2023, net sales decreased 6.8 percent versus the same period in fiscal 2022. Gross merchandise value ("GMV") decreased 7.1 percent. Third quarter net sales include a 270 basis point negative impact from the wind-down of Canadian operations. Anniversary Sale timing, with one week shifting from the second quarter to the third quarter, had a positive impact of approximately 200 basis points on net sales compared with 2022. Excluding the impacts of the Canadian wind-down and Anniversary Sale timing shift, net sales would have been down approximately 6 percent. During the quarter, Nordstrom banner net sales decreased 9.4 percent and GMV decreased 9.8 percent. Net sales for Nordstrom Rack decreased 1.8 percent. During the third quarter, active grew by double-digits, and beauty and accessories were up by low single-digits, versus 2022.
“Our commitment is unwavering, and our preparation is thorough. We have been strategically planning early and leveraging significant investments in our people, infrastructure, delivery network, and technology,” said Postmaster General and CEO Louis DeJoy. “Thanks to the Delivering for America plan, we will be the most affordable way to ship and mail holiday cheer this year.” USPS is built for the holidays with affordable, reliable shipping services to help its customers send more joy this season. The ongoing transformation of the Postal Service includes efficient new facilities and a modernized delivery network to better serve its customers this holiday season, and year-round. To help customers experience seamless shipping and mailing during the holidays and beyond, USPS offers the following tips:
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 1.1% in October after declining 1.1% in September. In October, the index equaled 115.2 (2015=100) compared with 113.9 in September. Compared with October 2022, the SA index fell 2.1%, which was the eighth straight year-over-year decrease. In September, the index was down 4.1% from a year earlier. The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 119.7 in October, 6.3% above the September level (112.5). In calculating the index, 100 represents 2015. ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight.
With the ongoing development of the United Nations Treaty on Plastic Pollution, governments from over 170 nations are working toward policy measures to combat the negative environmental impacts of hard-to-recycle plastics. The introduction of bans, levies, and increased disposal fees for EPS packaging materials will continue to be on trend for the foreseeable future, especially in regions lacking recycling infrastructure. Corrugated packaging solutions are 100% recyclable and 100% compostable, making them the ideal packaging material. What’s more, Mondi’s corrugated packaging solutions includes a wide portfolio of corrugated boxes made of recycled fibres. Paper-based packaging boasts an impressive 82.5% recycling rate in Europe, outperforming the combined recycling rates of all other packaging materials.7 The recycling value of corrugated packaging has enormous potential worldwide. Paper fibre can be recycled with good quality many times, keeping fibres in circulation.8,9
Comparisons refer to the 13-week period ended October 28, 2023 versus the 13-week period ended October 29, 2022 * Net sales decreased 5.2% year-over-year, to $3.8 billion, with comparable sales down 5.5%. *Gross margin as a percentage of net sales was 38.9%, an increase of 158 basis points. *Operating income was $157 million *Net income was $59 million *Inventory was $4.2 billion, a decrease of 13% year-over-year. *Operating cash flow was $151 million.
Are you interested in sending children and families some holiday magic this season? You can now adopt a letter written to Santa by going to USPSOperationSanta.com. In response to customer requests, this is the first time the U.S. Postal Service has opened the program before Black Friday. USPS Operation Santa turns 111 years old this year. The program relies solely on random acts of kindness and the generosity of strangers. It allows people to help children and families have a magical holiday when they otherwise might not — safely and securely. USPS Operation Santa is not a guaranteed gift-giving program. Since Sept. 18, the Postal Service has received letters from across the country and has been delivering them to Santa’s U.S. workshop at 123 Elf Road, North Pole 88888. Letters sent with First-Class Mail postage and complete, accurate and legible return addresses have been opened, reviewed and posted on USPSOperationSanta.com. People can begin reading and adopting letters today.
With oral arguments set for November 29, some 17 organizations and individuals have teamed up to file six separate amicus briefs urging the U.S. Court of Appeals for the Fifth Circuit to uphold a lower court decision striking key provisions of HB 900, Texas’s controversial book rating law. Among the briefs and arguments filed on November 17: The Freedom to Read Foundation and the American Association of School Librarians: "Appellants argue that HB 900 is simply an innocuous mechanism to protect school children from 'sexually explicit materials.' The Association of University Presses; Barnes & Noble; the Educational Book and Media Association; Freedom to Learn Advocates; Half Price Books, Records, Magazines; the Independent Book Publishers Association; Penguin Random House; and Sourcebooks: "First, the mandatory ratings are classic 'compelled speech' in violation of the First Amendment. As the District Court held, [HB 900] impermissibly compels Amici to 'create speech that [we do] not wish to make, and in addition, in which [we do] not agree with,' in violation of the First Amendment.
The project to expand folding boxboard production capacity has been completed at the Husum integrated pulp and paperboard mill in Sweden. With the modernisation of the board machine 1 (BM1), the annual production capacity of folding boxboard (FBB) will be increased by 200,000 tons to reach 600,000 tons. This will make the Husum BM1 the largest, and most modern, paperboard machine in Europe and further strengthen Metsä Board’s position as the leading European supplier of folding boxboards. The expansion of folding boxboard capacity is in response to the growing demand for packaging materials made of renewable resources. The BM1 produces folding boxboards that are lightweight, without sacrificing strength properties, which saves on raw materials usage and helps to reduce the carbon footprint of packaging.
Sun Chemical has further enhanced its sheetfed offset direct food contact ink offering with the launch of an innovative, ‘green’ shade blue pigment that helps to increase the color gamut available to designers and brand owners, especially now within the ‘green’ shade color space without comprising compliance to accepted food safety standards. Due to the stringent compliance requirements Sun Chemical adheres to for direct food contact (DFC) printing, there is a rigorous pigment selection process used by Sun Chemical for its DFC product range which considers pigment chemistry and potential non-intentionally added substances (NIAS). Currently, there are no suitable green pigments available on the market. The commercial green pigments that are available contain residual NIAS of regulatory concern, which could potentially migrate into the food. This has restricted the colour palette available for direct food contact inks. The addition of this new base to the SunPak DirectFood Plus range means that 1801 colours can now be achieved at a tolerance of Delta E <2 (dE2000) to Digital Master Pantone.
Holiday spending is expected to increase as much as 4 percent this year. That may not sound like much, but Americans are on track to spend a record $960 billion celebrating the December holidays. For retailers and consumers alike, printed receipts can help make the season brighter. Traditionally, Black Friday heralds the start of the holiday season, but for many, holiday spending is already in full swing, and it won’t stop until January, after the last gifts have been opened and any returns have been made. And despite what some anti-receipt advocates say, consumers overwhelmingly prefer to receive printed receipts with their purchases instead of digital receipts. “In our recent consumer survey, we found that 76 percent of folks want some form of a printed receipt, or at least the option to choose a printed receipt,” says Andrea Forehand, Domtar’s director of sales for thermal POS. “Skip the Slip legislation has come up twice in California, and we’ve been successful in lobbying to prevent that legislation from becoming law because people do want the choice.”
The North American Carbon Balanced Printer program is proud to announce that it has signed its first partner printer. Based in Salt Lake City, Utah, Hudson Printing has joined the Carbon Balanced Printer program to further reduce its impact on the environment, as well as the impact of its customers. The Carbon Balanced Printer program offers its partner printers the opportunity to carbon balance their paper and print services. Members of the program are printers that have measured their own carbon footprint, then offset those emissions with the global conservation group World Land Trust to become a certified Carbon Balanced Printer. World Land Trust uses funds raised through the program to protect and restore threatened natural habitats in Vietnam, Mexico, Ecuador and Guatemala. By protecting these areas of high biodiversity and the species within them, World Land Trust preserves important ecosystems while preventing the release of CO2 into the atmosphere through deforestation and degradation. The amount of carbon offset by Hudson is equivalent to the preservation of 834,013 m2 of land, or the area covered by 156 NFL football fields.
A new plastics sorting facility inaugurated in Sweden this week is being billed as the largest of its kind, and one designed to double the amount of plastic packaging materials being recycled in the Nordic country. Thanks to cutting-edge technology, the Site Zero plant in the central city of Motala can sort up to 200,000 tons of plastic packaging a year, according to Sweden Plastic Recycling, a nonprofit company co-owned by Swedish plastics, food and trade industry groups. The company says that’s more than any other sorting facility in the world. A unique feature of Site Zero is that it can separate up to 12 different types of plastic. An old plant at the same location could only sort five types of plastic, which meant that only 47% of the material was sent on for recycling and the rest was incinerated, said Mattias Philipsson, CEO of Sweden Plastic Recycling.
FY24 first quarter service performance scores covering October 1 through November 10, included: *First-Class Mail: 87.8 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 3.3 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.5 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 85.4 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.
The Guardian Long Read Magazine will collect some of the publication’s best long stories into a print product that is sold on UK newsstands, NiemanLab reports. The first issue appeared on Nov. 11. It wasn’t known at deadline if the format will be extended to the U.S. The first issue’s cover headlines include: *A funeral for fish and chips shops *The war on knotweed *Three abandoned kids, 40 years on *My lament for a lost Khartoum
Saveur magazine is back—in print. It will appear again in March 2024, and pre-orders are being taken right now, writes Kat Craddock, editor and CEO of Saveur. There will be two issues per year to start. The title’s previous owners stopped publishing print issues during the pandemic. Craddock says the loss was heartbreaking. The March drop will be “just in time for Saveur’s 30th anniversary,” Craddock adds.
Crown Holdings, Inc. has announced the latest winners of its annual Chairman's Sustainability Awards, which honor individual manufacturing facilities within the Company's global network for exemplary contributions across three categories – Environmental, Safety and Social. This year's awards cycle marks the 10th anniversary of the program and celebrates the collective effort of its widespread team throughout the last decade. Winners of the 2023 awards are as follows: *Crown's LaCrosse, Wisconsin beverage can plant won the Environmental Sustainability Award, which recognizes excellence in environmental protection by minimizing the impact of the Company's operations, reducing material consumption or improving recycling or reuse of resources. *Two plants received this year's Sustainability Award for Safety for their efforts to prioritize employee health, improve accident prevention and ensure a safe working environment: Crown's Ponta Grossa, Brazil beverage can plant and the Bengaluru, India (Prime Bulk) facility in the Company's Transit Packaging Division. *Receiving special honor this year is Crown's Osmaniye, Turkey beverage can plant, which earned the Social Sustainability Award for activities that significantly impact the well-being of the workforce and the local community.
DS Smith unveiled a major investment to transform the paper mill's energy supply at its site in Normandy, near Rouen. The project includes replacing the coal-fired boiler with a new biomass boiler that will reduce the site's emissions by 99,000 tonnes of CO2 per year. * The 56 MW Valmet high-tech boiler will supply at least 80% of the site's heat demand and will be fully operational by the first quarter of 2025. It will be fuelled by 94,000 tonnes of biofuel, 30% of which will come from plant by-products (pulper waste) and 70% from waste wood sources such as furniture and demolition waste. Engie Solutions will operate the boiler, which will allow for the possibility for the future installation of a steam turbine capable of producing around 10 MW of electricity with a maximum steam supply of 65 t/h.
Due to uncompetitive wood prices from the Polish State Forestry Monopoly and significantly reduced market demand for paper and cardboard products, the company has decided to significantly reduce the planned multi-year strategic investment project at MM Kwidzyn with a focus on energy, further pulp integration and product portfolio, which was announced at the end of April 2023 . MM Kwidzyn will instead focus investments on further increasing its already high share of renewable energy from the current 69%. In addition, discussions were started with employee representatives about a possible closure of the small paper machine (PM 3) for packaging kraft paper and about restructuring, which could lead to a reduction in the workforce of around 110 employees. MM Kwidzyn will continue pulp and virgin fiber board production unchanged. In the paper sector, the PM 1 and PM 2 paper machines will continue to produce up to 360,000tpa of uncoated fine paper and 40-80,000tpa of “IPACK TM Strong Pro” (packaging kraft paper). Since one of the fine paper machines has not been converted, no sack kraft paper will be produced in Kwidzyn.
The third-party certification verifies mass balance chain of custody and traceability from raw materials to finished products. Given this, Pregis can produce films classified as advanced recycled (circular, bio-circular and/or bio-based). Ryan Wolcott, chief sustainability officer, explains the significance of this achievement, "Obtaining ISCC PLUS certifications for two additional facilities is a pivotal step in furthering our circular economy goals. This certification validates our ongoing investments in product development and our commitment to sustainability and lowering greenhouse gas emissions. This step represents one more path toward overcoming plastic waste and our goals of incorporating recycled content into our products through both mechanically recycled and advanced recycled sources."
TC Transcontinental announced that it will be phasing out operations at its Tomah (WI) packaging plant in anticipation of the complete closure of the facility in early February 2024. Operations will gradually be transferred to TC Transcontinental Packaging’s plants in Battle Creek (MI), Clinton (MO), Elgin (IL), Lenexa (KS) and Spartanburg (SC) to ensure a smooth transition for customers and maintain high-quality service. “In line with our priority of optimizing the return on our assets, reducing costs and improving operational efficiency, we have made the decision, after thorough consideration, to close our Tomah, Wisconsin, plant. Servicing our customers in the most competitive manner is something we are constantly evaluating and taking action on,” said Jeff Lasley, Senior Vice President, Dairy, Protein and Pet Food (DPP), Latin America and New Zealand, TC Transcontinental Packaging.
