Smurfit Kappa has announced that two of its European operations have restarted following extended shut downs during the first quarter of 2016. The company's PM4 machine, at its Sangüesa mill in Northern Spain, will now produce 30,000 tonnes per annum of high value Machine Glazed (MG) papers following its conversion from a 65,000 tonne per annum containerboard machine. Smurfit Kappa's PM1 machine, at its Roermond mill in the Netherlands, has been completely rebuilt to produce 260,000 tons per annum of recycled containerboard. This is an increase of 40,000 tons per year. This machine has the capability to produce lighter weight papers, serving current market trends at a reduced cost per tonne.
Rayonier Advanced Materials Inc. (NYSE:RYAM) announced today that the Company’s board of directors has suspended its quarterly cash dividend on the Common Stock of the Company citing the need to prioritize its cash flow to repay indebtedness and fund the Company’s capital investments and working capital needs. The Company is focused on managing through the current challenging market conditions that have negatively impacted its operating results.
“The board and management believe this is a prudent decision to optimize financial flexibility in uncertain economic times and is in the best interest of all of the Company’s stakeholders,” said Paul Boynton, President and CEO. “This allows the Company to redeploy approximately $18 million of cash annually to essential operating needs and debt obligations.”