November 2017 - Page 2 of 2 - Midland Paper

US crude oil fails to take out 2017 high as a ‘cruel’ month for energy market begins

November 3, 2017
Midland Paper Clips
Misc

U.S. crude prices retreated after coming within striking distance of their 2017 high on Wednesday, raising questions about whether a rally that started in June has reached its peak. On the one hand, the trend of future oil prices suggests that a prolonged global glut of crude is coming to an end. But at these elevated levels, prices are also susceptible to disappointing data points and profit-taking as traders look to cash in on recent gains. Crude futures shed more than $1 a barrel on Wednesday after government data showed U.S. crude stockpiles declined less than earlier industry figures indicated. The Energy Department's report also showed U.S. oil exports hit an all-time high, while the nation's production crept toward record levels. Click Read More below for additional information.

Fortress Paper Provides Operational Update on its Landqart Mill

Fortress Paper Ltd. announces that its wholly-owned subsidiary, Landqart AG, has received notices from one of its significant international customers cancelling that portion of purchase orders which were scheduled for production and delivery by the Landqart Mill in the fourth quarter of 2017 and in fiscal 2018. The cancelled purchase orders represent approximately 16% of the budgeted order book at the Landqart Mill for fiscal 2017 and 30% for fiscal 2018. Despite other suppliers experiencing similar cancellations, Landqart continues to have dialogue with the customer to potentially reinstate all or a portion of the cancelled orders over an extended period of time within fiscal 2018. There are no assurances that any reinstatement will be forthcoming. Management is seeking to fill the production void caused by the cancellations and is deploying various strategies, including: (a) pulling forward existing purchase orders, (b) seeking new orders from existing and new customers, and (c) requesting special one-time supplemental orders from existing customers for immediate production. Click Read More below for additional information.

FPAC Welcomes Progress Report on Caribou Recovery and Commits to Supporting Further Action

Forest Products Association of Canada and its members welcomed the release yesterday of the 5-Year Progress Report on Implementation of the Recovery Strategy for Boreal Caribou. Like all Canadians, we want to ensure that all appropriate measures are taken to help caribou recovery and, like many academics and environmental organizations, we believe decisions must be based on sound science, local knowledge and the most recent research. It is important to understand that our forests are complex ecosystems with hundreds of species of mammals, birds and fish. The Progress Report confirms what our experience on the ground has told us – this is a complicated issue with multiple factors and different realities unfolding in different parts of the country. One of the most concerning parts of the Report that cannot be overlooked is that 21/51 ranges do not have sufficient data. We are prepared to bring our experience to bear in working with partners from federal and provincial governments to Indigenous governments and communities to environmental groups to ensure we have the data we need to support caribou recovery. Click Read More below for additional information.

Interfor Reports Q3’17 Results

INTERFOR CORPORATION recorded net earnings in Q3’17 of $16.8 million, or $0.24 per share, compared to $24.5 million, or $0.35 per share in Q2’17 and $15.1 million, or $0.22 per share in Q3’16. Adjusted net earnings1 (which takes into account the effects of share-based compensation expense and non-recurring items) in Q3’17 were $20.0 million or $0.29 per share, compared to $28.7 million, or $0.41 per share in Q2’17 and $20.7 million, or $0.30 per share in Q3’16. Adjusted EBITDA1 for Q3’17 was $60.5 million (or $70.0 million excluding the impact from $9.4 million of softwood lumber duties expense), on sales of $489.2 million versus $77.4 million on sales of $511.4 million in Q2’17. Notable items in the quarter included: * Mixed Benchmark Lumber Prices and Stronger Canadian Dollar * Total lumber production was 645 million board feet, or 10 million board feet fewer than the prior quarter. Click Read More below for additional information.

McClatchy Reports Final Results For The Third Quarter 2017

For the third quarter of 2017, the company reported non-cash after-tax charges of $252.5 million, leading to a quarterly net loss of $260.5 million, or $34.11 per share. The non-cash charges relate almost solely to a non-cash deferred tax asset valuation allowance. The third quarter 2017 adjusted net loss remains unchanged from the previously reported results at $5.9 million. The net loss for the first nine months of 2017 was $393.5 million, or $51.67 per share, and included the effect of $359.4 million non-cash after-tax charges inclusive of the write-down of its CareerBuilder investment, mastheads, inventory, and the deferred tax asset valuation allowance mentioned above. The company refers readers to its October 16, 2017 release on third quarter results and its Form 10-Q for the quarter ended September 24, 2017 for additional information. Click Read More below for additional information.

