Consolidated net sales of $269.3 million in the second quarter of 2021 increased 67 percent compared with $161.4 million in the second quarter of 2020. The increase includes strong volume growth in both segments, including net sales from the Itasa acquisition of $33.2 million. The impact from lower net selling prices was mostly offset by favorable currency effects. Excluding the Itasa acquisition, net sales grew 4% from the first quarter of 2021. Operating loss of $32.6 million in the second quarter of 2021 decreased compared to operating loss of $58.5 million in 2020. The operating loss of $32.6 million in 2021 resulted primarily from non-routine charges of $51.9 million, including asset restructuring costs resulting from the Appleton Mill closure, loss on debt extinguishment, acquisition and integration costs, pension settlement losses and other restructuring items as detailed in the GAAP reconciliation table.
Monadnock Paper Mills, Inc., the oldest continuously operating paper mill in the United States, is pleased to announce the appointment of Dr. Rajan Iyer as its new Vice President of Research & Development and Technical Services.
Dr. Iyer will oversee the company’s new product development efforts, guiding Monadnock’s portfolio development of award-winning and sustainably-advantaged fine printing, packaging, and technical papers. He replaces Paul Ciccone who has announced his retirement. Paul (Mr. Ciccone), a 41-year Monadnock veteran, will remain with the company for an undetermined period of time to ensure a smooth transition.
“We couldn’t be more pleased to welcome Dr. Iyer to the Monadnock family,” said Richard G. Verney, Chairman and CEO, Monadnock Paper Mills. “His demonstrated engineering expertise and strategic business acumen will prove to be invaluable as we continue to optimize our sustainable offerings, particularly in the alternative fiber space.”
His most recent role was with Georgia-Pacific, where he was responsible for Innovation – Tech Service as a Senior Product Development Engineer. Prior to that, Dr. Iyer was the Technical Director & Rapid Commercialization Manager for Georgia- Pacific’s Chemicals Division. Earlier in his career, Dr. Iyer served in a variety of technical, product development and research roles with both BASF and Imerys.
“Monadnock lies at the intersection of premium quality, performance, and sustainability,” said Dr. Iyer. “I’m looking forward to joining this dedicated team and helping the company achieve its ambitious growth goals — through smart product development and expert partner and customer support.”
Dr. Iyer earned a master’s and doctorate in chemical engineering from the University of Maine, a master of business administration from the University of Georgia, and a bachelor of science in chemical engineering from the University of Bombay.