Neenah, Inc. announced that it had not closed on its agreement to acquire Vectorply Corporation on April 1 as originally contemplated. Neenah had agreed to acquire Vectorply from MSouth Equity Partners for $155 million in cash. "Regarding our ongoing business during this challenging time, the health and safety of our employees are paramount and we've taken actions across our company to protect them, while also carefully managing costs, capital expenditures and working capital," said John O'Donnell, Chief Executive Officer. "We exited 2019 with a conservative leverage position and our liquidity today is strong. Our primary near-term focus is the health and welfare of our employees and business, and we feel confident in our ability to weather the current crisis."
“The health and safety of our employees remains our top priority,” said Joel Quadracci, Quad’s Chairman, President and CEO. “We have directed employees who can work from home to do so, as well as implemented additional social distancing and sanitizing precautions to ensure the safety of our employees working in essential manufacturing facilities. We have implemented a temporary furlough program throughout all areas of the Company and have temporarily ceased operations at a number of our manufacturing facilities. We will continue to prioritize the health and well-being of our employees while making the tough but necessary decisions to protect the financial health of Quad. Through it all, we will continue to provide extraordinary client service and quality to quickly meet our clients changing needs and innovate new ideas to help them maintain business continuity and consumer engagement during this period of uncertainty.” Recent COVID-19 Actions: *Suspended all domestic and international travel; *Implemented temporary salary reductions for over 300 leaders, including a 50% salary reduction for the CEO and a 35% reduction for the other named executive officers; *At the recommendation of the Board of Directors, temporarily reduced directors’ fees by 50%; *Implemented a temporary employee furlough program with Company-paid medical benefits; *Changed vacation policies; *Suspended production at several manufacturing facilities where declining client volume or other effects of the pandemic have impacted the Company’s ability to operate; *Delayed capital spending projects; and *Increased borrowings by $100 million under the credit facility to increase cash on hand to approximately $200 million to ensure continued financial flexibility.
Chico's FAS, Inc. announced that its Board of Directors adopted a limited duration shareholder rights plan. In adopting the Rights Plan, the Board has taken note of the unprecedented impact of the global COVID-19 pandemic on equity market valuations, including the dislocation in the Company's stock price. Given the current environment and trading levels as well as the importance of maintaining focus on the Company's operations, safeguarding the welfare of employees and serving customers, the Board believes adopting the Rights Plan is in the best interest of all Chico's FAS shareholders. The Rights Plan has a one-year duration, expiring on April 1, 2021.
Online sales in the U.S. have increased 25% on average for daily sales March 13-15 compared with average daily sales March 1-11, according to Adobe Analytics. The growth is largely due to a boost in online grocery sales, which have increased 100% in daily online sales March 13-15 compared with average daily sales March 1-11. Adobe Analytics data is based on online sales data from trillions of anonymous visits to retail sites and tens of millions of product SKUs from 80 of the top 100 retailers in the Digital Commerce 360 Top 1000. Data is based on 18 product categories including apparel, electronics, home, grocery, appliance, personal care, office supplies, books, jewelry, furniture and toys, among others. Not only are online sales growing, but so are pickup orders, Adobe Analytics finds. The number of orders shoppers have bought online and picked up in store has also increased 62% year over year during Feb. 24-March 24.
Connections, the e-commerce and inserts sampling arm of independent media agency The Specialist Works, has partnered with Denmaur Paper Media and Go Inspire Group to launch a pro-bono campaign for the National Emergencies Trust. The campaign aims to drive online donations to support those affected by the coronavirus pandemic. The unique collaboration will see 1.5 million inserts delivered to households through parcel deliveries, donated from the likes of Bloom and Wild, Hello Fresh, Debenhams and Toucan Box. While most of the UK population are at home, parcel inserts were chosen as the primary media channel for this campaign. Creative, media planning, buying and distribution have all been donated by inserts business Connections by The Specialist Works. Denmaur Paper Media donated eight tonnes worth of 150gm2 gloss paper to the campaign, Carbon Balanced through the World Land Trust, and print production has been donated by the Eclipse arm of the Go Inspire Group.
Appvion Operations, Inc. announces that it is now certified compliant with FDA cGMP regulations for the manufacture of food packaging. Auditing firm ASI issued an excellent rating in certifying Appvion's newly dedicated food packaging operation compliant with applicable 21 CFR FDA cGMP regulatory standards. "This is a key milestone of executing our long-term strategy to leverage our core coating application and formulation capabilities in new market segments and drive profitable growth" said George Wurtz, Chairman and CEO of Appvion. "We are now able to offer our customers innovative products developed to address key issues of sustainability and recyclability for the food and beverage industry. Our new lines of aqueous coated and fully recyclable cup stock for single use food and beverage containers and our fluorochemical/PFAS-free oil and grease barrier products will now be produced in the certified plant".
*Mondi produces elastic, three-layer laminate straps using nonwoven material for one billion face masks *Plants in Gronau, Germany and Taicang, China increase production of this material. Mondi’s plant in Gronau, Germany, typically focuses on making materials used in hygiene products such baby diapers, adult incontinence pads and feminine care items. However, the plant was able to quickly adapt one of its manufacturing lines to produce a three-layer, laminated strap that binds a stretchable plastic film between layers of soft, nonwoven material. The straps, which Mondi supplies to its mask-making customers on a reel, are then cut and attached to each side of a mask, which can loop comfortably over the user’s ears to hold the mask in place.
National Average Price for Regular Unleaded Current: $1.956; Month Ago: $2.424; Year Ago: $2.703. National Average Price for Diesel Current: $2.580; Month Ago: $2.843; Year Ago: $3.030.
American Dollar to Canadian Dollar = 0.704650; American Dollar to Chinese Yuan = 0.141007; American Dollar to Euro = 1.078615; American Dollar to Japanese Yen = 0.009211; American Dollar to Mexican Peso = 0.040536.
Pearson, the world’s learning company, has completed the sale of its remaining 25% stake in Penguin Random House for approximately $675m (£530m1) to Bertelsmann SE & Co KGaA (“Bertelsmann”). The transaction was announced on 18th December 2019 and completes Pearson’s exit from the venture which, going forward, will be wholly owned by Bertelsmann. In our announcement in December, we stated our intention to return £350m of net proceeds to our shareholders through a share buyback programme, which we subsequently commenced in early 2020. In our trading update on 23rd March, in light of the rapidly changing environment caused by the COVID-19 pandemic, we further stated that the Board had decided it was prudent to pause the share buyback with approximately £167m of the £350m share repurchase programme completed to date.