Orient Paper, Inc. Pre-announces Unaudited Preliminary Financial Results for the Third Quarter 2017

Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper, commented, "Our third quarter results largely reflected the impact of a government mandated temporary restriction on production volume that has been in place since November 2016. Total revenue decreased by 10.6% year over year to $33.5 million on the back of a 36.1% drop in overall volume that more than offset the increase in blended average selling prices. Looking ahead, we expect the newly elected Communist Party of China leaders to continue to promulgate rules and regulations on environmental protection that could lead to government-mandated temporary restriction or suspension on paper production from time-to-time, leading to significant changes in pricing and supply/demand balances." Click Read More below for additional information.

UPM Raflatac and Mus Verpakkingen collaborate to test a biobased film solution for can labeling

UPM Raflatac and Mus Verpakkingen, a Dutch supplier of metal packaging and closures, have partnered to find a more sustainable alternative for can labeling. Historically, Mus's products have primarily been used in the paint and chemical markets, but today Mus provides a wide assortment of cans, closures and aerosols for the cosmetic and food industries, too. Together with UPM Raflatac, Mus has tested the new RafBio PE material in application. RafBio PE is a sustainable alternative to standard PE film and is made from sugarcane ethanol containing more than 80 % renewable plant-based raw material. This ecodesigned film material reduces greenhouse gas emissions and is recyclable within the same recycling streams as fossil-based PE. For the test series, Mus has labeled 1 liter cylindrical cans with RafBio PE Clear FTC 85 film. The plan is to use RafBio label material for other sizes, too, as the labeled range of cans goes from 125 mm to 5 liters. Click Read More below for additional information.

Multi-Color Corporation Completes Constantia Labels Division Acquisition

Multi-Color Corporation completed its acquisition of the Labels Division of Constantia Flexibles from Constantia Flexibles GmbH in a cash and equity transaction valued at approximately $1.3 billion (€1.15 billion). The combined annual revenues of the two businesses will be approximately $1.7 billion. The combination brings together Constantia Labels' high performing Food and Beverage business with Multi-Color's strong Home and Personal Care and Wine and Spirits platforms, as well as its emerging global position in Healthcare. The acquisition will provide additional growth opportunities for Multi-Color in Home and Personal Care through Constantia Labels' European operational footprint and assets, and for Constantia Labels in Food and Beverage through Multi-Color's US operational footprint and assets. The stronger combined footprint in Asia will provide further revenue opportunities. We are delighted to welcome Constantia's 2,800 associates to the Multi-Color team, as well as Mike Henry, current Executive Vice President and Head of Constantia Labels, who today becomes CEO-elect of Multi-Color and will be appointed Chief Executive Officer in January 2018.

Neenah Completes Purchase of Coldenhove

Neenah Paper, Inc. announced that it had completed the previously announced purchase of the outstanding equity of W.A. Sanders Coldenhove Holding B.V. Coldenhove is a specialty materials manufacturer based in the Netherlands, with a leading position in digital transfer media and other technical products. Upon closing, the Company made a cash payment of approximately $45 million. The payment was financed through almost $14 million of available cash on hand, with the balance from incremental borrowing against the Company's existing global revolving credit facility. Interest rates on the additional short term debt were under two percent.

L Brands Reports October 2017 Sales; Updates Third Quarter Earnings Guidance

L Brands, Inc. reported net sales of $794.1 million for the four weeks ended Oct. 28, 2017, an increase of 5 percent, compared to net sales of $756.7 million for the four weeks ended Oct. 29, 2016. Comparable sales increased 2 percent for the four weeks ended Oct. 28, 2017. For October, the exit of the swim and apparel categories had a negative impact of about 1 percentage point and 2 percentage points to total company and Victoria’s Secret comparable sales, respectively. The company reported net sales of $2.618 billion for the 13 weeks ended Oct. 28, 2017, an increase of 1 percent, compared to net sales of $2.581 billion for the 13 weeks ended Oct. 29, 2016. Comparable sales decreased 1 percent for the 13 weeks ended Oct. 28, 2017. For the 13 weeks ended Oct. 28, 2017, the exit of the swim and apparel categories had a negative impact of about 2 percentage points and 2 percentage points to total company and Victoria’s Secret comparable sales, respectively. Click Read More below for additional information.

WestRock Reports Strong Finish to Fiscal 2017

Fourth Quarter 2017 Highlights: • Earned $0.76 per diluted share and $0.87 of adjusted earnings per diluted share. Our effective tax rate was 20.7%, and our adjusted tax rate was 28.4% • Generated net cash provided by operating activities of $494 million and adjusted free cash flow of $271 million • Achieved $80 million in year-over-year productivity and a run rate of $840 million of synergy and performance improvements since the merger. Full Year 2017 and Other Highlights: • Earned $2.77 per diluted share and $2.62 of adjusted earnings per diluted share • Generated net cash provided by operating activities of $1.90 billion ad adjusted free cash flow of $1.22 billion • Achieved $361 million of productivity year-over-year • Continued our portfolio transformation by: • Completing five acquisitions, including the acquisition of Multi Packaging Solutions International Limited (“MPS”). These acquisitions: º Advanced our strategy to provide differentiated, high value-added solutions to our customers and expanded our presence in attractive end markets º Created opportunities for meaningful synergies and performance improvements, and º Increased our vertical integration levels • Selling the Home, Health and Beauty business (“HH&B”) in April 2017. This sale resulted in a pre-tax gain of $193 million and generated net after-tax proceeds of approximately $1 billion. Click Read More below for additional information.