Gannett Co., Inc. announced it will repurchase $14.0 million of 6.00% first lien notes due November 1, 2026 for approximately $12.0 million, representing a discount to par value. The transaction is expected to close on November 17, 2023. In connection with the repurchase of the 2026 Senior Notes, the Company will receive a waiver from certain lenders under its five-year senior secured term loan facility that will reduce the scheduled amortization payment for the fiscal quarter ending December 31, 2023 payable to those lenders by the amount spent by the Company to repurchase the 2026 Senior Notes. "We continue to opportunistically take out additional senior notes below par value by working with our lenders, and this repurchase mirrors the executed agreement announced in mid-September," said Michael Reed, Chairman and Chief Executive Officer. "With the closing of this transaction, and subsequent to the third quarter, we will have repaid $20.2 million of debt, which will bring our year-to-date total to approximately $138.0 million, which exceeds our initial projections outlined at the beginning of the year.
BMI has launched its new member community, BMI Connect. You can see a brief overview by watching the video below. Besides a member's only group, there is an open forum for publishers and others to engage with BMI Members. Feel free to share the community with everyone. Learn more at: https://www.bmibook.com/news/bmi-launches-member-community
Pactiv Evergreen Inc. released its latest Environmental, Social and Governance Report, 'Packaging a Better Future,' sharing progress toward the Company’s ambitious goals in 2021 and 2022. The report highlights advancements across the Company's three strategic ESG pillars – Protect Our Planet’s Resources, Deliver Sustainable Products Essential to Consumers and Value Our People and Communities, supported by strong ESG governance practices. “Our commitment to sustainability is foundational to our Purpose of Packaging a Better Future and is guided by our Value to Do What’s Right to deliver sustainably manufactured products with ethics and integrity,” said Mike King, President and Chief Executive Officer of Pactiv Evergreen. “Every day we strive to operate with respect for the environment and are dedicated to sustainability across our product portfolio, manufacturing and supply chains.”
Matrix Pack, a leading global provider of fiber-based food packaging products and solutions, partnered with Stora Enso’s Fiber as a Service (FaaS) to successfully accelerate the time-to-market of their molded fiber range. Fiber as a Service helps converters broaden their offering, assisting them with everything needed from education to support, tools, recipes, and a broad network of suppliers. To help converters broaden their offerings with molded fiber products, Stora Enso has launched Fiber as a Service. Also called: FaaS, an all-in-one service to help converters with wet and dry molding of, for example, cup lids, bowls, cutlery, and other similar products. Whether it is about getting started or scaling up production, FaaS by Stora Enso can help with material supply, consultancy, and tooling. The idea is to support converters produce molded fiber products to meet regulations and serve consumer demand.
Clearwater Paper Corporation announced a collaboration with Charter Next Generation (CNG) for an early-to-market initiative to include advanced recycled polyethylene in Clearwater Paper's private label tissue packaging offerings. Advanced recycling includes difficult-to-recycle waste plastics converted into new plastics that perform like virgin materials. The purchase of this material in the place of traditional resins helps to give new life to some plastics otherwise headed to landfills. "CNG is providing a competitive edge and is leading the way in transforming waste plastics into useful products. This advancement is critical to our success in meeting and exceeding sustainability goals for Clearwater Paper," said Mike Urlick, senior vice president and general manager, consumer products at Clearwater Paper.
National Average Price for Regular Unleaded Current: $3.333; Month Ago: $3.584; Year Ago: $3.725. National Average Price for Diesel Current: $4.315; Month Ago: $4.459; Year Ago: $5.342.
American Dollar to Canadian Dollar = 0.728913; American Dollar to Chinese Yuan = 0.138883; American Dollar to Euro = 1.086348; American Dollar to Japanese Yen = 0.006693; American Dollar to Mexican Peso = 0.058109.
Keep US Posted — a nonprofit advocacy group of consumers, nonprofits, newspapers, greeting card publishers, magazines, catalogs, and small businesses — warned that postage rate hikes are contributing to the U.S. Postal Service’s mounting losses, after the USPS announced a loss of $6.5 billion for the fiscal year 2023 — the same year it was projected to break even under Postmaster General DeJoy’s Delivering for America plan. During yesterday’s open session, the USPS Board of Governors announced the staggering $6.5 billion loss for the year, driven by mail volume declines of more than 9 percent and an over 2 percent drop in package volumes. The Board of Governors also announced that it anticipates a $6.3 billion loss next year, and noted that the 10-year Delivering for America plan—which depended on package growth that has not materialized — could face changes.
The U.S. Postal Service filed notice with the Postal Regulatory Commission (PRC) today of price changes for Shipping Services to take effect Jan. 21, 2024. These proposed prices were approved by the Postal Service governors earlier this week. USPS Ground Advantage prices would increase by 5.4 percent, Priority Mail service prices would increase by 5.7 percent, and Priority Mail Express service prices would increase by 5.9 percent. The Postal Service is also seeking price adjustments for Special Services products including Post Office Box rental fees and some international mail services that includes Registered Mail and International Mail insurance. The PRC will review the prices before they are scheduled to take effect.
Fourth Quarter Highlights *GAAP: Net sales of $3.1 billion; Operating income of $301 million; Earnings per share (EPS) of $1.55 *Returned $216 million to shareholders ($185 million via share repurchases and $31 million in dividends). Fiscal Year Highlights *GAAP: Net sales of $12.7 billion; Operating income of $1.1 billion; EPS of $4.95 *Cash flow from operations of $1.6 billion; Free cash flow of $926 million *Returned $728 million to shareholders ($601 million via share repurchases and $127 million in dividends)
*Net sales of $5 billion, down 7% versus the third quarter of 2022. Brick-and-mortar sales decreased 7% versus the third quarter of 2022. Digital sales decreased 7% versus the third quarter of 2022. *Comparable sales down 7.0% on an owned basis and down 6.3% on an owned-plus-licensed basis. - Macy’s comparable sales were down 7.6% on an owned basis and down 6.7% on an owned-plus-licensed basis. - Bloomingdale’s comparable sales on an owned basis were down 3.2% and on an owned-plus-licensed basis were down 4.4%. - Bluemercury comparable sales were up 2.5% on an owned basis. * Gross margin rate for the quarter was 40.3%, up from 38.7% in the third quarter of 2022.
*Strong revenue growth of 5.2% with strength across segments *eCommerce up 15% globally *GAAP EPS of $0.17; Adjusted EPS of $1.531 *Consolidated revenue of $160.8 billion, up 5.2%, or 4.3% in constant currency1. *Consolidated operating income was up $3.5 billion, or 130.1%, adjusted operating income up 3.0%1.
Canfor Corporation announced it will curtail operations at its Polar Sawmill located in Bear Lake British Columbia, north of Prince George, following an orderly wind-down. The curtailment is the result of a shortage of economically available fibre in the region and is expected to be in place for a period of approximately six months. The Company will continue to evaluate market conditions and fibre availability in the region and adjust operations accordingly.
The U.S. Postal Service today announced its financial results for the 2023 fiscal year ended September 30. The net loss totaled $6.5 billion, compared to net income of $56.0 billion for the prior year. The net income last year was due primarily to the one-time non-cash impact of the Postal Service Reform Act (PSRA) in April 2022 and the results this year were significantly affected by the impact of inflation on operating expenses. Results under GAAP include retiree benefits expense for the amortization of underfunded Civil Service Retirement System (CSRS) and Federal Employee Retirement System (FERS) plans, and workers’ compensation expenses caused by actuarial revaluation and discount rate changes, as well as the impact of the PSRA for the same period last year. The Postal Service reports its adjusted results excluding these costs. Total operating revenue was $78.2 billion for the year, a decrease of $321 million, or 0.4 percent, compared to the same period last year, as package revenue increases were offset by mail revenue declines. Revenue for the overall Shipping and Packages category increased $324 million, or 1.0 percent, on a volume decline of 175 million pieces, or 2.4 percent, compared to the same period last year. Marketing Mail revenue decreased $920 million, or 5.8 percent, on a volume decline of 7.7 billion pieces, or 11.4 percent, compared to the same period last year. Total operating expenses were $85.4 billion for the year, an increase of $5.8 billion, or 7.3 percent, compared to the same period last year.
"As our CFO Joe Corbett will explain later in our financial presentation, the Postal Service finished the fiscal year 2023 with a $6.5 billion dollar net loss. When looking back to our DFA projections published in March of 2021, we forecasted that we would break even this year. Our efforts to grow revenue and reduce labor and transportation costs were simply not enough to overcome our costs to stabilize our organization, the historical inflationary environment we encountered, and our inability to obtain the CSRS reform we sought, none of which were accounted for in our forecasts. While we are not happy with this result, we cannot lose sight of the downward trajectory the Postal Service faced in the fall of 2020 after years of neglect and willful indifference by its stakeholders and custodians prior, and of the substantial progress we have made in correcting our condition and our trajectory."
Academic Partnerships (“AP”), a company that assists primarily regional public universities in expanding access and impact by supporting their online programs, announced today that it has entered into a definitive agreement to acquire Wiley University Services, a line of business owned by Wiley (NYSE: WLY). The combined company will support over 125 colleges and universities in 40 U.S. states and internationally. AP primarily assists regional public universities with launching and maintaining their online programs. It is committed to expanding access to high-quality, high-return on investment, affordable, and workforce-relevant online education, especially for working and adult students. Wiley University Services works with institutions to deliver career-connected education programs aimed at helping students achieve their goals. Following the closing of the transaction, the combined company will provide universities with a best-in-class partner to support them in delivering programs online so more students can access affordable education, improve their careers, and meet employer and community needs.
Important update for companies still certified against the 2013 version of the PEFC Chain of Custody standard. After 31 December 2023, certificates issued against the 2013 version of PEFC ST 2002 and PEFC ST 2001 will no longer be valid. This is an extension from the previously announced date of 14 November 2023, to enable all certification bodies to complete the issue of 2020 certificates to their certified companies. There will be no further extensions and therefore, from 1 January 2024 any remaining 2013 certificates will automatically lose their validity and will be shown as expired on the PEFC database. To be certified against the 2020 versions of the PEFC Chain of Custody and PEFC Trademarks standards, companies need to adapt their chain of custody management system and procedures to the revised requirements.
Ricoh USA, Inc. announced the RICOH Pro VC80000. With this new high-speed inkjet webfed platform, print service providers can harness greater automated production, closed loop quality control and more advanced production floor integration, to enjoy highly efficient operation and application agility. The RICOH Pro VC80000 builds on the success of the RICOH Pro VC70000 and is designed for the production of exceptional quality direct mail, color books, catalogs, magazines and commercial print applications on coated media up to 300gsm. A unique family of software and hardware tools delivers increased automation of production, print quality control and communication with many AI, machine learning and data analysis features that ensure predictable and repeatable output with minimal operator intervention.
Quad/Graphics, Inc. (NYSE: QUAD) released its 2023 Environmental, Social and Governance Update. *Quad’s U.S. facilities recycled more than 98% of their industrial wastepaper and other solid waste through innovations for conserving raw materials, minimizing waste and repurposing materials such as paper, plastic and cardboard paper cores and limiting what they send to landfills. *Quad’s In-Store team eliminated 330,000 plastic polybags and other materials from entering the waste stream every year by redesigning the packaging for Quad’s LAMà Displays. *In 2022, Quad Packaging improved by 45% its carbon dioxide equivalent (CO2e) emissions per one million pieces printed and used 41% less water over a baseline average established from 2018 to 2020.
UPM Raflatac, a global supplier of innovative and more sustainable self-adhesive paper and film products, recently won the 2023 Calvin Frost Elevation Sustainability Award at the 2023 Tag and Label Manufacturers Institute, Inc. (TLMI) Annual Meeting. This award acknowledges TLMI members that have made significant strides in environmental and social aspects of sustainability. UPM Raflatac works in many areas to demonstrate its commitment to sustainability. The company is making huge strides towards its 2030 commitments, including progress towards their certified paper commitment, as well as towards their CO2e reduction targets. This year EcoVadis has recognised UPM with a platinum score based on the company’s sustainability performance in the following four categories: Environment, Labour and human rights, Ethics and Sustainable procurement. Only one per cent of the 100,000 global companies assessed received platinum.
“Direct marketing has evolved from a linear process to a delicate science of understanding how each channel plays a unique role in the customer journey,” says Stefanie Cortes, Director of Strategic Analysis, Direct Marketing, RRD. “As marketers continue to feel the pressure to deliver and prove ROI, it’s critical we provide our clients with verifiable methodologies that match messaging and touchpoint strategies to the individual preferences of their target audiences." With the direct mail channel being core to the DMG offering, this specialized group has developed a simplified three-phase approach — identify, create, deploy — that fuses audience insights and creative expertise with intentional delivery strategies to meet the needs of performance-minded marketers: *Identify, understand and prioritize the right audience *Create messaging and design that drives awareness and response *Deploy coordinated direct marketing campaigns via scheduled, automated or complete journeys
WestRock announced it has entered into two virtual power purchase agreements (VPPAs) with ENGIE North America (ENGIE), a subsidiary of ENGIE S.A. and global leader in the net zero energy transition. The VPPAs are designed to add renewable energy to the U.S. energy grid and mark a step forward in WestRock’s commitment to reduce greenhouse gas emissions. The agreements support two of ENGIE’s solar projects – Bernard Creek located in Wharton County, Texas and Chillingham Solar located in Bell County, Texas – for an aggregate of 282 megawatts (MW). The new projects comprise one element of WestRock’s strategy to pursue a science-based target (SBT) to reduce Scope 1, 2 and 3 greenhouse gas emissions by 27.5% by 2030. Schneider Electric provided advisory services and strategy management for the WestRock and ENGIE agreements.
FY24 first quarter service performance scores covering October 1 through November 3, included: *First-Class Mail: 88.0 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 3.0 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.6 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 85.7 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.
