Unilever is first global FMCG company to commit to sourcing all of its paper and board packaging from sustainably managed forests or recycled material within a clearly defined time frame. Unilever has published a sustainable paper and board packaging sourcing policy as part of its commitment to double the size of the business while reducing its environmental impact. The policy outlines the company’s goal to work with its suppliers to source 75% of its paper and board packaging from sustainably managed forests or from recycled material by 2015, increasing to 100% by 2020.
Thursday, August 9, 2012
Unilever Adopts Policy-Meet Sustainability Goals
http://www.twosides.info/newsitem.asp?NewsID=777
Unilever is first global FMCG company to commit to sourcing all of its paper and board packaging from sustainably managed forests or recycled material within a clearly defined time frame. Unilever has published a sustainable paper and board packaging sourcing policy as part of its commitment to double the size of the business while reducing its environmental impact. The policy outlines the company’s goal to work with its suppliers to source 75% of its paper and board packaging from sustainably managed forests or from recycled material by 2015, increasing to 100% by 2020.
Unilever is first global FMCG company to commit to sourcing all of its paper and board packaging from sustainably managed forests or recycled material within a clearly defined time frame. Unilever has published a sustainable paper and board packaging sourcing policy as part of its commitment to double the size of the business while reducing its environmental impact. The policy outlines the company’s goal to work with its suppliers to source 75% of its paper and board packaging from sustainably managed forests or from recycled material by 2015, increasing to 100% by 2020.
College Students Still Favor Textbooks
http://lifeinc.today.msnbc.msn.com/_news/2012/08/08/13106902-plugged-in-college-students-still-favor-old-school-textbooks?lite
E-books haven't solved the woes of high-priced college textbooks. For a plugged-in generation, college kids have old-school tastes in textbooks. Even as more publishers offer the choice of buying e-books for classes, students would rather lug around printed textbooks.“We have found that digital textbooks are still not as popular with students,” said Charles Schmidt, spokesman for the National Association of College Stores.
While the price of e-books can be 60 percent to 70 percent of the paper version, a NACS poll found that 74 percent of students still want print.That’s because most e-books are simply PDF files of the print book, and renting the paper version is still cheaper, said Schmidt.
E-books haven't solved the woes of high-priced college textbooks. For a plugged-in generation, college kids have old-school tastes in textbooks. Even as more publishers offer the choice of buying e-books for classes, students would rather lug around printed textbooks.“We have found that digital textbooks are still not as popular with students,” said Charles Schmidt, spokesman for the National Association of College Stores.
While the price of e-books can be 60 percent to 70 percent of the paper version, a NACS poll found that 74 percent of students still want print.That’s because most e-books are simply PDF files of the print book, and renting the paper version is still cheaper, said Schmidt.
Are E-Books & E-Readers Killing Printed Books
Are E-Books & E-Readers Killing Printed Books:
Did you see the announcement that Transcontinental, the largest printer in Canada and the fourth-largest in North America, is selling their book division? In case you missed it, Transcontinental announced they are selling their book printing assets to Marquis Book Printing. Is this a sign of problems in the book market? This announcement as well as others has reignited the conversation about E-Books vs. Printed Books.
Did you see the announcement that Transcontinental, the largest printer in Canada and the fourth-largest in North America, is selling their book division? In case you missed it, Transcontinental announced they are selling their book printing assets to Marquis Book Printing. Is this a sign of problems in the book market? This announcement as well as others has reignited the conversation about E-Books vs. Printed Books.
Wednesday, August 8, 2012
Quad Reports Q2 Results
http://www.cnbc.com/id/48559951
Quad Graphics today reported results for its second quarter and year-to-date ending June 30, 2012.
Highlights:
-- Generates second quarter net sales of $934 million.
-- Achieves second quarter Adjusted EBITDA of $112 million and Adjusted EBITDA margin of 12.0%, as compared to 11.9% in 2011.
-- Creates $60 million in second quarter Recurring Free Cash Flow and $167 million year-to-date.
-- Repays $42 million in debt during the quarter and $132 million year-to-date.
