Average input costs were stable sequentially and cost control was strong across the business. Currency movements had a net negative impact on underlying EBITDA compared to the second quarter, driven by a weaker US dollar, impacting a number of the Group's globally traded products, coupled with a weaker Russian rouble and Turkish lira. Given prevailing exchange rates, we anticipate a further net negative currency impact in the fourth quarter. During the quarter, planned maintenance shuts with an estimated impact on underlying EBITDA of around €35 million (2019: €40 million) were carried out successfully. Based on prevailing market prices, we continue to estimate that the impact of planned mill maintenance shuts on underlying EBITDA for 2020 will be around €100 million (2019: €150 million), with the fourth quarter impact expected to be around €55 million (2019: €30 million). Our major capital investment projects are progressing according to plan. The €67 million capital investment project to convert a containerboard machine at Štětí (Czech Republic) to become fully dedicated to the production of speciality kraft paper for shopping bag applications is scheduled to be commissioned during the fourth quarter. This additional capacity (75,000 tonnes) further supports our retail customers in their efforts to replace unnecessary plastic as they transition to more sustainable packaging solutions that contribute to the circular economy.
Rayonier Advanced Materials (NYSE:RYAM) announced today that Joshua C. Hicks is joining the company as Senior Vice President, High Purity Cellulose to lead the High Purity Cellulose business.
Hicks brings nearly 20 years of business leadership experience in the chemical and advanced materials industries, most recently as Vice President, Global Industrial Solutions for Univar Solutions, a global chemical and ingredients distributor and provider of value-added services. In this role, he was responsible for a $1.3 billion global specialty chemicals and ingredients division. He previously worked for Nexeo Solutions, acquired by Univar in 2019, in various specialty chemical business unit leadership positions overseeing coatings and construction, personal care, and energy. Hicks began his career with Dow Chemical in various commercial and leadership roles of increasing responsibility across multiple business units.
“Joshua’s strategic business leadership experience and focus of working with customers and suppliers in a broad range of specialty chemicals industries will help us to maximize the value we deliver to our stockholders,” stated Paul Boynton, President and Chief Executive Officer of Rayonier Advanced Materials. “His commercial expertise along with his chemical industry background will help us grow our High Purity Cellulose business, as we continue to innovate and develop differentiated products with a focus on sustainable bioproducts.”
“I am honored and excited to join Rayonier Advanced Materials at this remarkable point in the company’s long history,” Hicks said. “With their global leadership position in High Purity Cellulose and growing demand for bio-based solutions, Rayonier Advanced Materials has a great future. I look forward to helping the company continue building value and driving growth for its stockholders, customers, and employees.”
Hicks has a Bachelor of Science degree in chemical engineering from Brigham Young University and an MBA from Rice University. He will be relocating to Jacksonville along with his family.