Gannett Reports Third Quarter 2017 Results of Operations

Third quarter operating revenues were $744.3 million, including a $1.4 million negative impact from hurricanes Harvey and Irma, compared to $772.3 million in the prior year quarter. There was no material impact on revenues related to currency changes in the quarter. The year-over-year performance reflected lower print advertising and circulation revenues offset partially by higher digital advertising revenues and the contribution from acquired operations (1). On a same store basis, operating revenues in the third quarter declined 9.4% (or 10.2% when excluding $6.7 million related to the 2016 third quarter revaluation of acquired deferred revenue), an improvement compared to a decline in the 2017 second quarter of 10.6%, as a result of digital revenue growth. Total digital revenues in the third quarter increased to $245.0 million, or approximately 33% of total revenue, including the contribution from ReachLocal which was acquired in August 2016. GAAP net income for the third quarter was $23.0 million, including a $20.1 million tax benefit offset partially by $15.4 million of after-tax severance, acquisition, asset impairment, facility consolidation and other costs; approximately $10.3 million of these charges were non-cash. Adjusted EBITDA (2) for the third quarter increased 27.3% to $73.9 million compared to $58.0 million in the prior year quarter with a 240 basis point margin improvement year-over-year, which includes the favorable comparison related to the aforementioned deferred revenue revaluation. Click Read More below for additional information.

Resolute Reports Preliminary Third Quarter 2017 Results

The company recorded operating income of $48 million in the quarter, an improvement of $95 million compared to the second quarter of 2017, as adjusted EBITDA increased to $118 million from $83 million in the previous quarter. The company's operating results were positively impacted by increases in sales of market pulp and wood products, where shipments and pricing improved compared to the previous quarter. Profitability was also supported by lower manufacturing costs and savings derived from the closure of a high cost machine in our specialty papers segment, resulting in operating margin improvements that offset volume declines. Click Read More below for additional information.

LSC Communications Reports Third-Quarter 2017 Results

Third quarter net sales were $935 million, down $14 million, or 1.5%, from the third quarter of 2016. Pro forma for acquisitions completed in the last four quarters, changes in foreign exchange rates, and pass-through paper sales, organic net sales decreased 6.6% from the third quarter of 2016. The decrease in organic net sales was due to lower volume and price declines in both the Print and Office Products segments. Third quarter 2017 net loss was $3 million, or $0.07 per diluted share, compared to net income of $38 million, or $1.17 per diluted share, in the third quarter of 2016. The third quarter of 2017 included $19 million of interest expense primarily related to debt issued in connection with the October 1, 2016 separation from RR Donnelley & Sons Company, while no interest expense was allocated to LSC Communications in the third quarter of 2016. The effective tax rate for the third quarter of 2017 reflected the impact of non-deductible goodwill impairment charges. Click Read More below for additional information.

Building Out Their Brands, Retailers Look to the Power of Print

It’s plenty hard for a battle-tested publisher to launch a print magazine these days. Nevertheless, a bold (or delusional) company that’s in a retail business will occasionally think, “Hey, we can do that!” — and so chooses, against great odds, to dive into the magazine fray. It seems crazy, counterintuitive, and financially irresponsible, right? But it does not foreclose the possibility that these outfits can actually put out interesting books. Cash and smart hiring can go a long way. As to why they’d want to get into something as last-century as ink-on-paper mags — well, one word: “Brooklyn.” Meaning there’s always a place and a time for throwbacks (craft beer and artisanal bread, anyone?), even if it turns out to be ephemeral. “Vintage” is what’s new right now, and that’s reflected in both of the magazines I address in this edition of “The Modern Magazinist.” Click Read More below for additional information.

Adobe Forecasts U.S. Online Sales to Surpass $100 Billion This Holiday Season

Adobe released its online shopping predictions for the upcoming holiday season. Based on Adobe Analytics, Adobe expects that online sales will be $107.4 billion, an increase of 13.8 percent, while in-store retail is expected to grow ten percent.* Cyber Monday is expected to become the largest online shopping day in history, generating $6.6 billion in sales, 16.5 percent growth compared to last year. Sales on Thanksgiving Day are expected to increase 15 percent YoY to $2.8 billion. One out of every six dollars this holiday season will be spent between Thanksgiving and Cyber Monday, leading to $19.7 billion in sales. The most anticipated gifts include Hasbro NERF guns, Nintendo Switch, Apple Air Pods and Sony PlayStation® VR. While large retailers (more than $100 million in annual revenue) will see higher order values and desktop conversion rates than smaller retailers (less than $10 million in annual revenue), the latter are expected to have the mobile advantage with a higher average conversion rate of 1.9 percent by attracting more shoppers with an intent to buy. Adobe Analytics data also forecasts that shoppers will gravitate towards purchasing more lower-priced items online as opposed to big ticket items. While toys and apparel saw a 39 percent and 20 percent unit growth respectively last holiday season, jewelry sales came in low, with a three percent decline in unit growth. These trends are expected to continue this season. Click Read More below for additional information.

