Verso Corporation announced that leading independent proxy advisory firm Glass, Lewis & Co. joins Institutional Shareholder Services in recommending that Verso stockholders vote "FOR" the Company's pending sale of its Androscoggin and Stevens Point mills to Pixelle Specialty Solutions LLC at the Company's stockholder meeting scheduled to be held on January 31, 2020. Glass Lewis stated: "We find that the proposed sale of Verso's Specialty Mills to Pixelle is a generally reasonable transaction that appears to be in the best interests of Verso shareholders. . .Overall, given the scope of the process leading to the proposed Specialty Mills transaction, including public announcements of the Company's strategic review of alternatives in from late 2017 through mid-2019, as well as the number of potential counterparties involved, we believe the board has taken generally reasonable steps to evaluate potential alternatives prior to entering into the sale agreement with Pixelle." click read more below for additional information.
Sales of $4.6 billion in the fourth quarter of 2019 were even with the year-ago period. Changes in foreign currency exchange rates reduced sales by 2 percent and business exits in conjunction with the 2018 Global Restructuring Program reduced sales slightly. Organic sales increased 3 percent. Net selling prices rose more than 2 percent and product mix improved 1 percent, while volumes fell 1 percent. In North America, organic sales increased 3 percent in both consumer products and in K-C Professional. Outside North America, organic sales rose 3 percent in developing and emerging markets and 1 percent in developed markets. Fourth quarter operating profit was $751 million in 2019 and $639 million in 2018. Results in both periods include charges related to the 2018 Global Restructuring Program. Results in 2019 also include a gain on the sale of property associated with a former manufacturing facility that was closed as part of a past restructuring.
Kotkamills, a manufacturer of fully recyclable barrier boards, has signed a significant collaboration agreement with Lavazza Professional. As a result of the collaboration, Lavazza Professional is announcing today the new KLIX Eco Cup™, a special Kotkamills’ eco-friendly cup made from ISLA® food service board, available from February in its KLIX® in-cup vending machines. “We are pleased about the collaboration with Lavazza Professional. The company is a frontrunner in bringing eco-friendly solutions to the beverage vending sector, and they are ambitiously striving to implement a model of sustainability that responds to the challenge of reducing plastic in the next couple of years.
Resolute has joined the OCIANA™ Consortium, a cross-industry team representing world-class companies working to develop safe, secure, efficient and environmentally responsible maritime transportation solutions. The consortium will also focus on commercializing OCIANA vessel management system based on artificial intelligence. This initiative will allow us to explore ways of lowering greenhouse gas emissions in our supply chain. The OCIANA system will support a path to safer, cleaner vessel operations as well as enhanced maritime risk assessment and management. It works by rapidly processing satellite data with other data sets harvested from ocean, weather and port activity to provide decision-making information in near real-time. Its implementation is expected to lower fuel costs and associated greenhouse gas emissions, improve port and terminal utilization, and improve efficiency in the maritime sector.
The IFRS fair valuations of Stora Enso’s forest have increased significantly since the publication of the Group’s third quarter results in October. The forest fair value impact in the balance sheet was a positive EUR 777 million pre-tax at end of 2019. Part of the fair valuation increase has not been recognised in operating profit but as an adjustment to opening balances of purchased Swedish forest assets and liabilities.
Toronto -based Corporate Knights, renowned for its contribution to promoting clean capitalism, has just released its annual list of the Global 100 Most Sustainable Corporations in the World, following an in-depth analysis of over 7,000 international organizations with revenues exceeding $1 billion. In keeping with tradition, the announcement was made on the sidelines of World Economic Forum Annual Meeting in Davos . Cascades is pleased to announce that it has ranked 49 th among this select group of companies that are committed to best practices in the environmental, social and governance arenas. Adding to this recognition is the fact that Cascades is the only Containers and Packaging company on the list and is one of 12 Canadian businesses. "Cascades has always been proactive in communicating its results in a transparent manner. As early as 1996, we were disclosing our environmental and social data in our annual report. With our stakeholders in mind, we have been increasing the number of ESG projects over the years, and our results have been steadily improving. We are pleased that our efforts are paying off, and that they are also earning recognition from various third parties and through acknowledgments such as the Global 100 list. We are very proud of this achievement," said Mario Plourde, President and Chief Executive Officer of Cascades. Besides winning a number of social responsibility and sustainable development awards, Cascades has consistently ranked among Corporate Knights' Best 50 Corporate Citizens in Canada since 2007.
Verso Corporation urged stockholders, in order to ensure that net cash proceeds of up to $282 million and not less than $225 million will be returned to stockholders from its pending sale of its Androscoggin and Stevens Point mills to Pixelle Specialty Solutions LLC: to use the Company's WHITE Proxy Card; to vote "FOR" the Pixelle Transaction; and to vote "FOR" ALL seven of Verso's nominees. click read more below for additional information
The Finnish Forest Industries has conceded that trade unions are very likely to follow through with their threat to start a two-week strike at sawmills and plywood mills in Finland on Monday, 27 January. The likelihood of the potentially costly strikes has risen due to an almost complete lack of progress in the collective bargaining talks between the Industrial Union and Finnish Forest Industries. Jyrki Hollmén, head of industrial relations at the Finnish Forest Industries, on Monday said the Industrial Union appears to be uninterested in engaging in negotiations and finding common ground. The trade union, he told, is pursuing a co-ordinated agreement for all sectors, not realising that the objective of the negotiations is to establish the terms of employment separately for each sector.
According to the report, total printing-writing paper shipments decreased three percent in December 2019 compared to December 2018. U.S. purchases of total printing-writing papers decreased six percent in December 2019 compared to the same month last year. Total printing-writing paper inventory levels decreased one percent when compared to November 2019. •U.S. purchases of uncoated free sheet (UFS) papers in December 2019 increased four percent compared to last December while the inventory level decreased three percent compared to November 2019. UFS imports decreased 29 percent while exports increased 15 percent in November 2019. click read more below for additional info
Verso Corporation announced that, in connection with the pending sale of its Androscoggin and Stevens Point mills to Pixelle Specialty Solutions LLC, it has received requisite approval under Section 203 of the Federal Power Act from the Federal Energy Regulatory Commission. Verso and Pixelle have now received all regulatory approvals required to consummate the Pixelle Transaction. Subject to receipt of stockholder approval at the Company's stockholder meeting scheduled to be held on January 31, 2020, Verso expects that the transaction will close in early February and that the Board, following the closing, will promptly announce how it intends to return net cash proceeds from the transaction of up to $282 million and not less than $225 million to stockholders.