-- Completes integration of Worldcolor and confirms annual synergy savings of more than $275 million, exceeding original guidance of $225 million.
Quad Graphics today reported results for its second quarter and year-to-date ending June 30, 2012.
Highlights:
-- Generates second quarter net sales of $934 million.
-- Achieves second quarter Adjusted EBITDA of $112 million and Adjusted EBITDA margin of 12.0%, as compared to 11.9% in 2011.
-- Creates $60 million in second quarter Recurring Free Cash Flow and $167 million year-to-date.
-- Repays $42 million in debt during the quarter and $132 million year-to-date.
-- Completes integration of Worldcolor and confirms annual synergy savings of more than $275 million, exceeding original guidance of $225 million.
STRATA Survey-Ad Industry Strengthens
http://www.allaccess.com/net-news/archive/story/108966/strata-survey-ad-industry-strengthens-despite-weak
The outlook for advertising spending is positive for the remainder of 2012. That optimism is heavily backed by a solid year of political advertising along with media buyers spreading their buys to available venues, according to a new STRATA Survey. Spot radio advertising saw an increase purchase by advertisers of 16%, up 80% over last quarter. STRATA conducted the survey of over 100 media buying agencies across the country. The second quarter survey revealed that more than half (52%) of agencies polled saw their business increase in the second quarter of 2012 compared to a year ago, up 12% from the first quarter. Roughly 94% of agencies expect business conditions to improve or stay the same in the second half of the year, with about 40% projecting growth.
The outlook for advertising spending is positive for the remainder of 2012. That optimism is heavily backed by a solid year of political advertising along with media buyers spreading their buys to available venues, according to a new STRATA Survey. Spot radio advertising saw an increase purchase by advertisers of 16%, up 80% over last quarter. STRATA conducted the survey of over 100 media buying agencies across the country. The second quarter survey revealed that more than half (52%) of agencies polled saw their business increase in the second quarter of 2012 compared to a year ago, up 12% from the first quarter. Roughly 94% of agencies expect business conditions to improve or stay the same in the second half of the year, with about 40% projecting growth.
Tourism Offices Attempt at Piece Of $810B Ind
http://adage.com/article/news/1-billion-ways-visit/236439/
The flagging economy and tough legislative budget wrangling have leveled out for many state tourism offices, which are back to the business of luring in visitors. And it is a big business: More than $810 billion is spent by travelers in the U.S. every year.Lately, many destination marketers are turning over more of their budgets to digital and social media both to save money and track effectiveness. For state tourism offices, accountability can mean the difference between getting funded or getting cut. Collectively, state destination marketers manage about $677 million in total yearly budgets, while city and specific destinations have more than $1.4 billion, according to the Destination Marketing Association International and U.S. Travel Organizations.
The flagging economy and tough legislative budget wrangling have leveled out for many state tourism offices, which are back to the business of luring in visitors. And it is a big business: More than $810 billion is spent by travelers in the U.S. every year.Lately, many destination marketers are turning over more of their budgets to digital and social media both to save money and track effectiveness. For state tourism offices, accountability can mean the difference between getting funded or getting cut. Collectively, state destination marketers manage about $677 million in total yearly budgets, while city and specific destinations have more than $1.4 billion, according to the Destination Marketing Association International and U.S. Travel Organizations.
Disappointing Results For Reader's Digest
http://adage.com/article/media/disappointing-results-reader-s-digest-association/236582/
Reader's Digest Association said revenue in the second quarter totaled $84.5 million, down 22.5% from the quarter a year earlier as a result of a shrinking portfolio, declining subscription renewals, lower books sales and a decline in advertising in Canada.The company reported an operating loss of $93.2 million, reflecting a write-down of $113.4 million due to "changes in our long-term views due to lower than expected revenue and operating results" and "declines in prevailing market conditions in publishing and direct-marketing industries," it said.
Over the past year the company has sold Every Day With Rachael Ray magazine, the formerly high-flying food title, and Allrecipes.com, the large food website, as part of its latest effort at transformation. It also shut down Fresh Home, a 2009 launch aimed at the young and budget-conscious.