Oil Trades Near $54 as U.S. Crude Stockpiles Resume Decline

November 2, 2017
Midland Paper Clips
Misc

“OPEC may be trumpeting success as inventories close their gap to the most recent five-year average,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA. “It has progressed, but OPEC is not out of the woods. The stock-draws are not enough to reverse the large builds in oil inventories that we saw between 2014 and 2016.” U.S. crude output rose by 46,000 barrels a day to 9.55 million a day, according to a report Wednesday by the EIA. That’s the highest level in a month. Gasoline stockpiles fell for a second week to 212.8 million barrels, the lowest level since August 2015. Click Read More below for additional information.

Boise Paper and Box Tops for Education™ Launch “Give the Gift of Box Tops” Sweepstakes

In the spirit of the holiday season, Boise Paper and Box Tops for Education™ launched the "Give the Gift of Box Tops" Sweepstakes today, giving three winners the chance to help their local schools. Through November 30, 2017, U.S. residents can enter the sweepstakes daily for the chance to win 10,000 Bonus Box Tops and 400 reams of Boise Paper products for the participating school of their choice. "Boise Paper is proud to support America's schools as a partner of General Mills' Box Tops for Education program," said Paul LeBlanc, vice president of Boise Paper. "We love seeing first-hand how Box Tops make a difference for schools throughout the country, and we are excited that this sweepstakes will give three lucky winners the chance to truly make a difference with an unexpected gift for the holidays." Click Read More below for additional information.

Costco Wholesale Corporation Reports October Sales Results

Costco Wholesale Corporation reported net sales of $10.02 billion for the month of October, the four weeks ended October 29, 2017, an increase of 10.1 percent from $9.11 billion during the similar period last year. For the first eight weeks of fiscal year 2018 ended October 29, 2017, the Company reported net sales of $19.87 billion, an increase of 11.3 percent from $17.85 billion for the first eight weeks of fiscal 2017 ended October 23, 2016. *The U.S. comparable sales figure excluding the impacts from changes in gasoline prices and foreign exchange for the eight week YTD period was initially reported incorrectly as 8.1%. Click Read More below for additional information.

Crown Maintains Leadership Position With CDP for Second Consecutive Year

For the second straight year, Crown Holdings, Inc.'s environmental stewardship has been recognized with an "A-" ranking (on a scale from A-F) for its submission to CDP's Climate Change Evaluation Program. This ranking allows the Company to retain its "Leadership" tier position, the program's highest level, which it achieved with its inaugural submission for the 2015 fiscal year. This program cycle included 2,418 companies, with an average program ranking of "C." Crown's submission reflects data collected from its operations across 36 countries for the period of January 1, 2016 to December 31, 2016. The Company continued to demonstrate excellence in the Governance and Strategy, Risk and Opportunity Management and Emissions Management categories of the program. Click Read More below for additional information.

Houghton Mifflin Harcourt Announces Third Quarter 2017 Results

Net Sales for the third quarter were $532 million, down 0.2% or $1 million, year over year. The net sales decrease was driven by a $6 million decrease in our Education segment, partially offset by a $5 million increase in our Trade Publishing segment. Within our Education segment, which includes our Basal business and our Extension businesses, the decline in year over year net sales was attributable to our Basal business, inclusive of international sales, which declined by $6 million from $301 million in 2016 to $295 million. Billings for the third quarter of 2017 were $584 million, down 6% or $36 million compared with $620 million for the same period in 2016. The decrease was driven by a $41 million decrease in our Education segment billings, slightly offset by a $5 million increase in our Trade Publishing segment billings. Within our Education segment, the decline in year over year billings was attributable to our Basal business, inclusive of international sales, which declined by $27 million from $338 million in 2016 to $311 million. Net income of $91 million in the third quarter of 2017 was slightly higher compared to a net income of $90 million in the same quarter of 2016, due primarily to the same factors impacting operating income offset by an unfavorable change in our income tax benefit of $5 million, from an income tax benefit of $16 million for the same period in 2016 to an income tax benefit of $11 million in 2017, primarily related to a change to our estimated annual effective tax rate during the prior year period. Click Read More below for additional information.