Monday a broad coalition including Texas bookstores, national booksellers, authors and publishers filed an appellate brief in the U.S. Court of Appeals for the Fifth Circuit, requesting that it affirm the preliminary injunction of the “Reader Act” (formerly HB 900) granted by Judge Alan D. Albright of the U.S. District Court for the Western District of Texas, Austin Division. The Reader Act would require independent bookstores, national chain bookstores, large online book retailers, book publishers and other vendors to review and rate millions of books and other library materials according to sexual content if those books are sold to school libraries, and to do so according to vague labels dictated by the state without any process for judicial review. On September 18th of this year, Judge Albright issued a written opinion granting a preliminary injunction, ruling that the Act “likely violates the First Amendment by containing an unconstitutional prior restraint, compelled speech, and unconstitutional vagueness.” The State defendants filed an appeal later that day. Oral argument is scheduled for Wednesday, November 29th.
The Book Manufacturers’ Institute (BMI) has announced recipients of Signature Award, as well as four new members to the Cased-in Club. The honors, which were presented Monday evening November 6th at the Awards Banquet at the Fall Annual Conference in Palm Beach Gardnes, Florida, recognize BMI members who not only contribute to the success of their organization, but also to the continued success of the book manufacturing industry.
Google is discontinuing support for magazine content in Google News starting on Dec. 18, the company announced on Monday. On behalf of the Google News team, Ashwarya tells readers that if “you previously purchased or subscribed to magazines, access from Google News apps or news.google.com to your library of magazines will be removed.”
Eco-Products® announced today that it has been recertified as a B Corporation, once again achieving the coveted distinction for meeting “high standards of social and environmental performance, accountability and transparency.” This is the third time the company has gone through the rigorous certification and verification process. To achieve this distinction, Eco-Products met score requirements of the B Impact Assessment, which rates business factors such as employee benefits, civic engagement, DE&I initiatives, product environmental benefits and the impacts of business operations.
Vegware™, a leading provider of compostable foodservice packaging solutions, is thrilled to announce its first certification as a B Corporation. This prestigious recognition reflects Vegware’s commitment to ethical and responsible business practices that benefit both society and the environment. The certification is a testament to Vegware’s dedication to fostering positive change. By meeting rigorous social and environmental performance standards, Vegware has joined a global community of businesses that prioritises environment, people, community and also purpose.
Following successful commercial consumer testing in 2022, Tetra Pak and Lactogal have now launched an aseptic beverage carton featuring a paper-based barrier. This is part of a large-scale technology validation, involving around 25 million packages and currently ongoing in Portugal. Made of approximately 80% paperboard, the package increases the renewable content to 90%, reduces its carbon footprint by one third (33%1) and has been certified as Carbon Neutral by the Carbon Trust™.2 Greenhouse gas emissions, food waste and plastic littering are cited as the top three environmental sustainability concerns facing food and beverage (F&B) businesses today, and this is expected to remain the case over the next five years.3 Packaging solutions like these, that expand the amount of paper and lower the carbon footprint, while ensuring food safety, can help the industry overcome these challenges.
Trioworld launched the first ever Post-Consumer Recyclates (PCR) based bale wrap in Agritechnica 2019, the world’s largest agricultural exhibition. With more than five million bales successfully wrapped in high-performance bale wrap made of recycled content since then, Trioworld now displays a full assortment of premium products for baled silage with recycled content at Agritechnica 2023. “We believe that this is the bale wrap of the future”, says Anders Larsson, Product manager Agricultural stretch films at Trioworld. “The performance is just as we want it. Silage quality and wrapping performance have proven to be on equal level as with our premium products without PCR. The fact that five million bales have been successfully wrapped with our bale wrap containing recycled material is just additional proof that it really does work”, he continues.
Modern Litho, a full-service commercial and publication printer headquartered in Jefferson City, Missouri, today announces a new location for its St. Louis operation. The new facility, located at 5001 Southwest Avenue on The Hill, will accommodate more than 67,000 sq. ft. of production and administration space, and will allow for expanded services in the St. Louis market including: enhanced digital printing, expanded mailing, on-site storage, and fulfillment. “A lot has changed since 2018 when we first moved into the 5111 location. It has served us well and I believe contributed to helping us become the company we are today,” said Jeff Davidson, Owner. “We’ve experienced growth both organic and through strategic acquisition. Honoring our commitment to serving our customers means we must continue to invest in our workforce, equipment, and facilities,” Davidson went on to say. Modern Litho –St. Louis has moved from the location on The Hill at 5111 Southwest Avenue to the new facility and is operating at 5001 Southwest Avenue as of November 8, 2023.
*Third quarter 2023 net earnings from continuing operations was $2.7 million or $0.01 per share (diluted), compared to net loss of $9.7 million or a loss of $0.05 per share (diluted) in the second quarter of 2023 on the same basis.*Average lumber prices for Q3 2023 were higher than Q2 2023, with an average selling price of $642/mfbm compared to $596/mfbm in Q2 2023. There was strong pricing momentum toward the latter half of the second quarter due to supply related concerns, which benefited results at the beginning of the third quarter. However, volumes in the third quarter were lower than Q2 2023 due to reduced demand given macroeconomic uncertainties. *The valuation provision for lumber and log inventory was decreased to $1.9 million from $8.7 million at the end of Q4 2022, generating a $6.8 million credit to cost of sales in the three quarters ended September 30, 2023.
To meet increased demand for its skin care products, Kimberly-Clark Professional has made a multimillion-dollar investment to expand production and strengthen its North American supply chain. This investment will increase bottling capacity by 275% for Kleenex® and Scott® soaps and sanitizers to grow the skin care category and better meet the needs of its customers. “We know that customers depend on our skin care solutions to keep their workplaces hygienic,” said Susan Gambardella, President, Kimberly-Clark Professional North America. “Never was this more important than since 2020, when hand hygiene demand soared virtually overnight.”
Norske Skog announced that the start-up of the rebuilt PM 1 at its Golbey mill in France will we delayed and has been again postponed from Q2 2024 to the second half of next year due to delivery delays. In addition, the net investment amount for the conversion project will increase from €265m to €300m, primarily due to increased purchase prices for goods and services as well as somewhat delayed deliveries of equipment. In July this year, the company had postponed the start-up to Q2 2024 in order to align it with the commissioning of the new biomass boiler. The Golbey project is to convert PM 1 from newsprint to recycled containerboard production. The rebuilt paper machine will have an output capacity of 550,000 tpy, and Norske Skog expects the machine to run at 95 per cent of full capacity within two to three years after start-up. PM 1 formerly produced up to 250,000 tpy of newsprint and was stopped in the fourth quarter of 2022 to commence the rebuild.
Smurfit Kappa has developed a recyclable film to replace the nylon which is commonly used in bag-in-box products, particularly in the US. Nylon bags are often used in bag-in-box packaging which requires extra protection, for example motor oil or detergents or large industrial-use food bags. Nylon is also sometimes chosen when there is particularly long or complex supply chain. Smurfit Kappa Bag-in-Box has developed a polyethylene film which has similar properties to nylon, in terms of strength and resilience but, unlike nylon, is recyclable. Massimiliano Bianchi, COO of Smurfit Kappa Bag-in-Box, commented: “Our new Lx polyethylene film is much better for the planet because polyethylene is the most developed recyclability stream in the flexible packaging sector.
Trioworld, a leading producer of innovative, high-performance plastic packaging solutions in Europe and North America with its head office in Sweden, is proud to announce that it has once again received the EcoVadis Platinum medal, the highest-level of recognition from EcoVadis, a leading provider of business sustainability ratings. “I am again truly honoured by this third consecutive EcoVadis Platinum medal”, says Andreas Malmberg, CEO of Trioworld Group. “This acknowledgement of our ambitious sustainability agenda and performance is of great value to us as well as to our customers. Cooperation and credibility are essential components if we are to achieve sustainable value chains, that include flexible plastic packaging, to accelerate the journey towards a circular economy for plastics.” continues Andreas Malmberg. “The EcoVadis Platinum medal helps us to provide our stakeholders with a deeper understanding of our ESG practices by demonstrating our sustainability performance through a scorecard. And it encourages us to continuously improve our processes and performance,” says Andreas Malmberg.
Paper and paper-based packaging manufacturers in the United States have renewed their commitment to sharing the industry’s successful sustainability story by continuing support for the Paper and Packaging Board program. In a recent referendum, 53 percent of domestic manufacturers and importers — who represented 53 percent of the volume of paper and paper-based packaging voting in the referendum — voted in favor of continuing the Paper and Packaging Board program. The decision comes in time for America Recycles Day on Nov. 15, another opportunity to highlight paper’s unmatched recycling record.
“Being acknowledged by AF&PA and receiving this award for PawPrint® Pet Food Packaging is a great achievement. It demonstrates how we are living up to our purpose to purify and protect with every fiber for a sustainable world by innovating more sustainable solutions,“ says Mark Ushpol, Executive Vice President for Ahlstrom’s Food and Consumer Packaging division. Ahlstrom’s PawPrint® papers provide pet food brand owners functional and visually appealing pet food packaging, eliminating plastic and using fiber-based materials, while helping pet food manufactures achieve their sustainability metrics. They are made from renewable materials and are recyclable and compostable. What makes the product truly unique is that it is produced with Ahlstrom’s FluoroFree® proprietary technology, making it fully grease-resistant without the use of PFAS compounds. Ahlstrom’s next generation of PawPrint® packaging solutions additionally ensure pet food shelf-life requirements are met while achieving pet-palatability test results for the most distinguished of pet consumers.
*First quarter revenues were $2.50 billion, a 1% increase compared to $2.48 billion in the prior year, driven by growth at the Book Publishing and Dow Jones segments *Net income in the quarter was $58 million, compared to net income of $66 million in the prior year *First quarter Total Segment EBITDA was $364 million, compared to $350 million in the prior year *In the quarter, reported EPS were $0.05 as compared to $0.07 in the prior year. *Within the Dow Jones segment, professional information business revenues rose 14% and helped to underpin 10% Segment EBITDA growth and the highest first quarter profit margins since News Corp’s acquisition in 2007 *REA Group posted strong revenue growth driven by the residential business, which benefited from a double digit yield increase and improving listing volumes in Australia *Book Publishing revenues grew 8%, while Segment EBITDA increased 67%, driven by higher book sales combined with improved returns
The global demand for forest-based products is anticipated to increase by a third by 2035, and quadruple by 2050. This escalation is fueled by population growth, urbanization, and the cross-industry drive towards net-zero emissions. However, as outlined by WWF, our forests cannot simultaneously meet this escalating demand and be managed sustainably. To protect biodiversity and forest ecosystems, we must develop scalable solutions for the use but also reuse of forest-based materials. FSC is committed to fulfill our mission to safeguard our forests and to continuously adapt to fit the needs and challenges of future generations. To achieve this and maintain our ability to find future solutions for the numerous companies utilizing our systems as a cornerstone in their sustainability efforts, we are prioritizing to make it easier for companies to implement circular setups within the FSC standards and frameworks.
The UK’s printing and printed packaging industry struggled with its performance in Q3, at least as far as output and orders are concerned; however, expectations are more positive for Q4. The forecast for Q3 was for some output growth to return; that expectation has turned-out to be overly optimistic as more companies experienced a decline in output than an increase. As mentioned last quarter, a fragile economy, lingering concerns over inflation levels, for both consumers and businesses, and the possibility of further interest rate increases; have not made it easier to do business. Printers continue to concentrate on controlling costs, increasing productivity, and looking for new sales opportunities. Some cost pressures have eased, and are expected to ease further, but so too have prices – and lower prices yet may be required to encourage more output and order growth in Q4. The latest Printing Outlook survey reveals that one-third (33%) of printers managed to increase their output levels in the third quarter of 2023, whilst another third was able to hold output steady.
*Earnings before interest, taxes, depreciation and amortization ("EBITDA") from ongoing operations for Aluminum Extrusions was $5.1 million in the third quarter of 2023 versus $12.1 million in the third quarter of last year due to sluggish market conditions. EBITDA from ongoing operations during the last four quarters has been weak, in a range of $5.1 million to $14.6 million. -Sales volume of 32.5 million pounds in the third quarter of 2023 declined significantly versus 45.5 million pounds in the third quarter of last year. -Open orders at the end of the third quarter of 2023 were approximately 17 million pounds (versus 20 million pounds at the end of the second quarter of 2023), which is below the quarterly range of 21 to 27 million pounds in 2019 before pandemic-related disruptions that resulted in excessive open orders, which peaked in the first quarter of 2022 at approximately 100 million pounds. *EBITDA from ongoing operations for PE Films was $4.0 million in the third quarter of 2023 versus $0.4 million in the third quarter of 2022. EBITDA from ongoing operations during the last four quarters has been low with a range of negative $2.6 million to positive $4.0 million. *EBITDA from ongoing operations for Flexible Packaging Films (also referred to as "Terphane") was $0.5 million during the third quarter of 2023 versus $7.8 million in the third quarter of 2022 primarily due to lower sales volume and lower margins that the Company believes were driven by customer inventory corrections earlier in the year and now are being driven by global excess capacity and competition in Brazil from imports. See the Status of Current Corporate Strategic Initiatives section of this report for information on the sale of Terphane.
Huhtamaki’s subsidiary in India has recently consolidated five manufacturing sites into larger local units. Following the reorganization, the company has sold its real estate in Thane, India, from where a manufacturing facility and offices have been transferred. The real estate was sold to Phoenix Group, a large real estate developer, for EUR 47 million. Huhtamaki will book a gain of approximately EUR 44 million in the fourth quarter of 2023 and it will be treated as an item affecting comparability.