Reader's Digest Association said revenue in the second quarter totaled $84.5 million, down 22.5% from the quarter a year earlier as a result of a shrinking portfolio, declining subscription renewals, lower books sales and a decline in advertising in Canada.The company reported an operating loss of $93.2 million, reflecting a write-down of $113.4 million due to "changes in our long-term views due to lower than expected revenue and operating results" and "declines in prevailing market conditions in publishing and direct-marketing industries," it said.
Over the past year the company has sold Every Day With Rachael Ray magazine, the formerly high-flying food title, and Allrecipes.com, the large food website, as part of its latest effort at transformation. It also shut down Fresh Home, a 2009 launch aimed at the young and budget-conscious.
NY Times Set to Sell About.com
http://www.btobonline.com/article/20120808/MEDIABUSINESS03/308089999/report-ny-times-co-set-to-sell-about-com
The New York Times Co. has a deal in place to sell About.com to Answers.com for $270 million, according to a report on AllThingsD.com.
According to the report, the deal has not yet closed and Answers.com's backers—private equity companies Summit Partners and TA Associates—are trying to line up financing. The Times Co. acquired About.com for $410 million in 2005. Last month, the company took a $195 million goodwill write-down on the unit, according to AllThings.
The New York Times Co. has a deal in place to sell About.com to Answers.com for $270 million, according to a report on AllThingsD.com.
According to the report, the deal has not yet closed and Answers.com's backers—private equity companies Summit Partners and TA Associates—are trying to line up financing. The Times Co. acquired About.com for $410 million in 2005. Last month, the company took a $195 million goodwill write-down on the unit, according to AllThings.
Hearst Partners With Sprinklr
Hearst Partners With Sprinklr to Manage Social Platforms:
For some of us, it's a good problem to have: Huge social media audiences spread across multiple brands and platforms and the messaging necessary for each have become harder and harder to efficiently manage. In the case of a company like Hearst that has more than 20 content brands, each with their own social media needs and audiences stretching into the millions, managing engagement, metrics and social content has become unwieldy. In the meantime, companies like Sprinklr have sprung up to take some of the pressure off publishers and other companies with particularly large followings.
For some of us, it's a good problem to have: Huge social media audiences spread across multiple brands and platforms and the messaging necessary for each have become harder and harder to efficiently manage. In the case of a company like Hearst that has more than 20 content brands, each with their own social media needs and audiences stretching into the millions, managing engagement, metrics and social content has become unwieldy. In the meantime, companies like Sprinklr have sprung up to take some of the pressure off publishers and other companies with particularly large followings.
COO Shift Hints Of Changes At ALM
Executive Changes At ALM:
ALM, the legal services and information media company, has promoted Kevin Michielsen to the newly created position of chief operating officer. The change is at the tip of a host of other management changes as the company works through a new structure that president and CEO Bill Carter says will make it better positioned to meet customer information needs.
ALM, the legal services and information media company, has promoted Kevin Michielsen to the newly created position of chief operating officer. The change is at the tip of a host of other management changes as the company works through a new structure that president and CEO Bill Carter says will make it better positioned to meet customer information needs.
Mondi Sees Unchanged Prices For Uncoated Paper
http://www.businessweek.com/news/2012-08-07/mondi-sees-unchanged-prices-in-short-term-for-uncoated-paper
Mondi Group, Europe’s largest maker of office paper, said the short-term outlook for uncoated fine paper is for unchanged prices, while prices for corrugated paper are increasing as it focuses on demand from emerging markets. “Sales from emerging markets is 52 percent and growing,” Chief Executive Officer David Hathorn said in an phone interview today. Revenue from packaging products, which account for more than 60 percent of sales, are also expected to increase “over time,” he said.
Mondi Group, Europe’s largest maker of office paper, said the short-term outlook for uncoated fine paper is for unchanged prices, while prices for corrugated paper are increasing as it focuses on demand from emerging markets. “Sales from emerging markets is 52 percent and growing,” Chief Executive Officer David Hathorn said in an phone interview today. Revenue from packaging products, which account for more than 60 percent of sales, are also expected to increase “over time,” he said.
