Glatfelter (NYSE: GLT) today reported second-quarter 2015 net income of $2.8 million, or $0.06 per diluted share, and adjusted earnings of $1.8 million, or $0.04 per diluted share. For the second quarter of 2014, net income was $4.7 million, or $0.11 per diluted share, and adjusted earnings were $3.8 million or $0.09 per diluted share. In the year-over-year comparison of adjusted earnings, the expanded scope of the planned maintenance outages in Specialty Papers and currency translation unfavorably affected earnings by $0.08 per share and $0.03 per share, respectively, and a favorable tax rate increased earnings by $0.04 per share. Consolidated net sales totaled $410.8 million in the second quarter of 2015 compared with $445.3 million in the second quarter of 2014. The translation of non-U.S. dollar sales unfavorably impacted the year-over-year comparison by $29.3 million reflecting a weaker Euro in the Composite Fibers and Advanced Airlaid Materials business units.
Finch Paper and French Paper Company have announced that French has joined Finch Paper Holdings. Finch Paper is a premier, vertically integrated paper manufacturer specializing in high-bright, uncoated papers for North American printing and converting markets. French Paper, based in Michigan, manufactures premium custom paper for graphic arts, printing, packaging, writing, text, cover, specialty, and gift applications. Together, they will offer customers a superior array of fine uncoated paper products.
“We are very pleased to share that French Paper Company has joined Finch Paper Holdings, creating a unique partnership that represents over 300 years of papermaking excellence. With this partnership, we are bringing together two outstanding teams,” said Deba Mukherjee, President and CEO of Finch Paper.
“Finch and French have similar histories as iconic paper companies. We are each a pillar in the community we call home, a trusted employer and a manufacturing leader. We are delighted to welcome the French team to our Finch family” added Mukherjee.
While French Paper has joined Fitch Paper Holdings, the companies will continue to operate individually.
“We are excited about combining the many strengths and resources of Finch with our own and creating a business that will provide outstanding service to current and future customers,” said Jerry French, CEO of French Paper Company.