Third Quarter Financial Highlights and Recent Events • Total revenue increased by 2.8% to $69.8 million, from $67.9 million in the third quarter of 2022. • Envelope segment revenue up 0.4% to $49.3 million, from $49.1 million in the prior year. • Packaging and specialty products segment revenue of $20.5 million, up 9.1% from $18.8 million last year. • Net earnings were $5.0 million, compared to $8.1 million last year.
Q3 2023 Highlights *Sales of $1,198 million (compared with $1,168 million in Q2 2023 and $1,174 million in Q3 2022); *Operating income of $80 million (compared with $64 million in Q2 2023 and $25 million in Q3 2022); *Net earnings per common share of $0.34 (compared with net earnings per common share of $0.22 in Q2 2023 and a net loss per common share of ($0.02) in Q3 2022); *Net debt1 of $2,088 million as of September 30, 2023 (compared with $2,076 million as of June 30, 2023).
Clearwater Paper Corporation, a premier supplier of quality tissue and bleached paperboard products, reported that it temporarily suspended certain manufacturing operations at its Lewiston, Idaho facility. An incident impacting the regional natural gas system has resulted in the disruption of natural gas deliveries to the mill and the surrounding areas. “We are focused on the safety of our employees and maintaining our assets while we wait for repairs on the gas pipeline to be completed,” said Arsen Kitch, president and chief executive officer. “We expect to resume the impacted operations in the coming days.”
The net investment amount for the conversion project at Norske Skog Golbey will increase from EUR 265 to 300 million. As of the 3rd quarter of 2023, a net EUR 200 million has been invested in the project. The increase is generally due to increased purchase prices for goods and services throughout the project period as well as somewhat delayed deliveries of equipment. The start-up of production of packaging in Golbey is postponed to the second half of 2024 due to delivery delays. Considerable effort will be devoted going forward to ensure that the conversion project is completed within the new framework. The Golbey project will convert a paper machine (PM1) from producing newsprint to producing recycled containerboard. The machine will have a capacity of 550,000 tonnes and is expected to reach 95% utilisation within 2-3 years after startup. Together with the already converted paper machine (PM3) in Bruck, this project will provide Norske Skog with a total capacity of 760,000 tons of containerboard.
Solenis, a leading global producer of specialty chemicals for water-intensive industries, has signed a commitment to the Science Based Targets initiative (SBTi) for setting emissions reduction goals that align with science-based emissions targets. The SBTi is a global body that enables businesses to set ambitious emissions reduction goals in line with the latest research in climate science. Science-based targets show companies and financial institutions how much and how quickly they need to reduce their greenhouse gas (GHG) emissions to prevent the worst effects of climate change. In addition to defining and promoting science-based target-setting best practices, the SBTi offers companies resources and guidance and independently assesses and approves their targets. As a next step, Solenis will develop near-term science-based emissions reduction targets and submit them to SBTi for validation.
National Average Price for Regular Unleaded Current: $3.390; Month Ago: $3.682; Year Ago: $3.803. National Average Price for Diesel Current: $4.383; Month Ago: $4.506; Year Ago: $5.362.
American Dollar to Canadian Dollar = 0.724097; American Dollar to Chinese Yuan = 0.137248; American Dollar to Euro = 1.068313; American Dollar to Japanese Yen = 0.006604; American Dollar to Mexican Peso = 0.056092.
On Friday, November 3 (November 4 in the print edition), the Wall Street Journal published an article titled Citi to Cardholders: Go Paperless or Else about Citigroup’s decision to cut off all online and app communications with their customers who refuse to go paperless. Two Sides North America sent the following letter to the editors of the WSJ the same day. Citigroup’s Paperless Mistake: Recent survey data validates the backlash shown on the WSJ website in response to Citigroup’s decision to cut off all electronic communications to consumers who refuse to go paperless. Commissioned by Two Sides North America and conducted by international research firm Toluna, the survey showed that 81% of Americans, including more than half of 18- to 24-year-olds, believe they should have the right to choose between paper and electronic communications from their banks and other service providers, and 73% believe they should not be charged extra for receiving a paper bill or statement. 46% of consumers said they would consider switching to an alternate provider if their current one forced them to go paperless, up from 41% in 2021.
Sales were flat at $433.6 million compared to the same period last year. Sales and adjusted sales for the third quarter of 2023 include $6.3 million of sales related to gift card redemptions in connection with recall remedies. Our 2023 results have been materially adversely impacted by the stop sale of the soft coolers included in the recalls initiated during the first quarter of 2023. Gross profit increased 13% to $251.3 million, or 58.0% of sales, compared to $222.4 million, or 51.3% of sales, in the third quarter of 2022. Gross profit included a $0.8 million, or 20 basis points, favorable impact related to lower than anticipated recall-related costs. The increase in gross margin was primarily due to lower inbound freight costs and lower product costs. Operating income decreased 10% to $61.9 million, or 14.3% of sales, compared to $68.5 million, or 15.8% of sales during the prior year quarter. Net income decreased 6% to $42.7 million, or 9.8% of sales, compared to $45.5 million, or 10.5% of sales in the prior year quarter; Net income per diluted share decreased 6% to $0.49, compared to $0.52 in the prior year quarter.
Among the key findings in ATA Freight Transportation Forecast 2023 to 2034 are: *Overall truck tonnage will grow from an estimated 11.3 billion tons this year to 14.2 billion tons in 2034. This represents 72.4% of the freight tonnage in 2023 and 72.6% of tonnage at the end of the forecast period. *Trucking’s revenues will grow from $1.01 trillion in 2023 to $1.51 trillion in 2034, which will account for 78.8% of the freight market. *In other modes: o As coal and bulk petroleum shipments wane over time, rail carload tonnage will fall from 11% of total freight to 10.1% by 2034. o Rail intermodal revenues will grow from $21.7 billion in 2023 to $35.2 billion in 2034. o Air cargo tonnage will grow from 17.6 million tons this year to 23.7 million tons in 2034. o Pipelines will see their share of freight tonnage grow from 9.8% in 2023 to 10.4% in 2034.
Lacerta Group, a leading provider of innovative and sustainable thermoformed packaging solutions, announced today the appointment of Paul Young as its new Chief Executive Officer, effective November 6, 2023. Mr. Young previously served as the Chief Executive Officer of Tekni-Plex, a global leader in the consumer and healthcare packaging sector, where he led the successful turnaround of the business. Through operational excellence, customer responsiveness and strategic growth investments, its revenue grew to more than $1 billion while earnings quadrupled. Prior to joining Tekni-Plex, Mr. Young held various general management and manufacturing roles for Graham Packaging, Owens-Illinois and Continental PET Technologies. Mr. Young holds an M.B.A. from DePaul University and a B.S. in Chemical Engineering from the University of Toledo.
Amcor announced a Memorandum of Understanding (MOU) with leading sustainable polyethylene producer NOVA Chemicals Corporation for the purchase of mechanically recycled polyethylene resin (rPE) for use in flexible packaging films. Increasing the use of rPE in flexible packaging applications is an important element of Amcor’s commitment to support packaging circularity. The supply agreement would enable Amcor to purchase SYNDIGO™ rPE resin, manufactured at NOVA Chemicals’ first mechanical recycling facility in Connersville, Indiana, which is projected to be in operation as early as 2025. The recycling facility was announced in July as a significant expansion of NOVA Chemicals’ Circular Solutions business.
Kruger Products Q3 2023 Business and Financial Highlights • Revenue was $473.4 million in Q3 2023 compared to $427.0 million in Q3 2022, an increase of $46.4 million or 10.9%. • Net income was $12.9 million in Q3 2023 compared to a net loss of $38.8 million in Q3 2022, an increase of $51.7 million.
Financial Highlights – Third Quarter vs. Second Quarter *Net income from continuing operations of $58 million vs. $49 million *Cash provided by operating activities from continuing operations of $197 million vs. $77 million. Commercial and Operational Highlights – Third Quarter vs. Second Quarter *Price and mix decreased by $55 million due primarily to lower paper prices in Europe and on exports from Latin America, as well as lower global pulp prices *Volume increased by $6 million due to increases in Latin America and North America *Operations and other costs improved by $1 million due to better operating and supply chain results offset by $13 million in higher unabsorbed fixed costs from increased economic downtime *Planned maintenance outage expenses decreased by $55 million *Input costs improved by $27 million driven by favorable fiber, chemical and transportation costs
Mativ Third Quarter 2023 Highlights (Continuing Operations) *Sales decreased 9.7% to $498.2 million, reflecting lower volume partly offset by higher selling prices and currency translation *GAAP loss was $464.3 million, GAAP EPS was $(8.50). Results included a non-cash goodwill impairment charge of $401.0 million and $24.3 million related to asset write-downs and the planned divestiture of Engineered Papers
Batteries play an important role in driving the electrification of transportation and developing more sustainable transportation solutions. Vehicles with advanced batteries are reducing air pollution and emissions, thereby leading to lower environmental impact. Recent advancements in lead-acid batteries are focused on higher performance as well as on lowering the overall environmental footprint of the battery lifecycle. Ahlstrom’s portfolio for battery materials includes a wide range of pasting materials, film separator reinforcement, and Absorbent Glass Matt (AGM) media. Ahlstrom is now taking further steps to become a leading, single-source provider of fiber-based battery materials by expanding its offering with a hybrid pasting material.
Mondi, a global leader in packaging and paper, has collaborated with Skånemejerier to create a mono-material, polypropylene (PP) based packaging for, among others, ICA’s Hushållsost cheese. The new packaging comprises a mono-material base web and lidding film, all of which is produced and printed by Mondi before being converted for 1kg and 2kg blocks of cheese by Skånemejerier. It will be sold in leading Swedish supermarket ICA and now comes in packaging that is designed for recycling. Mondi’s mono-material solution provides high barriers against oxygen and water vapours, keeping the product fresh on the supermarket shelf. It offers high puncture resistance protecting the cheese, and great printability so that the brand and recycling messages can be communicated well on-pack.
Against a backdrop of a persistently volatile and challenging macroeconomic environment Sappi delivered EBITDA excluding special items of US$731 million for the year ended September 2023. The widespread disruption caused by ongoing geopolitical instability, weak global economic growth, rising interest rates, and an underperforming Chinese economy negatively impacted markets for our products. The South African business delivered record EBITDA (in ZAR) and North America the second highest ever EBITDA. The group generated significant cash which enabled a further reduction of net debt at year-end to US$1,085 million, the lowest level in 30 years.
Virox Technologies Inc., a leading innovator of patented, sustainable disinfectant chemistries, today announces that it has finalized multi-year licensing and supply agreements with Diversey, A Solenis Company, to bring its latest patented disinfectant technology, Citr-IQTM, to the healthcare sector and others. Diversey is a leading provider of hygiene, infection prevention and cleaning products, and technology, and will add multiple disinfectant products, powered by Virox’s Citr-IQ, to its lineup of professional offerings. Under the terms of the agreements, Virox will receive undisclosed license fees and royalties for the use of the formulas covered under the patented Citr-IQ disinfectant platform, as well as manufacture products containing the Citr-IQ formulas for Diversey’s North American markets. These Citr-IQ products will be produced in Virox’s LEED® Gold Certified manufacturing facility in Oakville, Ontario, Canada. Diversey has previously licensed chemical disinfectant technology from Virox with the patented Accelerated Hydrogen Peroxide® (AHP®) platform, which Diversey fully acquired from Virox in 2019. AHP was created by Virox in 1998, and successfully transformed disinfection with a safe, effective, and sustainable patented chemistry. AHP is used across the globe in human and animal health sectors and is the active ingredient in multiple brands, including Diversey’s Oxivir® and Accel® infection prevention platforms.
Fourth Quarter Highlights and other notable items: *Net sales of $5.0 billion *Net income of $110 million, net income included $344 million ($239 million of which was non-cash) of restructuring and other costs, net and a $239 million gain on sale of the Company’s interior partitions converting operations and Chattanooga, Tennessee uncoated recycled paperboard mill *Results negatively impacted by $64 million due to economic downtime and a $40 million increase in non-cash pension costs, each compared to the fourth quarter of fiscal 2022; WestRock’s U.S. qualified and non-qualified pension plans remain overfunded *Announced 10% dividend increase in October 2023 *Announced proposed business combination with Smurfit Kappa Group plc to create a global leader in sustainable packaging (the “Transaction”)
Billerud’s European production of packaging materials is the first to be third-party assessed as 100% recyclable, according to EU legislation proposed for 2030. This reinforces Billerud as a world leader in sustainable packaging. The standards proposed by the coming Packaging and Packaging Waste Regulation (PPWR) are high, but Billerud has been meeting high standards for many years. This is why we reached the goal seven years in advance and are the first in the world to do so. Whatever type of 100% recyclable paper or packaging material you need, contact our team to achieve your sustainability goals. Together, we will customize a solution with tomorrow in mind!