Fortress Paper Reports Q2 Income
Fortress Paper reports net quarterly income of $12.5 million:
Fortress Paper Ltd. is reporting a net income of $12.5 million in their second quarter of 2012.This can be compared to a net loss of $10.5 million in the first quarter, and a net income of $2.9 million in the second quarter of last year.
The much improved current period result was primarily due to the gain realized on the sale of certain non-core assets in the Security Paper Products Segment.
Fortress Paper Ltd. is reporting a net income of $12.5 million in their second quarter of 2012.This can be compared to a net loss of $10.5 million in the first quarter, and a net income of $2.9 million in the second quarter of last year.
The much improved current period result was primarily due to the gain realized on the sale of certain non-core assets in the Security Paper Products Segment.
USPS Defines Part-Time Rural PO's
http://postandparcel.info/49789/news/companies/usps-defines-new-style-part-time-rural-post-offices/
The US Postal Service has officially laid out how its network of thousands of rural post offices will look by 2014, as it acts to reduce operating hours in order to cut costs.The Postal Service published a Final Rule in the Federal Register yesterday that provided definitions for as many as 13,000 new-style post offices.
The US Postal Service has officially laid out how its network of thousands of rural post offices will look by 2014, as it acts to reduce operating hours in order to cut costs.The Postal Service published a Final Rule in the Federal Register yesterday that provided definitions for as many as 13,000 new-style post offices.
Director Confident In Paperlinx Future
Price confident in Paperlinx future:
New non-executive director Andrew Price said he had 'enthusiastically accepted' the invitation to the Paperlinx board following completion of the company's strategic review. Price told PrintWeek that he had been concerned that the global company would "go broke" unless tough action was taken. But he added: "There's some great potential in this business now that some hard decisions have been made and the company is now poised for growth.Paperlinx is in the strongest position it has been in for several years and is well positioned to finalise the restructure and grow in key diversified markets."
New non-executive director Andrew Price said he had 'enthusiastically accepted' the invitation to the Paperlinx board following completion of the company's strategic review. Price told PrintWeek that he had been concerned that the global company would "go broke" unless tough action was taken. But he added: "There's some great potential in this business now that some hard decisions have been made and the company is now poised for growth.Paperlinx is in the strongest position it has been in for several years and is well positioned to finalise the restructure and grow in key diversified markets."
Tuesday, August 7, 2012
UPM Cash Flow Improved in H1 2012
UPM's H1 cash flow from ongoing businesses improved; balance sheet strengthened further: Jussi Pesonen, President and CEO, comments on the result: “The profitability of UPM’s businesses improved in the first half of the year 2012 compared to the second half of 2011. We achieved this by continuing our consistent work to reduce fixed costs. Furthermore, sales prices and raw material costs developed favourably.
In the second quarter, our growth businesses – Energy, Pulp, Asian Paper and Label - maintained strong profitability. However, the Group’s operating profit was affected by the exceptional quarter in Other operations, mainly due to fair value losses in currency hedges.
In Paper, deliveries recovered somewhat from the previous quarter, although this was offset by seasonally higher fixed costs. Myllykoski cost synergies were well on track with two thirds of planned benefits already realised. Despite this, Paper’s profitability level remains unacceptable.
In the second quarter, our growth businesses – Energy, Pulp, Asian Paper and Label - maintained strong profitability. However, the Group’s operating profit was affected by the exceptional quarter in Other operations, mainly due to fair value losses in currency hedges.
In Paper, deliveries recovered somewhat from the previous quarter, although this was offset by seasonally higher fixed costs. Myllykoski cost synergies were well on track with two thirds of planned benefits already realised. Despite this, Paper’s profitability level remains unacceptable.