GPO Director Davita Vance-Cooks Departs to Enter Private Sector

The U.S. Government Publishing Office (GPO) Director Davita Vance-Cooks has announced her departure from federal service to accept a job in the private sector. By law, GPO Deputy Director Jim Bradley assumes the duties of Acting GPO Director until a replacement is appointed. Vance-Cooks was nominated by President Obama and confirmed by the Senate in 2013 to be the 27th Public Printer of the United States. Prior to confirmation, she served as Acting Public Printer for 19 months. A seasoned business executive with more than 35 years of private sector and federal management experience, she was the first woman and the first African-American to lead the agency. In 2014, legislation proposed by Vance-Cooks was signed into law modernizing the GPO’s name to the Government Publishing Office, in recognition of the agency’s successful transition to digital publishing technologies. That law also abolished the outdated title of “Public Printer,” renaming GPO’s chief executive as the agency’s Director. Click Read More below for additional information.

Rayonier Reports Third Quarter 2017 Results

Rayonier Inc. reported third quarter net income attributable to Rayonier of $24.7 million, or $0.19 per share, on revenues of $177.9 million. This compares to net income attributable to Rayonier of $39.4 million, or $0.32 per share, on revenues of $171.4 million in the prior year quarter. The prior year third quarter results included $1.2 million of costs related to shareholder litigation.1 Excluding this item, pro forma net income2 was $40.6 million, or $0.33 per share, in the prior year period. Third quarter operating income was $39.3 million versus $49.7 million in the prior year period. Prior year third quarter operating income included $1.2 million of costs related to shareholder litigation.1 Excluding this item, pro forma operating income2 was $50.9 million in the prior year period. Third quarter Adjusted EBITDA2 was $69.9 million versus $87.2 million in the prior year period. The decline in Adjusted EBITDA2 relative to the prior year period was primarily due to lower real estate results, as the prior year period included a $48.3 million sale comprised of 17,772 acres in Georgia. Click Read More below for additional information.

Sappi North America Unveils New Marketing Resource, ‘The Five Second Rule’ Supported by Sappi’s Line of High-Quality Web Cover Grades for a Flawless First Impression

Sappi North America, a leading producer and supplier of diversified paper and packaging products, has revealed its newest promotional resource for brand managers, “The Five Second Rule”. With only five seconds to convince a customer to read a piece of direct mail, first impressions are critical. Printed on Sappi’s multiple web cover grades, Opus and Somerset, the kits come in a stunning exterior envelope, designed to illustrate direct mail’s ability to instantly stand out and create a memorable experience so that consumers are driven to take action. Inside, readers will find inspiration for making collateral that resonates with four unique direct mail examples. Direct mail is the preferred method of brand communications for consumers aged 18-34[i], with marketing representing more than half of the total mail volume in the U.S.[ii] Together, these figures illustrate the immense need for businesses to employ thoughtful, targeted and high-quality direct mail campaigns that will stand out. Click Read More below for additional information.

Sun Chemical Acquires Transitions Digital Graphics, LLC

November 2, 2017
Midland Paper Clips
Misc

Sun Chemical has acquired the assets and business of Transitions Digital Graphics, LLC. Based in Santa Barbara, Calif., Transitions Digital Graphics is a leader in the development of changeable advertising signage and displays which utilize invisible ink. “Transitions Digital Graphics is a technology company with a compelling advertising display solution that brings an interactive visual experience for consumers,” said Mehran Yazdani, President of Sun Chemical Advanced Materials. “This acquisition will strengthen our strategic initiative in electronic packaging by providing exciting new solutions in point of sale advertising. It also supports our strategy of continued expansion into sustainable high growth, high value markets.” Click Read More below for additional information.

Quad/Graphics Reports Third Quarter and Year-to-Date 2017 Results

Summary Results: Net earnings improved during the third quarter of 2017 to $20 million, a $9 million year-over-year increase, despite a 4.8% decrease in net sales to $1.0 billion. Organic sales decreased 3.7% due to ongoing industry volume and pricing pressures after excluding pass-through paper sales (-1.2% impact) and foreign exchange (+0.1% impact), and is consistent with the Company’s previous guidance. Diluted earnings per share for the third quarter of 2017 improved to $0.38 compared to $0.22 in 2016 primarily due to lower depreciation and amortization, and cost reductions and productivity improvement activities. Third quarter 2017 Non-GAAP Adjusted EBITDA decreased to $116 million compared to $122 million in 2016; however, due to ongoing productivity improvements and sustainable cost reductions, the Company was able to keep Adjusted EBITDA margin flat year-over-year at 11.5%. Net earnings improved for the nine months ended September 30, 2017, to $52 million, a $45 million increase from 2016, despite a 5.2% decrease in net sales to $3.0 billion. Organic sales decreased 3.7% due to ongoing industry volume and pricing pressures after excluding pass-through paper sales (-1.4% impact) and foreign exchange (-0.1% impact). Diluted earnings per share improved to $1.01 during the nine months ended September 30, 2017, compared to $0.15 in 2016. Year-to-date Non-GAAP Adjusted EBITDA was $334 million, a 1.8% decrease from 2016, and Adjusted EBITDA margin improved to 11.2% as compared to 10.9% in 2016. Click Read More below for additional information.