• The Company added approximately 210,000 net digital-only subscribers compared with the end of the second quarter of 2023, fueled by bundle and multi-product subscriber additions, bringing the Company’s total subscribers over the 10 million mark • Total digital-only average revenue per user (“ARPU”) grew quarter-over-quarter for the fifth consecutive quarter to $9.28 as a result of subscribers graduating from promotional to higher prices and from price increases on tenured non-bundle subscribers • Higher digital subscribers and ARPU drove strong year-over-year growth in subscription revenues from digital products of 15.7 percent • Advertising revenues increased 6.0 percent year-over-year, driven by digital advertising revenues, which grew 6.7 percent year-over-year due to continued strength in core premium display advertising products • Operating costs increased 7.7 percent year-over-year and adjusted operating costs (defined below) increased 6.2 percent, largely as a result of continued investments into journalism and product development, which are core growth drivers of the business • Operating profit of $63.6 million, a 24.6 percent increase year-over-year, with adjusted operating profit (defined below) of $89.8 million, a 30.1 percent increase year-over-year, driven by revenue growth as well as cost management
UPM Specialty Papers is responding to the growing pet food market’s need to transform traditional packaging solutions by offering paper-based alternatives for plastics and packages that contain soon to be phased out PFAS chemicals. “As PFAS chemicals are expected to be banned in the EU, UPM Specialty Papers can support converters and brand owners in this change. UPM’s barrier papers can achieve excellent grease resistance without the use of PFAS chemicals,” says Kalle Luomi, Senior Manager, Product Stewardship, UPM Specialty Papers. Depending on customer requirements, the company offers a wide range of packaging papers for pet food packaging. One example is the UPM Asendo™ Pro barrier paper that combines recyclability and grease resistance with excellent print properties.
The Wall Street Journal will no longer publish weekly book bestseller lists. The paper will not renew its contract with Circana BookScan, which powered the listings, according to Publishers Weekly. The last listings, including six fiction and nonfiction lists and a hardcover business list, appeared in last weekend’s edition, PR continues.
In the wake of its successful launch in Montréal this spring, TC Transcontinental (TSX: TCL.A TCL.B) announces the expansion of raddar, the reinvented flyer, across Québec as well as in areas of Ontario and British Columbia. raddar™ is a thin leaflet folded in four that combines flyers from various retailers into a single printed product. Distributed via Canada Post, raddar™ greatly reduces the volume of paper used. With raddar™ and its digital platform raddar.ca, consumers can benefit from the best of both worlds. Between February and May 2024, raddar™ will be rolled out gradually across the province of Québec, replacing Publisac. This will add 2.8 million households to the 1 million copies of raddar™ already distributed in the Greater Montreal area.
Forest Stewardship Council (FSC), the world’s most trusted forest certification system, is proud to announce its 2023 FSC-US Leadership Awards, recognizing uncommon excellence that advances responsible forest management and forest conservation. “It is a great honor to recognize the efforts of such diverse organizations and individuals”, says Stuart Hale, Co-Chair of the FSC-US Board of Directors. “They are leading the way in demonstrating how well-managed forests can provide benefits through sustainable resources and natural climate solutions.” *Monadnock Paper Mills, for its Unplastic Initiative – nine eco-friendly, FSC-certified fiber-based alternative products. Remarkably, Monadnock’s sustainable solutions have already replaced more than 10 billion conventional plastic gift cards worldwide.
The Envelope Manufacturers Association (EMA) Foundation’s Institute for Postal Studies is releasing its 2023 U.S. Mailing Industry Economic Job Study, which reveals overall industry impact remains strong thanks to growth in e-commerce driven parcel delivery. In 2022, the industry accounted for approximately 7.9 million jobs and $1.9 trillion in sales revenue. This includes employment at the U.S. Postal Service (USPS), private delivery companies, printers, publishers, packaging manufacturers, and paper manufacturers that rely on the Postal Service as a supply chain partner.
America Recycles Day is annually celebrated in November, but at Pratt Industries, recycling is always top of mind. We are proud to partner with local communities, municipalities and businesses to help educate, encourage and enable good recycling habits. From classrooms to boardrooms, Pratt Recycling is ready to assist with your sustainability and zero waste objectives and to have some fun along the way. “Pratt Recycling partners with organizations, businesses, institutions and communities to annually recover more than 3 million tons of paper and other recyclables, diverting this material from landfills” says Shawn State, President of Pratt Recycling, Inc. “We receive material from every major metro area east of Oklahoma City, including: Atlanta, Charlotte, Chicago, Dallas, Detroit, Houston, Indianapolis, Miami, Nashville, New York City, Orlando, and others.”
*Operating result in Q3 above the previous quarter but significantly below the previous year *Solid performance at MM Packaging *A decline in volume caused by the market and renovations continued to weigh on MM Board & Paper's earnings *General conditions remain tense due to inflation-related consumer restraint and the overall economic slowdown *No immediate recovery apparent *The profit and cash protection program that has been initiated is beginning to take effect
Kodak is proud to announce Mercury Print Productions as its first customer for the KODAK PROSPER 7000 Turbo Press. Mercury, based in Rochester, NY, USA, has chosen the fastest inkjet web press currently available on the market to significantly expand its high-volume digital printing capacity. Mercury has been a user of KODAK PROSPER Technology Solutions since 2011, printing up to 10 million pages per day. The renowned print service provider will use the new PROSPER 7000 Turbo Press for a wide range of print jobs, including educational, trade and children’s books, personalized direct mail, marketing collateral, transactional documents as well as short to medium-run packaging requiring variable print.
For more than a century, Rothschild Mill has operated on the Wisconsin River five miles south of Wausau, Wisconsin. From its humble beginnings in 1909, the mill has grown to produce Cougar® and Lynx®, some of the world’s finest printing and publishing papers. It has also given rise to a thriving community that many of its staff call home. “I never expected 28 years ago when I started in the environmental department that I would still be here. I thought I would work two to three years and then move back home to Green Bay,” says Dave Faucett, who has served as the mill’s general manager since 2017. “But the culture and pride at this mill are addicting. It’s fun to be part of the team here, and Rothschild is a great place to raise a family. It was really easy to stay here.”
Noteworthy among its numerous advantages are: *Recyclability in standard paper and cardboard circuits *High opacity *Good folding properties *Good mechanical resistance *An even, glossy, smooth surface *Excellent printability for offset, flexo and rotogravure printing. Metalvac is an ideal paper for manufacturing high-quality wet-glue and self-adhesive labels, as well as for graphic applications. You may also look forward to hearing more about our new range of functional metallized papers, especially designed for flexible packaging for food and non-food products, in the near future.
FY24 first quarter service performance scores covering October 1 through October 27, included: *First-Class Mail: 88.1 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.9 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.5 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 85.6 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.
Metsä Group and industrial maintenance service provider Quant Finland have agreed to halve the consumption of fossil hydraulic oil together in Metsä Group's plywood and Kerto LVL mills by 2027 compared to 2022. Quant is Metsä Group's maintenance service partner at its Kerto LVL and plywood mills located in Lohja, Punkaharju, Suolahti, Äänekoski and Pärnu. Hydraulic oil is widely used in production machinery and equipment. Oil consumption can be reduced through close monitoring, systematic maintenance and investments. Large industrial players have significant potential to reduce the environmental impact of the forest industry when working together.
Sun Chemical has launched its new groundbreaking ‘Pace’ technology platform for sheetfed offset inks. SunPak FSP, Sun Chemical’s flagship sheetfed offset low migration ink for food packaging, will be the first ink to transition to the new technology with the launch of SunPak FSP EcoPace. The inks are designed to support optimal productivity on high-speed modern printing machines and have strong sustainability credentials. In an era marked by faster machines, lower-quality papers, cost pressures, and sustainability goals, printers are encountering more challenges than ever before. Sun Chemical recognises these challenges and, as a result, is introducing this revolutionary ink based on innovative binder technology providing higher body and lower tack. The benefit of the new technology has been proven through rigorous long-term testing to deliver the highest levels of productivity, the lowest applied cost, and the best overall sustainability benefits. Sun Chemical’s dedication to compliance and certifications also ensures that Sun Chemical’s products not only meet but exceed current regulatory requirements. Pace technology delivers Sun Chemical’s most sustainable offerings yet. This is achieved through a dual approach of selecting vegetable oil based formulations in which PTFE wax is not used. These formulations deliver the highest bio-renewable content (BRC) supplemented by exceptional performance on press that ensures minimal wastage of paper/board and subsequently reduced usage of energy and solvent wash through fewer stoppages.
• Q3 2023 consolidated operating loss of $65 million, including a $49 million operating loss from the pulp business; adjusted operating loss of $86 million; adjusted shareholder net loss of $19 million, or $0.16 per share • Continued strong results in the US South; solid European results despite seasonal downtime; another challenging quarter for Western Canada • Persistent pressure on global lumber market demand and pricing through much of the quarter • Market-driven curtailments in Western Canada & seasonal downtime in Europe led to lower shipments • Confirmed future investment of approximately $200 million in a new, state-of-the-art manufacturing facility in Houston, British Columbia • Challenging results for Canfor Pulp despite stable global pulp market fundamentals; Northwood NBSK Pulp Mill scheduled maintenance completed as planned; restart delayed due to operational challenges
• Q3 2023 reported operating loss of $49 million; net loss of $36 million, or $0.55 per share • Stable global pulp market fundamentals throughout the quarter, as a slight uptick in purchasing activity in China was offset by ongoing challenging conditions in other global regions • Northwood NBSK Pulp Mill scheduled maintenance downtime and inspection of recovery boiler number one completed as planned; restart delayed due to operational challenges
• Reported revenue increased 8%; Adjusted revenue, excluding Engineering Solutions (ES), increased 11%. • GAAP diluted EPS increased 27%, and adjusted diluted EPS increased 10% year over year. • Revenue from Sustainability and Energy Transition products accelerated to 36% year-over-year growth excluding ES. Vitality revenue, which is revenue from new or enhanced products, increased 22% (ex-ES) and contributed 12% of reported revenue in Q3. • Previously announced $500 million ASR has been completed and an additional $1.3 billion ASR to be launched in the coming weeks.
FPInnovations is a private not-for-profit R&D organization that specializes in the creation of solutions that accelerate the growth of the Canadian forest sector and its affiliated industries to enhance their global competitiveness. It is ideally positioned to perform state-of-the-art research, develop advanced technologies, and deliver innovative solutions to complex problems for every area of the sector’s value chain, from forest operations to consumer and industrial products. Their expertise spans the pulp and paper industry, forest operations, wood products, and bio-sourced products sectors. With the forest industry at heart, their mission is to accelerate forest sector growth and transformation and enhance forest sector competitiveness. They hold their core values in high regard: Innovation, Agility, Collaboration, and Integrity.
National Average Price for Regular Unleaded Current: $3.438; Month Ago: $3.798; Year Ago: $3.778. National Average Price for Diesel Current: $4.426; Month Ago: $4.556; Year Ago: $5.308.
American Dollar to Canadian Dollar = 0.727747; American Dollar to Chinese Yuan = 0.136726; American Dollar to Euro = 1.064628; American Dollar to Japanese Yen = 0.006658; American Dollar to Mexican Peso = 0.056988.
Costco Wholesale Corporation reported net sales of $18.53 billion for the retail month of October, the four weeks ended October 29, 2023, an increase of 4.5 percent from $17.73 billion last year. For the first eight weeks of the fiscal year ended October 29, 2023, the Company reported net sales of $36.57 billion, an increase of 5.3 percent from $34.74 billion for the first eight weeks of fiscal year 2023 ended October 23, 2022.
*Reported revenue decreased 3.1% including impact from divestitures, while comparable adjusted revenue was flat year-over-year *Third quarter GAAP diluted EPS was ($0.18) while adjusted diluted EPS was $0.79 *Net loss of $8.0 million including restructuring and other charges in the quarter, down from net income of $14.7 million in the prior year
• Operating Income of $34.9 million; Net Loss Attributable to Gannett of $2.6 million • Cash Provided by Operating Activities of $20.6 million; Free Cash Flow(1) of $7.4 million • Repaid $65.3 million in Debt; First Lien Net Leverage Below 2.0x
The American Trucking Associations, through its federation of 50 state associations, called on the governors of every state to prioritize truck parking with their infrastructure spending priorities. In a letter sent to every governor, ATA and state trucking associations spelled out the numerous new resources provided by the federal government, including new funds from the Infrastructure Investment and Jobs Act, to improve and expand truck parking facilities. “Construction of new truck parking capacity at rest areas or adjacent to private facilities is eligible for funding, as are improvements that allow for increased parking capacity at nontraditional locations, such as weigh stations and commuter lots, when appropriate,” the letter said. “Some states have already utilized these resources to increase parking capacity or improve the operational efficiency of existing facilities.”
*Net Revenues of $1,379 million for the third quarter of 2023 were down 14% compared to $1,609 million in the third quarter of 2022 and down 3% compared to $1,426 million in the second quarter of 2023. *Net Income from continuing operations of $28 million for the third quarter of 2023 compared to $175 million in the third quarter of 2022, a net loss from continuing operations of $139 million in the second quarter of 2023 and a net loss from continuing operations of $217 million in the twelve months ended September 30, 2023.
*Net sales of $1.38 billion, down 1% as reported; flat at constant currency *Net earnings of $58 million, down 57% *Cash flow from operations (YTD) of $193 million
Kirkwood, a premier full-service integrated communications provider, and DGI Communications, a premier full-service audio visual and technology solutions proudly announce the sale of DGI’s Invisuals print division to Kirkwood. Since 1994, DGI Invisuals has been a distinguished leader in the field, and one of the largest providers of large-format and graphic solutions in New England. This noteworthy development underscores Kirkwood and DGI’s shared dedication to meeting their expanding customer requirements while maintaining a leading position in the ever-changing landscape of their core businesses. Following the transaction, DGI Communications will remain focused on growing their rapidly expanding audio-visual integration, consulting and technology business. Established in 1994, DGI Invisuals has consistently delivered high-quality visual communication products and services, serving a diverse range of industries, including retail, government, finance, education, healthcare, architecture/LEED certifications, corporate, ad agencies, museums, sporting venues, food service, vehicle wraps, biotechnology, pharmaceuticals, and non-profits.