UPM To Invest In New UWF PM In China
UPM to invest Euro 390 million in new 360,000 tonne/yr UWF specialty PM at Changshu mill in China; strengthens position in label materials: UPM takes further steps to reshape its business portfolio and expands in profitable growth businesses in Asia. The company will increase its presence in the attractive Asian paper segments and strengthen its position in the label materials value chain by building a new woodfree speciality paper machine at its Changshu mill in China.
http://www.upm.com/EN/MEDIA/All-news/Pages/UPM-grows-in-China-and-in-the-fast-developing-label-materials-segment-001-Tue-07-Aug-2012-12-00.aspx
http://www.upm.com/EN/MEDIA/All-news/Pages/UPM-grows-in-China-and-in-the-fast-developing-label-materials-segment-001-Tue-07-Aug-2012-12-00.aspx
ABC: Newsstand Grim and Digital Is In
ABC: Bumpy First Half For Consumer Magazine Circ, Newsstand:
The Audit Bureau of Circulations released its semiannual Fas-Fax report for U.S. consumer magazines In addition to its “top 25 lists” that look at circulation totals and single-copy sales, this marks the first time ABC has specifically broken out circulation for digital replica editions of consumer magazines.
It comes as no surprise that newsstand sales for 22 or the top 25 consumer magazines fell during the first half of 2012. According to ABC, 258 U.S. magazines reported more than 5.4 million digital replica editions (paid, verified, and analyzed nonpaid) versus about 2 million a year ago. That was less than 1% of the total industry.
The Audit Bureau of Circulations released its semiannual Fas-Fax report for U.S. consumer magazines In addition to its “top 25 lists” that look at circulation totals and single-copy sales, this marks the first time ABC has specifically broken out circulation for digital replica editions of consumer magazines.
It comes as no surprise that newsstand sales for 22 or the top 25 consumer magazines fell during the first half of 2012. According to ABC, 258 U.S. magazines reported more than 5.4 million digital replica editions (paid, verified, and analyzed nonpaid) versus about 2 million a year ago. That was less than 1% of the total industry.
BPIF Reports Disappointing Spring
BPIF Outlook Survey reports 'disappointing' spring:
The jobs secured ranged from small-scale local patriotic work for the Jubilee to considerable run-length special edition work for food and retail clients and contracts for Olympics organiser LOCOG and the British Olympics Association (BOA). However, other respondents felt that trade had worsened as a results of the Queen's Jubilee and that the Olympics would prove to be a distraction to employees and clients and cause logistical issues to business.
The jobs secured ranged from small-scale local patriotic work for the Jubilee to considerable run-length special edition work for food and retail clients and contracts for Olympics organiser LOCOG and the British Olympics Association (BOA). However, other respondents felt that trade had worsened as a results of the Queen's Jubilee and that the Olympics would prove to be a distraction to employees and clients and cause logistical issues to business.
Soap Opera Digest Officially Joins AMI
AMI Fully Acquires Soap Opera Digest from Source Interlink Media: David J. Pecker, Chairman, President and CEO of American Media, Inc. (AMI), today announced the acquisition of 37-year-old Soap Opera Digest, the authority for news and information for fans who are devoted to watching soap opera programming. AMI has been operating Soap Opera Digest under a licensing agreement from Source Interlink Media. AMI closed the deal on July 20, 2012 with an ownership effective date of June 1, 2012. Soap Opera Digest is a weekly magazine that has a circulation of over 200,000 and reaches over 4 million readers per week.
Family Circle Brand Refresh
Family Circle Uses Refresh to Continue Growth Momentum:
Meredith’s Family Circle magazine has seen an 8 percent increase in the number of single copies sold at newsstands, according to the Audit Bureau of Circulation’s first half Fas-Fax report from January to June, and the title has even increased its rate base in the last year, going from 3.8 to 4 million. To continue to grow, the magazine is undergoing a brand refresh—incorporating new monthly editorial features, columns and design elements.
Meredith’s Family Circle magazine has seen an 8 percent increase in the number of single copies sold at newsstands, according to the Audit Bureau of Circulation’s first half Fas-Fax report from January to June, and the title has even increased its rate base in the last year, going from 3.8 to 4 million. To continue to grow, the magazine is undergoing a brand refresh—incorporating new monthly editorial features, columns and design elements.