RR Donnelley Reports Third Quarter 2017 Results

Third Quarter 2017 Highlights: Net sales in the quarter were $1.73 billion, up $9.3 million or 0.5% from the third quarter of 2016. On an organic basis, consolidated net sales decreased 0.4% driven by volume growth in the International and Strategic Services segments and favorable changes in fuel surcharges which were more than offset by net volume declines in the Variable Print segment, lower postage pass through sales in the Strategic Services segment and modest price erosion across all segments. Gross profit in the third quarter of 2017 was $324.4 million or 18.7% of net sales versus $364.2 million or 21.1% of net sales in the prior year quarter. The positive impact from our cost reduction initiatives was more than offset by an OPEB curtailment gain in the prior year period and unfavorable mix, modest price pressure, start-up costs related to a new facility in Asia and higher costs of transportation as a result of the hurricanes in the current period. Click Read More below for additional information.

Stora Enso to divest Puumerkki, a wholesaler of wooden building materials

Stora Enso has divested 100% of its shares in the Finnish Puumerkki Oy and the Estonian Puumerkki AS to Mimir Invest AB, a global investment firm. Puumerkki is a specialised wholesaler of wooden building materials and was 100% owned by Stora Enso. This divestment supports Stora Enso’s Wood Products division in focusing on its growth strategy and further build on the strength of the premium portfolio of products and services. Puumerkki’s wholesale business does not belong to Stora Enso’s core business. The new owner is in a better position to give Puumerkki the attention it deserves and ensure its long-term development. Puumerkki will continue to be a key customer for Stora Enso’s renewable building materials also going forward. Click Read More below for additional information.

Metsä Group’s comparable operating result in January–September 2017 was EUR 381 million

January–September 2017 (1–9/2016) • Sales were EUR 3,712 million (3,483). • Operating result was EUR 397 million (333). Comparable operating result was EUR 381 million (332). • Result before tax was EUR 345 million (275). Comparable result before tax was EUR 330 million (275). • Comparable return on capital employed was 11.2 per cent (10.5). Comparable return on capital employed excluding investments related to the bioproduct mill was 14.0 per cent (11.9). • Cash flow from operations was EUR 611 million (298). July–September 2017 (7–9/2016) • Sales were EUR 1,260 million (1,143). • Operating result was EUR 143 million (107). Comparable operating result was EUR 134 million (103). • Result before tax was EUR 109 million (89). Comparable result before tax was EUR 100 million (85). • Comparable return on capital employed was 10.8 per cent (9.8). Comparable return on capital employed excluding investments related to the bioproduct mill was 13.7 per cent (11.1). • Cash flow from operations was EUR 420 million (177). Click Read More below for additional information.

Metsä Board Corporation Interim Report 1 January – 30 September 2017

January–September 2017 (1–9/2016) • Sales were EUR 1,397.3 million (1,298.5). • Comparable operating result was EUR 139.1 million (104.7), or 10.0 per cent (8.1) of sales. The operating result was EUR 152.7 million (93.8). • Comparable earnings per share were EUR 0.27 (0.21), and earnings per share were EUR 0.30 (0.18). • Comparable return on capital employed was 10.6 per cent (8.3). July–September 2017 (4–6/2017) • Sales were EUR 478.6 million (474.2). • Comparable operating result was EUR 50.4 million (43.5), or 10.5 per cent (9.2) of sales. The operating result was EUR 60.6 million (46.9). • Comparable earnings per share were EUR 0.08 (0.09), and earnings per share were EUR 0.11 (0.09). • Comparable return on capital employed was 11.5 per cent (10.3). Click Read More below for additional information.

Oil in Longest Rally in 3 Months on Signs of U.S. Stockpile Drop

November 1, 2017
Midland Paper Clips
Misc

Global benchmark Brent crude topped $60 a barrel last month for the first time since July 2015, while West Texas Intermediate, the U.S. marker, is set for the highest close in two years as Saudi Arabia and Russia signaled support for extending supply cuts well into 2018. The market was also buoyed by conflict between the Iraqi central government and Kurdish forces that threatened crude production from northern fields in the OPEC nation. “U.S. stock draws have been leading and continue to lead the market higher,” said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland. Click Read More below for additional information.