Mondi has been again recognised as one of the leading sustainability reporters in the annual ‘Reporting Matters’ evaluation by the World Business Council for Sustainable Development (WBCSD). Mondi’s 2022 Sustainable Development (‘SD) report is ranked in the ‘Top performer’ category outlining companies with high reporting standards and precision in content and data quality. Mondi’s SD report 2022 is commended for the strong integration of sustainability in the Group’s strategy and its consistent creative concept. The report received top scores in the categories of ‘Completeness’, ‘Operating context’, ‘Stakeholder engagement’, ‘Sustainability governance’, ‘Strategy’ and ‘Partnerships & collaboration’. Mondi’s SD reports have been included to the ‘Top performer’ category since 2018.
Norske Skog has worked closely with the insurance company, equipment suppliers, and other parties to determine the extent of damages following the rockslide on 27 April. The rockslide caused significant damage to buildings, cranes, machinery, and equipment associated with paper machine 6 (PM6). A settlement has now been reached between Norske Skog Saugbrugs and the insurance company regarding insurance coverage for both business interruption and property damage, estimated up to NOK 2.4 billion, which will jointly be covered by the insurance company, the Norwegian Natural Perils Pool, and reinsurers. "The rockslide on 27 April this year was a traumatic experience for Saugbrugs employees, Halden residents, and Norske Skog. Fortunately, no one was physically injured in the rockslide, but PM6 and its associated building structures sustained substantial damage. After significant efforts from mill employees and other stakeholders, we are pleased to have reached an agreement with our insurance company for both business interruption and property damage, estimated up to NOK 2.4 billion. We have had an excellent dialogue and been treated very fairly by our insurance company throughout the process," says Geir Drangsland, CEO of Norske Skog.
WestRock Company earned 10 awards for packaging design excellence during the 80th annual North American Paperboard Packaging Competition. The competition, sponsored by the Paperboard Packaging Council (PPC), is widely known as one of the premier competitions for manufacturers in the packaging industry. WestRock earned the prestigious Package of the Year award for its WhistlePig Whiskey PiggyBank rigid box with folding carton sleeve. The sleek and sturdy packaging displayed a pig-shaped bottle, leading to a unique “reveal” of the product. Due to its upscale look and limited-edition status, the carton quickly became a collector’s item celebrating WhistlePig’s premium standard. WestRock was recognized for its “commitment to detail and structural innovation in delivering premium packaging that offered a memorable unboxing experience.” Grounded World collaborated on the design.
If you’re unsure about the answer to this question, I strongly advise you to pause for a moment and check. In light of the persistent rise in inflationary expenses, many brands are cutting back on their acquisition efforts without closely monitoring the potential shrinkage of their customer file. To illustrate this point, consider the case of one brand’s decision in 2022, which reduced its acquisition circulation by 34%, resulting in a 24% reduction in the 0-12M customer file. This reduction in the customer file meant they had fewer individuals to target with print materials throughout the year. Consequently, this contraction led to an estimated loss of $1,500,000 in top-line demand for 2023. There are many ways to dial in your acquisition efforts without aggravating your budget, but below are my top 5 strategies to consider as you plan 2024: read more at: https://cohereone.com/is-your-0-12-month-customer-file-shrinking/?utm_medium=email&_hsmi=280440906&_hsenc=p2ANqtz--2RMCk0KRLkt8nQfXB5LCibiZOfPApH28buNWyQ4TmEgBnqOxHmPz76aYYMnO60Vqexl-n9Gv33ljTKJ9fvU8POCXtPpJmsno09JIHt5RBjxnUtkE&utm_content=280440906&utm_source=hs_email
UPM Raflatac has made further progress toward a more circular economy for plastics and a future beyond fossils in 2022. The progress towards 2025 commitments is detailed in the New Plastics Economy Global Commitment 2023 Progress Report by the Ellen MacArthur Foundation and the UN Environment Programme (UNEP). The report provides transparency on how major businesses are addressing the plastic pollution crisis. “We joined the Global Commitment five years ago as the first label materials company. As a supplier in the packaging value chain, this presents an opportunity to transparently showcase our actions to provide solutions for brands and designers as they aim for more circular packaging,” says Robert Taylor, Sustainability Director, UPM Raflatac.
Two Northern Rhode Island dailies, The Call of Woonsocket and The Times of Pawtucket, are merging into a single paper. The new paper will be published six days a week, including a weekend edition on Saturdays, The Public’s Radio, NPR’s Rhode Island member network, reported. The Sunday edition of The Call is being shuttered. The combined staffs include two news reporters, two sports reporters and one photographer. Seth Bromley is editor of both, The Public’s Radio continues.
Time has debuted “Time CO2 Futures,” a program of news reporting in response to global warming, wildfires and extreme weather events. It was launched in partnership with Time’s climate action platform, Time CO2. "Time CO2 Futures" will feature reporting on how a variety of business sectors approach sustainability, including: fashion, apparel, and beauty; mobility and manufacturing; healthcare and diagnostics; food and farming.
Two Sides North America (TSNA) President Kathi Rowzie announced that Jules Van Sant and Jill Crossley have joined the TSNA leadership team as Executive Director and Director of Operations, respectively. “I am thrilled to welcome these two outstanding professionals to help lead Two Sides North America into the future,” Rowzie said. “As we continue to grow, Jules and Jill bring a wealth of sustainability knowledge and industry experience that will add value to everything we do for our members and will make us even more effective in eliminating anti-paper greenwashing and telling the great sustainability story of print, paper and paper-based packaging.”
*Sonoco achieved fully diluted earnings per share of $1.32 *Continued near record results in the flexible packaging and the rigid paper container businesses in the Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”) segments *Inflationary pricing pressures continue to impact year-over-year demand in the Consumer segment *Generated $617 million of operating cash flow in the first nine months of 2023 due to strong GAAP Net Income and disciplined working capital management *Lowered full-year operating cash flow and free cash flow guidance based on lowered operating cash flow and lower capital expenses
• Net sales of $3,443 million; • GAAP Net income of $152 million; GAAP diluted earnings per share (EPS) of 10.5 cps; • Increased cash returns to shareholders: Quarterly dividend increased to 12.5 cents per share and $30 million of shares repurchased
Greif, Inc. announced that it has entered into exclusive negotiations to acquire I PACKCHEM Group SAS, a global leader in premium barrier and non-barrier jerrycans and small plastic containers, from an affiliate of SK Capital Partners, in a cash transaction valued at $538 million. The planned transaction would be funded through available capacity in Greif’s existing credit facilities and would be expected to close by the end of the second quarter of Greif’s 2024 fiscal year, subject to prior completion of the information-consultation processes under French law and closing conditions, including regulatory clearances.
Metsä Group and Valmet are jointly developing a comprehensive operating model to ensure sustainability in technology and maintenance investments. The model will address various aspects of sustainability related to the environment, social responsibility and governance (ESG). It will be used to verify the sustainability of the process technology projects delivered by Valmet to Metsä Group and the related supply chains. Metsä Group and Valmet have set up a joint working group to develop and deploy the sustainability model. The goal is to adopt the model by 2027. “As part of its strategic 2030 sustainability targets, Metsä Group is committed to ensuring that its supply network operates sustainably. Valmet is a large technology and service provider in the forest industry’s value chain, and its operations and procurement cover an extensive geographical area. By jointly scrutinising the chain’s sustainability in ever greater detail, we ensure that the forest industry’s positive impacts spread beyond the wood-processing value chain,” says Jari Voutilainen, Metsä Group’s SVP, Sourcing and Logistics.
*EBITDA of €1,625 million with an EBITDA margin of 19.0% *ROCE of 18.0% reflecting the ongoing benefit of capital plans and operating excellence *Net Debt to EBITDA ratio of 1.4x *Announced transaction to combine Smurfit Kappa and WestRock, creating a global leader in sustainable fibre based packaging
*Reported Net Sales of $700 million in the third quarter of 2023 compared to $830 million in the third quarter of 2022, and Net Loss of $3 million in the third quarter of 2023, or $0.06 diluted loss per share, compared to Net Earnings and diluted earnings per share of $14 million and $0.27 in the third quarter of 2022, respectively. *Increased Net Cash Provided by Operating Activities by $71 million for the nine months ended September 30, 2023, compared to the same period in 2022. *Increased Free Cash Flow by $61 million for the nine months ended September 30, 2023, compared to the same period in 2022, including $27 million of Free Cash Flow generation in the third quarter of 2023. *Reduced Net Debt by $132 million over the last 12 months to end the third quarter with a Debt Leverage Ratio of 2.36x, which is within the company’s long-term targeted leverage range of 2.0x – 2.5x.
Thanks to the expansion of our laser range, the whole range of reacto® carbonless paper, which are suitable for laser printing, are now available from trade outlets. The laser grades offer customers outstanding printing quality and flawless carbon copy function for a range of different applications. Customers can expect reliable and high-quality paper that helps them to optimize their business processes. The laser grades of the reacto® carbonless paper boast outstanding copying properties after printing. They are ideal for preprint, can be effortlessly used on all dry toner-based printing systems and also work on various inkjet printers.
In today's printing industry, the concept of innovation is wide in definition, but rather narrow in its goal. Leading companies grasp many tools to define themselves, increase profitability, and differentiate themselves. They utilize new technologies, systems integration, novel human resources practices, diversification, exemplary customer services, and so much more. The six companies included in the 2023 class of Printing Impressions’ Innovators of the Year were nominated by printing industry experts and consultants who identified them as notables. The business tactics and philosophies they employ may provide some inspiration to take your company to similar, greater heights. The summary of Bradford & Bigelow that follows shares what makes this company innovative, interesting, and exceptional. The insight it presents may provide the inspiration you need to take your company to a new level, or in a new direction.
*Net Sales were $2,349 million, a decrease of 4% versus the prior year quarter. *Net Income was $170 million, a decrease of 12% versus the prior year quarter. *Continued progress of multi-year coated recycled paperboard (CRB) system transformation. *Completed acquisition and commenced integration of Bell Incorporated in September. *Published 2022 ESG Report demonstrating progress on Vision 2025 ESG goals.
Investment firm KKR has completed its $1.62.billion acquisition of publisher Simon & Schuster from Paramount Global. KKR is supporting Simon & Schuster’s employee ownership program. KKR has awarded billions of dollars of total equity value to over 60,000 non-senior management employees since 2011.
TIME featured 200 innovations this year in its annual list of the best inventions, and Cruz Cool is featured in the Reuse & Recycle category. Cruz Cool is a curbside-recyclable cold-chain cooler from Cruz Foam, a circular materials company. This modern take on cold-chain packaging replaces traditional EPS foam coolers and is perfect for protecting temperature-sensitive products for up to 48 hours. Cruz Foam is made from chitin, a material derived from shrimp shells and sustainably sourced from naturally occurring waste streams in the seafood industry. Whether it’s meal kits, fish packaging, or frozen-food packaging, it has the same temperature control performance as its non-sustainable predecessors. Cruz Foam, which forms the inner insulation layer of Cruz Cool, is home compostable, and the entire unit is certified through Western Michigan University (WMU) as curbside recyclable. The Cruz Foam is washed out and separated from the cardboard during the recycling process, eliminating any impact on the cardboard recovery.
Given the ubiquitous nature of digital devices and digital service promotion, some businesses may be tempted to transition to paperless record keeping systems based on preconceived notions that going digital is somehow more sustainable. That assumption could not be further from the truth. Paper continues to play a significant role in the digital era, especially when it comes to sustainability, accessibility, and security for businesses. Businesses must recognize the enduring value and broad benefits of paper documents. Even with advancements in electronic files, paper remains a critical component for organizations of all types. First, let's address the sustainability of paper. Trees are one of our most abundant renewable resources in America, and a healthy paper industry is critical to maintaining healthy forests. More than a billion trees are planted in the U.S. each year, and almost all the wood used to produce paper products is sourced from private, sustainably managed forests. Sustainable practices are the root of the paper industry, and we continue to advance sustainability through investment and innovation.
*Outstanding performance driven by strong operational results and continued market strength in tissue *Net sales of $520 million, down 3% from the third quarter of last year *Net income of $37 million, or $2.17 per diluted share *Redeeming 2025 notes in Q4 2023 with a combination of a new term loan, cash on hand, and drawing on existing ABL facility *Repurchased $5 million of outstanding shares, with $10 million remaining under program *Reduced net debt by $69 million from second quarter of this year, $416 million since 2020
The certification underpins Mondi’s MAP2030 (Mondi Action Plan 2030) sustainability commitment to make 100% of its packaging and paper products reusable, recyclable, or compostable by 2025, ensuring a sustainable end-of-life for all paper and packaging products. While recyclability remains Mondi’s focus to keep fibres in circulation, composting can be a viable end-of-life option for certain applications, such as those disposed in the biowaste stream. Mondi’s kraft papers are made from renewable and certified sources, which can support customers to achieve their own sustainability targets. Customers can benefit from a comprehensive product range to meet requirements for industrial packaging, shopping bags for retailers and attractive food packaging for supermarket shelves. An example of Mondi’s compostable kraft papers is Advantage MF EcoComp, which is specifically designed for household and agricultural use and is used for paper bags for wet organic household waste. Another example is Mondi’s EcoVantage kraft paper, which combines fresh and recycled fibres for sustainable and food compliant shopping packaging.