Time Inc. Book & Fair Values Getting Closer
Time Inc. Book Value and Fair Values Getting Closer:
In 10Q, company warns it may have to take a hit in earnings later this year.While there are pockets of good news on the ad revenue side of the publishing business these days, overall publishers are still duking it out on the front lines. This is illustrated for better or worse in Time Inc.'s 10-Q report released last week. The publishing giant's revenues dropped nine percent in the second quarter to $858 million and six percent for the half to $1.6 billion.
In 10Q, company warns it may have to take a hit in earnings later this year.While there are pockets of good news on the ad revenue side of the publishing business these days, overall publishers are still duking it out on the front lines. This is illustrated for better or worse in Time Inc.'s 10-Q report released last week. The publishing giant's revenues dropped nine percent in the second quarter to $858 million and six percent for the half to $1.6 billion.
Print News Roundup
Print industry news roundup: Paperlinx, BGP, Arjowiggins, S&G, Metsa Board, Whittington Press:
Paperlinx management shuffle sees French exit as Price joins board
Paperlinx director for UK and Ireland Paul French has decided to leave the company at the end of September, while Andrew Price, who launched a failed attempt to unseat chairman Harry Boon five months ago, has been made a non-executive director.
BGP buys ex-Jarrold cover press
BGP has responded to an uptake in contract cover work by investing in a Komori System 38 SII press for its Bicester facility.
Arjowiggins balances UK waste and paper production
Arjowiggins Graphics has committed to sourcing the equivalent amount of UK waste paper that it takes to produce recycled paper for the UK market.
S&G launches charitable trust
Sheetfed magazine printer Stephens & George Print Group (S&G) used its centenary celebrations last week to officially launch its charitable trust.
Chromolux 350gsm range launched
Metsa Board has launched six of its most popular Chromolux colours in 350gsm in a bid to attract luxury packaging customers.
The Whittington Press showcases historic letterpress kit
The Whittington Press will be showcasing its historic letterpress machines to coincide with the annual Whittington Summer Show in Cheltenham on 1 September.
Paperlinx management shuffle sees French exit as Price joins board
Paperlinx director for UK and Ireland Paul French has decided to leave the company at the end of September, while Andrew Price, who launched a failed attempt to unseat chairman Harry Boon five months ago, has been made a non-executive director.
BGP buys ex-Jarrold cover press
BGP has responded to an uptake in contract cover work by investing in a Komori System 38 SII press for its Bicester facility.
Arjowiggins balances UK waste and paper production
Arjowiggins Graphics has committed to sourcing the equivalent amount of UK waste paper that it takes to produce recycled paper for the UK market.
S&G launches charitable trust
Sheetfed magazine printer Stephens & George Print Group (S&G) used its centenary celebrations last week to officially launch its charitable trust.
Chromolux 350gsm range launched
Metsa Board has launched six of its most popular Chromolux colours in 350gsm in a bid to attract luxury packaging customers.
The Whittington Press showcases historic letterpress kit
The Whittington Press will be showcasing its historic letterpress machines to coincide with the annual Whittington Summer Show in Cheltenham on 1 September.
RRD Neutral Rating Reaffirmed at Zacks
R.R. Donnelley & Sons Company's "Neutral" Rating Reaffirmed at Zacks: R.R. Donnelley & Sons stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Monday. They currently have a $13.00 price target on the stock. Zacks‘ analyst wrote, “R.R. Donnelley’s second quarter earnings were ahead of the Zacks Consensus Estimate, while the top line fell shy of the consensus mark. We believe that the pricing pressure, volatility in raw material prices and a highly leveraged balance sheet to pose significant headwinds for the stock going forward. Moreover, the company continues to face significant threats from digital technologies that enable much easier transfer, designing, resetting and reproduction of data.