Xeikon and EFI Entering into a Strategic Partnership for Digital Label Printing

Electronics For Imaging, Inc. and Xeikon announced they have entered into an exclusive partnership for the EFI™ Jetrion® digital label and narrow web inkjet printing systems. Under the partnership, Xeikon will service, support and supply the worldwide Jetrion customer base, and continue the direct sales of Jetrion digital label printing systems as part of the Xeikon portfolio of digital dry toner and UV inkjet presses for the self-adhesive label market. "EFI Jetrion printing systems have helped to establish the market for industrial digital inkjet label production, and the numerous innovations developed for high-resolution Jetrion technology — including high-end, production-class LED imaging, superior opaque white ink and true all-in-one integrated print, varnish, cut and slit systems — have given EFI Jetrion the largest installed base of UV inkjet label presses in the world," said Guy Gecht, EFI CEO. "As we expand our portfolio of industrial inkjet products, we prioritized our go to market investment and resources. It was a clear choice for us to pick Xeikon, one of the undisputed leaders in digital label printing, as the ideal partner to continue a trustworthy sales and service operation for the Jetrion product line." Click Read More below for additional information.

HP Completes Acquisition of Samsung Electronics Co., Ltd. Printer Business

HP Inc. announced the completion of its acquisition of Samsung Electronics Co., Ltd.’s printer business in a deal valued at $1.05 billion. A3 represents HP’s largest growth opportunity in business printing. The combination with Samsung expands HP’s portfolio, accelerates its ability to disrupt the $55B A3 copier segment with superior multifunction printing technology, and strengthens its leading A4 laser printing business. Samsung also brings compelling intellectual property of more than 6,500 print patents and a world-class workforce of nearly 1,300 researchers and engineers with expertise in laser technology, imaging electronics and supplies and accessories. “As we ignite a renaissance in printing, we’re thrilled to bring together the industry’s best and brightest talent,” said Dion Weisler, President and CEO, HP Inc. “Together, we will build on more than 30 years of print leadership to accelerate our strategy, disrupt new market opportunities, and provide our customers and partners with unique and highly innovative print solutions. Click Read More below for additional information.

Norske Skog: Broad support from bondholders, extension required

Norske Skog has so far received support from a clear majority of both the secured and the unsecured noteholders for the proposed recapitalization solution. Norske Skog has now likely surpassed the thresholds required to implement the transaction by way of Schemes of Arrangement. However, the transaction is also contingent upon support from the majority holder of the EUR 100 million NSF and the 2115 Perpetual Notes. The consent solicitation deadline is extended until Friday 3 November at 17:00 CET to allow sufficient time to allow for further discussions with the holders of NSF and Perpetual Notes. Click Read More below for additional information.

Give your feedback on the Korean forest certification system

PEFC invites stakeholders around the world to comment on the Korean national forest certification system, following its submission to PEFC for endorsement. To give your feedback, head to our Online Consultation Tool. The Korea Forestry Promotion Institute (KoFPI) is one of our newest national members, joining in June 2016. This means it is the first time they have submitted their national system to PEFC for endorsement. Make your comments now! The deadline is 23 December 2017. Click Read More below for additional information.

KaMin LLC Announces Price Increase for Paper and Packaging Grade Kaolin Clays

KaMin LLC announced that it will increase prices for kaolin clay products for the global paper and packaging industry 5 percent effective Jan. 1, 2018, or as contracts allow. "This price increase is necessary to ensure our long-term sustainability," stated Mark Gillespie, Vice President of Commercial. "KaMin has continued to invest to meet regulatory requirements, as well as continued increases in labor, energy and freight/logistics costs." KaMin LLC also announces that its energy surcharge policy will remain unchanged. The threshold of $5/MMBTU and incremental surcharges by product type will remain the same. This policy applies to all slurry, spray-dried hydrous and calcined kaolin grades sold to the paper industry globally.

Production to Halt on PS Hot Cup Lids in Favor of PP

Lollicup® USA Inc. will halt all production on PS (polystyrene) hot cup lids starting the end of this year, and will only produce PP (polypropylene) hot cup lids. This unprecedented decision is based on Lollicup's move towards producing products that are recyclable, compostable, and more eco-friendly. "PP is more heat resistant than PS, more environmentally friendly, and leaves less of a carbon foot print," said Lollicup's founder and CEO Alan Yu. This decision could not be timelier, as the world's largest coffee chain has recently switched their lids from PS to PP, and the PS lids are on the Plastics Ban List. The list was made by four non-profit watch groups, whose influence has made significant changes in the industry already. Click Read More below for additional information.

Smurfit Kappa Group plc announced results for the 3 months and 9 months ending 30 September 2017

Tony Smurfit, Group CEO, commented: “SKG continues to deliver, showing strong sequential progress with Group EBITDA margin at 15.1% for the quarter. “Total Group corrugated volumes grew 3% for the quarter. Corrugated volumes in Europe improved by 4% on a days-adjusted basis with strong demand in most areas of activity. In the Americas demand growth was 3% with growth in most markets. “In the third quarter, recovered fibre cost pressures remained, resulting in a headwind of almost €40 million for the quarter and €111 million for the year-to-date compared to 2016. SKG will continue to offset these cost pressures through further corrugated price recovery and ongoing efficiency improvements as we progress towards the year-end and into 2018. Click Read More below for additional information.