UPM Specialty Papers and adhesive tape specialist Lohmann have partnered to promote recycling of paper liners in the tape industry. Until now, liner recycling in the tape industry has proven to be very difficult. As part of its own sustainability strategy of driving forward sustainable adhesive technologies, Lohmann saw the opportunity to spearhead design for recycling in the tapes industry. The collaboration builds on UPM LinerLoop, which is the pioneering closed-loop paper liner recycling solution launched in 2018. For adhesive tape liners, the greatest technical barrier to high-yield recycling is that the industry has traditionally used siliconized release liners with a darker brown shade. As the typical shade of glassine is white or some other light shade, recycling darker coloured glassine grades in the same stream would contaminate the recycled pulp. Darker shades are comparatively small in volume so recycling them separately is not economically viable.
FY24 first quarter service performance scores covering October 1 through October 20, included: *First-Class Mail: 89.1 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.0 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.3 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 84.6 percent of Periodicals delivered on time against the USPS service standard, a decrease of 1.4 percentage points from the fiscal fourth quarter.
A.J. Plast Vietnam Co has inaugurated a 70,000sq.m biaxially oriented plastic film production plant in the southern province of Bình Dương. The factory's core products include biaxially oriented polypropylene (BOPP) and biaxially oriented polyethylene trephthalate (BOPET) firms, both serving as essential raw materials for flexible packaging industry in a wide range of applications such as household products, agriculture, and pet food. Prasan Onwong, General Director of A.J. Plast Vietnam, said that the packaging sector in Việt Nam boasted considerable growth prospects, particularly in the domain of flexible packaging, which predominantly utilises BOPP and BOPET films. In terms of production capacity, the initial BOPP production line is geared to deliver 30,000 tonnes annually.
UPS announced that it has entered into an agreement to acquire Happy Returns from PayPal. Happy Returns is a U.S.-based software and reverse logistics company that enables frictionless, no-box, no-label returns for merchants and consumers. “We know that returns have long frustrated shoppers and retailers looking for quick and easy solutions,” UPS CEO Carol B. Tomé said. “By combining Happy Returns’ easy digital experience and established drop-off points with UPS’s small package network and footprint of close to 5,200 The UPS Store locations, box-free, label-free returns will soon be available at more than 12,000 convenient locations in the U.S.” “Joining the UPS team is a win for both our employees and our customers,” said Happy Returns CEO and co-founder David Sobie, who will continue to lead the business for UPS after the deal closes. “In recent years, the growth of Happy Returns has accelerated, and we’ve built an enterprise-grade solution. This new chapter is a natural next step for Happy Returns and allows us to harness the power of the UPS network to transform the returns industry.”
*Net sales increased 13% to $143.1 billion in the third quarter, compared with $127.1 billion in third quarter 2022. Excluding the $1.4 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with third quarter 2022. *Operating income increased to $11.2 billion in the third quarter, compared with $2.5 billion in third quarter 2022. *Net income increased to $9.9 billion in the third quarter, or $0.94 per diluted share, compared with $2.9 billion, or $0.28 per diluted share, in third quarter 2022.
The U.S. ad market rose just 0.1% in September vs. the same month a year ago, but it nonetheless marked the third consecutive monthly gain, following a protracted period of sequential declines. While not necessarily great news amid growing concerns that the macro economy remains uncertain, including speculation over another U.S. and possibly global recession, it's not terrible news either. And while this September was down 2.0% from September 2021, that year was the best September ever since Guideline began tracking the U.S. advertising marketplace.
Colbert Packaging (colbertpkg.com) was presented the Wisconsin Business Friend of the Environment award for Environmental Innovation from Wisconsin Manufacturers & Commerce (WMC). In its 33rd year, the goal of the statewide award is to recognize businesses for programs that demonstrate an innovative approach to environmental protection, or a level of effort beyond that which is required for regulatory compliance. “It’s an honor to receive this recognition from the WMC,” said Colbert President and COO, John Lackner. “As a converter of paperboard packaging solutions, we are committed to developing new and better ways to utilize fiber-based packaging as an alternative to plastics. Our commitment to the environment extends beyond our products, through all our business practices and out into the community.” Craig Summerfield, director of environmental and energy policy for WMC added, “Congratulations to our friends at Colbert Packaging for demonstrating their commitment to environmental protection, not because of some burdensome regulation, but because it’s good for the future.”
January–September 2023 compared with January–September 2022 *Net sales decreased to SEK 13,697m (15,921). The decline was mainly related to lower selling prices, which was partly offset by positive exchange rate effects and higher delivery volumes. *EBITDA amounted to SEK 5,172m (8,213). The change was mainly attributable to lower selling prices. A strong result in the Forest segment and good growth in the Renewable Energy segment had a positive impact on earnings. EBITDA margin was 37.8% (51.6). *Operating profit declined to SEK 3,738m (7,052). *Operating cash flow was SEK 3,040m (4,958).
Tweddle Group has been named a 2023 Top Workplaces winner. The Top Workplaces program—administered by Energage—boasts a 17-year history of surveying and celebrating organizations that have built people-first workplace cultures. Energage surveys companies nationally and across 60 regional markets to identify the best for each industry sector. Their 2023 Top Workplaces win identifies Tweddle Group as one of the best places to work in the Technology Industry. “We’re proud to see our work environment recognized,” said Tweddle Group President Todd Headlee. “The Tweddle Group team operates at a very high level and has been doing so for nearly 70 years now. They show a tremendous spirit while offering one of the broadest solution suites available to our manufacturing clients. It’s a rare combination. This award is a testament to the quality of our people.”
• Pulp sales of 2,486 thousand tons (-11% vs. 3Q22). • Paper sales1 of 331 thousand tons (stable vs. 3Q22). • Average net pulp price in export market: US$547/ton (-33% vs. 3Q22). • Average net paper price1 of R$7,085/ton (+3% vs. 3Q22). • Pulp cash cost ex-downtime of R$861/ton (-2% vs. 3Q22). • Leverage of 2.7 times in USD and 2.6 times in BRL. • Cerrado Project completes 78% of physical progress and 68% of financial progress.
National Average Price for Regular Unleaded Current: $3.518; Month Ago: $3.832; Year Ago: $3.760. National Average Price for Diesel Current: $4.497; Month Ago: $4.569; Year Ago: $5.309.
American Dollar to Canadian Dollar = 0.723402; American Dollar to Chinese Yuan = 0.136645; American Dollar to Euro = 1.054077; American Dollar to Japanese Yen = 0.006668; American Dollar to Mexican Peso = 0.055301.
The U.S Postal Service (USPS) and U.S. Postal Inspection Service (Inspection Service) provided an update on their Project Safe Delivery campaign to crack down on postal crimes, including attacks against postal employees. Announced in May 2023, Project Safe Delivery is a USPS initiative to combat the recent rise in threats and attacks on letter carriers and mail theft incidents by protecting Postal employees and the security of the nation’s mail and packages. Multiple departments within USPS, including the Inspection Service, the Office of the Chief Information Officer, and the Office of the Chief Retail and Delivery Officer are working together to support the ongoing campaign. To help strengthen this effort, the Inspection Service has also significantly increased monetary rewards for information leading to the arrest or conviction of a perpetrator of postal crimes. “As our nation continues to address a sustained crime wave, our targeted focus to crack down on postal crime is progressing,” said Postmaster General and Chief Executive Officer Louis DeJoy. “The safety of our letter carriers — and all postal employees — is our top priority. We will continue to work steadfastly with our law enforcement partners to increase the safety of our employees and protect the sanctity of the nation’s mail.”
Savvas Learning Company, a next-generation K-12 learning solutions leader, announced today that it is partnering with Brainingcamp to provide easy-to-use digital manipulatives that make math learning even more visual and interactive, enabling students to build deep understanding of mathematical concepts. Savvas will offer Brainingcamp’s high-quality, digital math manipulatives with its newest K-8 math programs: the award-winning enVision Mathematics © 2024 and the brand-new, student-centered Experience Math © 2025. Manipulatives, traditionally physical objects used in classrooms, provide an active, hands-on approach to learning that have been proven to help promote students’ engagement and increase their conceptual understanding of math. Complementing physical manipulatives, digital manipulatives make use of expanding technology in classrooms, allowing students to explore concepts more deeply through additional functionality and animation as well as more readily collaborate through screen sharing, onscreen writing, and text tools.
Two Sides has been busy this year, working on behalf of our members to eliminate anti-paper greenwashing claims, to help educate industry stakeholders on hot environmental topics and to conduct research on consumer attitudes toward our industry and its products. To give you a view of what we’ve been up to, here are some of the highlights. Through 3Q24, Two Sides’ Anti-greenwashing Campaign has persuaded 24 more corporations and other organizations to eliminate anti-paper greenwashing claims, which translates to 100 million more consumers who are no longer seeing misleading environmental claims about paper products from their service providers. We are in conversation with several other large companies right now, and continue to pursue claims as we find them. It’s important to note that Two Sides is the only industry organization that directly challenges the senior leadership of major corporations, government entities, educational institutions and other organizations to remove unsubstantiated and misleading environmental claims about paper products.
*Delivered sales of $4.2 billion, up 6.7%, or 8.7% on a daily, constant currency basis *Generated operating earnings of $667 million, up 10.7%, with operating margin of 15.9%, up 60 basis points *Achieved diluted EPS of $9.43, an increase of 14.1% *Produced $523 million in operating cash flow and returned $287 million to Grainger shareholders through dividends and share repurchases *Narrowing full-year 2023 total Company guidance, including an updated outlook for daily sales growth between 8.5% to 9.5% and diluted EPS of $36.00 to $36.60
*Reported sales increased 7% and net income increased 55% to $84 million *Core sales increased 2% and adjusted EBITDA of $193 million increased 26% from the prior year *Pharma proprietary drug delivery systems had double-digit growth across multiple therapeutic applications *Beauty’s prestige and mass fragrance dispensing technologies had double-digit sales growth *Reported earnings per share increased about 56% to $1.26 compared to $0.81 in the prior year *Adjusted earnings per share increased 39% to $1.39 compared to $1.00 in the prior year (including comparable exchange rates) *Margins continued to expand across all three segments *Cash flow from operations was $173 million and free cash flow was $97 million, up from $55 million in 2022, a 76% increase
*Net earnings of $165 million ($0.47 per diluted share); Adjusted operating earnings (non-GAAP) of $224 million ($0.64 per diluted share) *$75 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $195 million, exceeding full-year targets *Cash provided by operations of $468 million, bringing year-to-date to $1.3 billion *Returned $160 million to shareholders in dividends, bringing year-to-date to $679 million in share repurchases and dividends *Completed the sale of our Ilim Joint Venture interest for $508 million
January–September 2023 (compared to 1–9/2022) *Sales were EUR 1,519.2 million (1,879.7). *The comparable operating result was EUR 121.5 million 420.0), or 8.0% of sales (22.3). Operating result was EUR 121.0 million (436.8). *Comparable earnings per share were EUR 0.26 (0.90), and earnings per share were EUR 0.26 (0.94). *Comparable return on capital employed was 6.7% (23.0). *Net cash flow from operations was EUR 218.6 million (161.7). July–September 2023 (compared to 7–9/2022) *Sales were EUR 479.0 million (647.3). *The comparable operating result was EUR 5.5 million (152.5), or 1.1% (23.6) of sales. Operating result was EUR 3.1 million (153.4). *Comparable earnings per share were EUR 0.02 (0.33), and earnings per share were EUR 0.01 (0.33). *Comparable return on capital employed was 1.3% (24.7). *Net cash flow from operations was EUR 76.6 million (66.4).
January–September 2023 (1–9/2022) *Sales were EUR 4,624 million (5,239). *Operating result was EUR 443 million (986). Comparable operating result was EUR 431 million (966). *Result before taxes was EUR 438 million (961). Comparable result before taxes was EUR 430 million (934). *Comparable return on capital employed was 8.3% (20.0). *Net cash flow from operations was EUR 487 million (828). July–September 2023 (7–9/2022) *Sales were EUR 1,509 million (1,823). *Operating result was EUR 41 million (397). Comparable operating result was EUR 51 million (391). *Result before taxes was EUR 49 million (396). Comparable result before taxes was EUR 60 million (385). *Comparable return on capital employed was 3.2% (23.5). *Net cash flow from operations was EUR 469 million (372).
Stora Enso has launched a new operating model at its logging sites in Finland to improve the vitality and biodiversity of forests. In practice, this is done by reducing the density of planted spruce from 1,800 seedlings per hectare to 1,600 seedlings per hectare. This will increase mixed-species forests, which is one of the overarching objectives of Stora Enso’s biodiversity programme and part of the actions both in Finland and Sweden. A mixed forest is defined as a forest in which the main tree species does not exceed 75% of the growing stock. It may consist of coniferous trees (such as spruce or pine), broadleaved trees (such as birch), or a mixture of both. These kinds of forests are the environments where biodiversity prospers: especially broadleaved trees create vital habitats for many endangered species. Currently, broadleaves are a minority in boreal forests, which is why concrete actions are needed. As a new endeavor, forestry operations in Finland have expanded their biodiversity programme with the plan to decrease the density of spruce seedlings. Unlike many other tree species, spruce thrives also in the shadow. This means that when planting density is reduced, the spruce seedlings will let in more sunlight and thus create better conditions for other natural tree species, such as pine and birch. Forests that consist of diverse tree species are also more adaptive to the changes and risks posed by climate change..
The Sheridan Worzalla printing facility, which specializes in high-quality children’s books, cookbooks, and hardcover best sellers, is celebrating the release of Diary of a Wimpy Kid: No Brainer. This is the 18th book from the #1 international bestselling series Diary of a Wimpy Kid by author and cartoonist Jeff Kinney, and published by Abrams. Sheridan Worzalla has been the domestic manufacturing headquarters of the popular series since the first book. “We are proud to be entrusted to print the next installment of the Diary of a Wimpy Kid series,” said Paul Bozuwa, President of Sheridan. “With our dedication to maintaining quality printing standards, we cannot wait for Wimpy Kid fans to get the latest edition in their hands.” Publisher Abrams announced No Brainer in the spring of 2023 so that Sheridan Worzalla could plan for the production of millions of copies of the 224-page hardcovered young adult fiction book.