House Waiting On USPS Date On Reform Bill
House GOP Waiting on Postal Service Drop-Dead Date to Move on Reform Bill: The House has left Washington without passing a fix to the Postal Service. House Republicans acknowledge that postal reform could be a tough vote for some of their members, with the issue not breaking down as cleanly along ideological lines as subjects such as the Bush-era tax rates the House voted on just before leaving for recess.But sponsors of the House GOP postal bill suggest another factor at play as well: Lawmakers don't know exactly when the Postal Service might hit a doomsday date when they wouldn't be able to deliver the
Appleton Papers Records Q2 Loss
Appleton Papers records quarterly loss: Appleton Papers blamed expenses related to stopping papermaking in Ohio and its unsuccessful merger with a Dallas-based investment group for its $32.5 million quarterly loss.The company said Monday its second quarter net sales of $213.9 million was a 1.2 percent drop from net sales of $216.6 million recorded the same time last year. The company said costs to stop papermaking at its West Carrollton, Ohio facility totaled $42.9 million. The company also spent $6.5 million on costs associated with a plan to merge with Hicks Acquisition Co.
Monday, August 6, 2012
Catalyst Paper Obtains Financing
Catalyst Paper obtains financing required to emerge from creditor protection:
Catalyst Paper has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the operations of the company on exit from creditor protection and for general corporate purposes thereafter.
Catalyst Paper has entered into a commitment letter with a Canadian chartered bank for a $175 million syndicated asset based loan facility (ABL Facility) maturing on the earlier of 5 years from date of closing and 90 days prior to maturity of any significant debt.
The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the operations of the company on exit from creditor protection and for general corporate purposes thereafter.
Great Northern Starts Second PM
Price Fixing Lawsuit Revived
US court revives Stora Enso paper price-fixing case:
A federal appeals court in New York revived on Monday an antitrust lawsuit in which purchasers accused a unit of Finland's Stora Enso Oyj of conspiring to fix prices of coated paper used in magazines. The 2nd U.S. Circuit Court of Appeals said a lower court erred in dismissing the case against Stora Enso North America Corp, because a jury could reasonably find that it entered an unlawful agreement with Finland's UPM-Kymmene Oyj to raise the price of so-called "publication paper."
A federal appeals court in New York revived on Monday an antitrust lawsuit in which purchasers accused a unit of Finland's Stora Enso Oyj of conspiring to fix prices of coated paper used in magazines. The 2nd U.S. Circuit Court of Appeals said a lower court erred in dismissing the case against Stora Enso North America Corp, because a jury could reasonably find that it entered an unlawful agreement with Finland's UPM-Kymmene Oyj to raise the price of so-called "publication paper."
Irving vs. New Brunswick Commission
J.D. Irving vs. New Brunswick Forest Products Commission:
The New Brunswick Forest Products Commission ruled that J.D. Irving must buy wood through the marketing boards. J.D. Irving prefers to negotiate privately with individual woodlot owners, picking and choosing which buyers to do business with. The company wants to enter into a signed contractual agreement with the woodlot owners they deal with. As a protest to the ruling, J.D. Irving has suspended deliveries of pulpwood from private woodlot owners that they do not have a signed contract with.
The New Brunswick Forest Products Commission ruled that J.D. Irving must buy wood through the marketing boards. J.D. Irving prefers to negotiate privately with individual woodlot owners, picking and choosing which buyers to do business with. The company wants to enter into a signed contractual agreement with the woodlot owners they deal with. As a protest to the ruling, J.D. Irving has suspended deliveries of pulpwood from private woodlot owners that they do not have a signed contract with.
CQ Roll Call Combines Brands into One
CQ Roll Call to fold brands into single print publication: The Economist Group's CQ Roll Call, which publishes several media products that cover Congress, is consolidating all its brands into one daily print publication. CQ Roll Call's portfolio includes CQ Today, CQ Weekly, Roll Call and TranscriptsWire, a database of congressional transcripts.
Open Sky Media Buys Gulfshore Media
Open Sky Media Buys Gulfshore Media Properties:
Open Sky Media, a portfolio company of Chicago-based private equity firm Hadley Capital, is expanding its network of regional magazines with acquisition of several properties from Gulfshore Media LLC. Terms of the deal were not released.
Open Sky Media, a portfolio company of Chicago-based private equity firm Hadley Capital, is expanding its network of regional magazines with acquisition of several properties from Gulfshore Media LLC. Terms of the deal were not released.
Reader's Digest Makes Exec Change
Reader’s Digest Association announced last
week as Dan Lagani, the head of its North American operations, has left the company.
