Metsä Board to adopt updated Metsä Group’s Green Finance Framework

Appvion, Inc. announced that the U.S. Bankruptcy Court for the District of Delaware approved the sale of substantially all of the Company's assets to a group of its lenders led by Franklin Advisers, Inc. The sale is expected to be completed by the end of May. The Purchaser submitted the previously announced stalking horse bid on February 8, 2018. Under the terms of the executed asset purchase agreement filed with the Bankruptcy Court, the total consideration is approximately $340 million plus the assumption of substantial liabilities, including many of the Company's contractual obligations. The transaction will substantially reduce Appvion's debt from approximately $585 million to less than $175 million and provide additional liquidity to fund the Company's operations. Kevin Gilligan, Chief Executive Officer of Appvion, said, "We are pleased to receive the Court's approval of the sale of our company to a group of our lenders who have been long-term supporters of Appvion. Their continued investment is a vote of confidence in the future of our business." Click Read More below for additional information.

A company with a Middletown presence is laying off 60 employees starting this summer. All affected employees at Essity Operations Wausau, 700 Columbia Ave., have been notified of their layoff dates and that their separation from employment will be permanent, according to a mass layoff notice sent Thursday to the Ohio Department of Job and Family Services. Employees are expected to be terminated from employment starting Aug. 16, with all separations complete by the end of September. Fifty-four of the affected employees are represented by a union. Click Read More below for additional information.

Stora Enso and Vogue Scandinavia have formed a strategic partnership to replace plastics in magazine packaging. As a part of the partnership, Stora Enso will provide Vogue Scandinavia with sustainability and packaging design expertise. A renewable, carbon neutral eco-package concept will be available for the first issue of Vogue Scandinavia, to be published in August this year. As a part of the partnership, Stora Enso will provide Vogue Scandinavia with renewable magazine packaging, along with packaging design and automation services. The Vogue Scandinavia magazine packaging aims to be fully carbon neutral, with a renewable, low-carbon raw material and energy efficient production. The remaining emissions are offset by using the CarbonZero service by Stora Enso, in collaboration with compensation partner South Pole. Stora Enso will provide Vogue Scandinavia with advisory services for sustainable materials and cradle-to-grave life-cycle assessments. Stora Enso will also support Vogue Scandinavia in transparent sustainability reporting.