Join Brent Niemuth, President, as he jet-sets across Europe's cultural highlights in a journey through the French Riviera, Italy, the Swiss Alps, and Spain. At each destination, Brent draws from local landmarks to reveal a unique facet of branding. From Madrid Spain, Brent encourages us to not only think about the past, but also the future. As a brand it’s important to know your history but it’s equally important to spend time talking about where your brand is going. Watch Video at: https://jschmid.com/branding-abroad-madrid-spain/
Positive outcome reflects the strength in Rottneros’ business model *NET TURNOVER decreased by 14 percent to 693 (806) MSEK. *THE LIST PRICE of NBSK pulp was 21 percent lower in USD and 19 percent lower in SEK compared with the third quarter of 2022. *PRODUCED VOLUME excluding groundwood pulp amounted to 88.8 (85.9) thousand tons, an increase of 3 percent. *SOLD VOLUME of sulphate pulp and CTMP totalled 102.3 (86.1) thousand tons.*EBIT (operating profit) was 49 (185) MSEK. The quarter continued to be affected by a weak European market. *NET PROFIT was 33 (270) MSEK. *THE BALANCE SHEET remains strong.
Key highlights of the 2022 CSR Report include: *EcoVadis Gold Rating: Monadnock received EcoVadis gold rating, placing it in the top eight percent of the 90,000+ companies ranked by EcoV Since earning a silver rating in the 2015 assessment, the company has achieved a 30% improvement in performance level. *Sustainable Resource Management: In 2022, Monadnock enabled its customers to avoid the consumption of 42,400,000 pounds of wood. The company also saw a 58% increase in post-consumer waste (PCW) usage since 2021. *Waste Reduction: Trash to landfill was reduced by 11% over 2021 with an excellent diversion rate of 98.6%. For context, a Zero Waste company is often defined by a minimum 90% diversion rate. *Innovative Collaborations: Monadnock collaborated with a global brand to pioneer a paper-based, 100% post-consumer waste recycled bag closure.
As a family business, the Koehler Group focuses not on its quarterly results, but rather on the long-term future and generations to come. In this second sustainability report, the company provides the first details of its 2030 sustainability strategy and the ambitious targets that it has set itself as a business. The United Nations (UN) has set out sustainable development targets in its 2030 Agenda. All members of the UN – 193 countries worldwide – have committed to implement these targets, known as SDGs. Although the Sustainable Development Goals (SDGs) are first and foremost intended for nation-states, the Koehler group, as a family business, firmly believes that it too has a role to play in meeting these targets. To this end, it has now published its 2030 sustainability strategy for the very first time, setting out the company’s roadmap to sustainable growth. The 2030 sustainability strategy sets out the Koehler plan to ensure all the financial, social, and environmental aspects of the Koehler Group come together to create a more sustainable future.
Mondi plc provides an update on trading for the three months to 30 September 2023. In the third quarter of 2023 the challenging market conditions continued as expected in light of the ongoing weak macro-economic environment. Market demand has remained soft with lower average selling prices largely mitigated by lower input costs and tight fixed cost control. A much-reduced forestry fair value gain resulted in a lower underlying EBITDA of €261 million when compared to Q2 2023. In Corrugated Packaging, containerboard prices were stable with our order books improving. Flexible Packaging saw further price and volume declines in kraft paper, which is traditionally later cycle. Our converting network delivered a resilient performance. Uncoated Fine Paper pricing continued to decline in Europe on ongoing weakness in demand. Southern Africa markets remain stable. The forestry fair value gain, accounted for within uncoated fine paper, was €14 million in Q3 2023, significantly lower than Q2 2023 of €72 million.
Ten UPM Raflatac adhesives for logistics and e-commerce paper labels have been certified as recyclable in the paper and board-based packaging stream by the applied research and services institute Papiertechnische Stiftung (PTS) in 2023. These adhesives are intended for large volume solutions, providing customers with the added benefit of recycling-compatible, verified labeling solutions without requiring any product changes. To evaluate the recyclability, PTS has tested ten UPM Raflatac's paper labels containing the referred adhesives. The labels were tested as part of the packaging material at a mass share of 10%, following the PTS-RH 021:2012 Category II methodology for evaluating the recyclability of paper and board-based packaging. Due to the obtained results of fibre yield, sheet adhesion, and optical impurities, ten of the UPM Raflatac adhesives applied on the paper labels received verification.
Bonnier USA has sold its marine media division to Craig Fuller’s Flying Media Group. The transaction was announced at the Fort Lauderdale Boat Show. Bonnier’s media division publishes the nation’s leading portfolio of iconic marine brands with Yachting, Boating, Sailing World, Cruising World, and Salt Water Sportsman, produces the award-winning SFTV television series, and hosts the Sailing World Regatta Series. “The sale of our marine media division marks our fifth transaction in shaping a group with full focus on experiential outdoor adventure,” said Jens Mueffelmann, Executive Chairman of Bonnier LLC. “Craig Fuller has vigorously transformed aviation media. He is the perfect new owner of our marine media division.”
As the world grapples with the climate crisis and biodiversity loss, it’s time for bold, decisive action. The private sector plays a crucial role in advancing sustainability, not only within their own operations but also through support for responsible forestry initiatives. In our "Unite in the Forest Fight" blog series, this is the first of three articles that unpacks the importance of forests in our collective efforts against the climate crisis and biodiversity loss. The climate crisis and biodiversity loss are intertwined crises that demand urgent attention. The temperature rises signifies more than just a number – it’s the line between manageable challenges and catastrophe. While we can mitigate some effects at various temperatures, crossing the 1.5°C threshold reveals a tipping point we’re beginning to experience. However, it's not about doom and gloom; it's about recognizing the power we hold to make positive change. The path to a sustainable future is within reach, and the private sector plays a significant role.
The race to combat the climate crisis and biodiversity loss demands on credible action from businesses. In this second blog of the "Unite in the Forest Fight" series, we explore the importance of verified data to showcase tangible impact. Discover how supporting sustainable forestry can drive meaningful change and enhance your business’s reputation. Acting on the climate crisis and biodiversity loss not only boosts competitiveness and financial performance, but also demonstrates social responsibility, while earning customer loyalty and investor support. Regardless of your sector, your business must adopt a robust sustainability strategy to remain relevant. But a strategy alone isn’t enough. Making commitments without follow-through can be risky and may see support for the business dwindle. Added to this is the renewed sense of urgency to do more, faster, as scientists warn that we’re inching perilously closer to an increasingly uninhabitable Earth. The current trajectory suggests we will potentially exceed the 1.5°C temperature-increase limit outlined in the Paris Agreement1.
Proving you’re contributing to the world’s net-zero by 2050 goal is now a business imperative. In this third blog of the "Unite in the Forest Fight" series, we share how companies’ forest stewardship is unlocking tangible benefits with verified data. For far too long, the value of forests has been measured by the quantity of commercial products we can take from them. Unsustainable harvesting of timber, rubber, and other forest products are taking their toll, as is continued deforestation for expansion of agricultural land for livestock feed production, such as soy and, and for crops such as palm oil1. It’s no surprise that each year approximately 12 million hectares of forest are destroyed2. Traditionally, economic incentives have prioritized degradation and conversion at the expense of conservation, often neglecting the vital efforts of forest managers. Yet, as the world confronts the imperative of achieving a global net-zero by 2050, forest stewardship finally finds its rightful place in the spotlight.
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.1% in September after rising 0.2% in August. In September, the index equaled 113.9 (2015=100) compared with 115.2 in August. “After hitting a bottom in April, tonnage increased in three of the previous four months, gaining a total of 2.2% before September’s drop,” said ATA Chief Economist Bob Costello. “However, this freight market remains in flux, and the index contracted by 1.1% in September, which erased half of those gains. Additionally, the year-over-year decrease was the largest drop since November 2020 on a very difficult comparison – September 2022 – which was the previous cycle high. While it is likely a bottom has been hit in truck freight tonnage, there could still be choppy waters ahead as the freight market remains volatile.”
Silgan Holdings Inc., a leading supplier of sustainable rigid packaging solutions for the world's essential consumer goods products, reported third quarter 2023 net sales of $1.80 billion and net income of $110.6 million, or $1.02 per diluted share, as compared to record third quarter 2022 net sales of $1.97 billion and net income of $138.7 million, or $1.25 per diluted share. "Our third quarter results continued to display the strength and breadth of our diverse portfolio, as we delivered our second highest quarterly earnings amidst challenging market conditions. Our high value dispensing business posted another record quarter, and trends in the third quarter developed largely as we expected," said Adam Greenlee, President and CEO.
Smurfit Kappa recently published its second annual Green Bond Allocation and Impact Report which provides details on the use of proceeds of its inaugural €1 billion dual-tranche Green Bond issued in September 2021. Circular economy adapted products, production technologies and processes and/or certified eco-efficient projects (96%) contributing to: *6.8m tonnes of primarily post-consumer waste recycled in 2022 *76% recycled fibres in global production *100% recycled fibres from certified FSC, PEFC or SFI sustainable sources *4% reduction in waste sent to landfill versus 2020 *8% reduction in water intake versus 2020
Consumers are now actively considering the environment alongside their individual health when buying food, according to Tetra Pak’s Index 2023. These environmentally conscious consumers labelled 'Climatarians’ are willing to alter their eating habits to protect the planet. The market for healthy foods is already well established, as consumers actively seek products that will have a positive impact on their physical wellbeing. But a significant majority now take a more holistic view: 70% say that healthy products should not harm the environment, while another 54% are willing to take responsibility for the planet and change their diet to contribute to a better world. This dual focus is reflected in the rising number of consumers consciously reducing the amount of meat they eat, known as 'flexitarians', with nearly half of all consumers saying they are reducing meat intake or excluding meat altogether.
Key highlights Q3 • Higher sales volumes in both regions compared to last quarter, offset by price and mix deterioration • Sequentially lower input costs and lower fixed cost than normalized level • Efficiency enhancement program on track – delivered SEK 175 million in the quarter • Earnings per share positively impacted by recognition of tax credits in the US • Strong operating cash flow with tight control on working capital • Frövi recovery boiler project completed on time, spec and budget. Quarterly data Q3 • Net sales decreased by 14% to SEK 10,210 million (11,814) • Operating profit SEK 415 million (1,536) • Net profit SEK 656 million (1,347)
Operating profit for January-September 2023 was SEK 4 041 million (January-September 2022: SEK 5 905 million). Excluding the item affecting comparability last year, operating profit decreased by SEK 1 599 million due to weaker market conditions for wood products and paperboard. Compared with the second quarter, operating profit for the third quarter increased by SEK 28 million to SEK 1 166 million. The operating margin was 22 (20) per cent. Profit after tax for January-September amounted to SEK 3 159 million (4 606), which corresponds to earnings per share of SEK 19.6 (28.5).
“Earnings per share were in line with our expectations for the third quarter, again increasing sequentially,” said Deon Stander, president and CEO. “Volume in both Label Materials and Apparel Solutions improved sequentially, continuing to recover from slow market conditions, largely inventory destocking, while our Intelligent Labels platform continued to accelerate adoption into new categories. Highlights: *3Q23 Net sales of $2.1 billion -Sales change ex. currency (non-GAAP) down 10% -Organic sales change (non-GAAP) down 11% *3Q23 Reported EPS of $1.71
Massimo Reynaudo has been appointed President and CEO of UPM-Kymmene Corporation as of 1 January 2024. Jussi Pesonen will continue as the President and CEO until 31 December 2023, after which he will work as an advisor to the Company and its management until he will retire from UPM on 30 April, 2024. Massimo Reynaudo has been with UPM since 2017. Reynaudo is an Italian citizen and was born in 1969. He is currently Executive Vice President, UPM Communication Papers. Prior to that, he served as Senior Vice President of UPM Raflatac from 2017 to 2021. Earlier in his career, between 1995 and 2017, he held several senior positions at Kimberly-Clark Corporation. He has a master’s degree in engineering from Politecnico di Torino and additional studies in business administration and management. “Massimo has an excellent international background and a very solid track record at UPM as an engaging change leader. Both in UPM Raflatac and in UPM Communication Papers, he has driven positive change of the businesses, renewed the commercial strategy and built high-performing teams to improve the performance of each business. He has a clear vision of how to continue value creation through UPM’s Biofore strategy. I wish Massimo the best of success in his new demanding role,“ says Henrik Ehrnrooth, Chair of the Board of UPM.
Q3 2023 highlights *Sales decreased by 24% to EUR 2,584 million (3,420 million in Q3 2022) *Comparable EBIT decreased by 72% to EUR 220 million, 8.5% of sales (779 million, 22.8%) *Operating cash flow was EUR 641 million (-201 million), supported by cash inflow from working capital and energy hedges *Net debt decreased to EUR 2,363 million (3,133 million) and the net debt to EBITDA ratio was 1.27 (1.39) *Pulp and electricity sales prices significantly lower than last year, impacting UPM Fibres and UPM Energy. Successful margin management in other business areas *Demand for many of UPM's products started to gradually recover *UPM Paso de los Toros pulp mill and the OL3 nuclear power plant unit contributed significantly to UPM's deliveries *UPM Communication Papers to permanently close its Plattling mill in Germany *UPM received platinum in the EcoVadis responsibility assessment with a high industry score *UPM joined the UN Global Compact Forward Faster Initiative