Transcontinental Inc. acquires Québec-based Les Industries Flexipak Inc., extending its flexible packaging footprint to Eastern Canada

Transcontinental Inc. announced that it has acquired Les Industries Flexipak Inc., a flexible packaging supplier located in Montréal, Québec, employing 55 people. The company is a converter specialized in flexographic printing, lamination as well as bag and pouch making, and has other value-added capabilities. Les Industries Flexipak Inc. offers a wide range of flexible packaging products serving consumer goods companies, food processors and retailers across several markets including frozen fruits and vegetables, seafood, snacks, grains, nuts and beverage (shrink films). It is the first flexible packaging company in Québec to be awarded BRC Packaging certification, a standard recognized by the Global Food Safety Initiative (GFSI), with an AA grade. "I am excited to announce this fifth flexible packaging acquisition in North America – our first in the province of Québec – which marks yet another step in the development of our North American network," said François Olivier, President and Chief Executive Officer of TC Transcontinental. "This transaction extends our footprint to Eastern Canada by adding a Montréal-based facility equipped with a state-of-the-art platform, and gives us the opportunity to further develop our existing business relationships with retailers in the country. Driven by its belief in outstanding customer service and innovation, Flexipak has a strong family business culture that will naturally blend with ours. We are truly delighted to welcome Flexipak's employees to the TC Transcontinental family and look forward to growing our flexible packaging business with them." Click Read More below for additional information.

Consumers Trust and Prefer Print on Paper

This was the clear conclusion of the multi-country survey recently undertaken by Two Sides. At the annual meeting of Two Sides Country Managers in London on October 23, 2017, representatives from Europe, North America, South America, South Africa, Australia and New Zealand discussed the results of the survey and will build upon the findings to ensure that print on paper remains the preferred and sustainable way to communicate. Two Sides also plans to strengthen its global Anti-Greenwash campaign which is targeted at major banks, utilities, telecoms and others. Over 600 organizations have been researched. Of these 77% have been found to be using greenwash in their marketing, usually in breach of local regulations, and, after being challenged by Two Sides, 60% have voluntarily amended their messaging – a great success story! Click Read More below for additional information.

Book World to Close All 45 Stores Across the Midwest

Appleton, Wisc.-based Book World Inc. has announced that it is closing all bookstores in its Book World chain that operates 45 outlets across the Midwest. In a letter to its business partners and vendors as well as in a release sent to media, Book World said that liquidation sales will begin on November 2 at all 45 locations. The sales will continue until all inventory -- books, magazines, greeting cards, gifts, and other sidelines – is gone. The company expects that all stores will be closed by January 15. In the letter to Book World’s business partners, senior v-p Mark Dupont said that while the chain had been able to weather the advent of e-books, in the past 12 months sales started plummeting and still continue to drop. Dupont attributed the downturn to the national consumer shift towards e-commerce and away from large department stores. This, Dupont wrote, “has triggered the loss of vital mall anchor stores and a downward spiral in customer counts, reducing sales to a level that will no longer sustain our business.” Click Read More below for additional information.

Torstar Corporation Reports Third Quarter Results

Highlights for the third quarter: • Ended the third quarter of 2017 with $51.4 million of cash and cash equivalents and $9.1 million of restricted cash; Torstar has no bank indebtedness. • Cash provided by operating activities was $9.7 million in the third quarter of 2017 reflecting a $7.8 million decrease in working capital combined with $1.9 million of cash generated by operating activities in the quarter. • Our net loss attributable to equity shareholders was $6.6 million ($0.08 per share) in the third quarter of 2017. This compares to a net income of $1.4 million ($0.02 per share) in the third quarter of 2016. Click Read More below for additional information.

The New York Times Company Reports 2017 Third-Quarter Results

The New York Times Company announced third-quarter 2017 diluted earnings per share from continuing operations of $.20 compared with $.00 in the same period of 2016. Adjusted diluted earnings per share from continuing operations (defined below) was $.13 in the third quarter of 2017 compared with $.06 in the third quarter of 2016. Operating profit was $33.0 million in the third quarter of 2017 compared with $9.0 million in the same period of 2016, largely due to higher digital subscription revenues and lower severance costs, which more than offset lower print advertising revenues. Adjusted operating profit (defined below) was $56.5 million in the third quarter of 2017 compared with $39.2 million in the third quarter of 2016, principally driven by strong digital subscription revenues, which were partially offset by lower print advertising revenues. Mark Thompson, president and chief executive officer, The New York Times Company, said, “We had a strong quarter once again, with solid growth in digital subscriptions, digital advertising and subscription revenue and overall profitability. Click Read More below for additional information.

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