Chief Executive Robert Guth will take over
direct responsibility for the flagship magazine, according to an e-mail sent to
employees.
Quad/Graphics Announces Changes
Quad/Graphics to Lay Off 50 to 60 People by End of Year: Quad/Graphics confirmed today it will cut between 50 and 60 jobs at the Kerper Boulevard plant in Dubuque (IA) by the end of the year. The company also cut 24 jobs at the Dubuque plant in May and said it was “looking at ways to maximize its its efficiency and competitive platform,” according to Claire Ho, director of corporate communications.
Q1 Global Ad Spending Up
Nielsen: Ad spending worldwide on the rise: According to Nielsen's “Global AdView Pulse,” worldwide ad expenditures were up 3.1% overall in the first quarter compared with the same period last year.
Friday, August 3, 2012
Verso Announces Permanent Closure of Sartell
Verso Paper Corp. Announces Permanent Shutdown of Sartell Mill: Verso Paper Corp. today announced that after conducting a comprehensive assessment, Verso has made the difficult decision not to reopen its paper mill in Sartell, Minnesota.
The permanent closure of the Sartell Mill will reduce Verso's annual coated mechanical capacity by 180,000 tons and will eliminate approximately 35,000 tons of annual supercalendered paper capacity.
The permanent closure of the Sartell Mill will reduce Verso's annual coated mechanical capacity by 180,000 tons and will eliminate approximately 35,000 tons of annual supercalendered paper capacity.
Verso to be Billed by Public Safety Agencies
Public
safety agencies that responded to the Verso paper mill on May 28 following a
fatal fire have listed expenses that will mean a $350,000 bill to the company
for reimbursement.
News on Port Hawkesbury Sale
A claim that electricity customers will pay
an extra $7 million a year to operate a new biomass plant because a Cape Breton
paper mill needs the steam is wrong, says the mill’s would-be owner.
Pacific West Commercial Corp. called the
figure, included in a regulatory filing last week by the Avon Group of
companies, an “erroneous assertion.”
The Supreme Court of Nova Scotia approved a
plan Wednesday that would see 11 municipalities paid about $3 million in
outstanding property taxes if the sale of the idle NewPage Port Hawkesbury
paper mill is approved.
Sappi Reports Q3 2012 Results
Operating
profit excluding special items for the quarter was in line with guidance and
similar to that achieved in the corresponding quarter in the prior year.
Sales
for the quarter was US$1.5 billion, a decrease of 14% in US Dollar terms compared
to the equivalent quarter a year ago primarily due to a stronger US Dollar
which impacted the translation of the European and South African sales, and 7%
lower sales volumes in Europe.
Norske Skog Reports Q2 Results
Norske Skog, Second Quarter 2012: Lower Debt and Stable Margins: (Norway) Higher capital utilisation and lower costs strengthen Norske Skog's gross operating earnings in the second quarter compared with the same quarter last year. Gross operating earnings in the second quarter were NOK 393 million, up from NOK 248 million in the same period last year, mainly due to lower costs and better capacity utilisation.
City & Regional Magazines Centered on Print
The 2012 City and Regional Magazine Survey: While consumer magazines across the industry wrestle with their mobile and digital strategies, the city and regional sector continues to focus on its print-centric strategies, largely maintaining modest digital operations.
June Commercial Printing Shipments Up
June 2012 US Commercial Printing Shipments Up +$139 Million Compared to 2011 (Economics & Research Center):
The US Commerce Department report of US commercial printing shipments for June 2012 was $6.85 billion, up +$139 million compared to last year (+2.1%). On an inflation-adjusted basis, shipments were up +$27 million (+0.4%).
The US Commerce Department report of US commercial printing shipments for June 2012 was $6.85 billion, up +$139 million compared to last year (+2.1%). On an inflation-adjusted basis, shipments were up +$27 million (+0.4%).
Time Names Editor, Southern Living
Time
Inc.’s Lifestyle Group editor Sid Evans has landed a big fish in his effort
to rebuild his magazine stable, hiring food editor Hunter Lewis away from Condé Nast’s Bon
Appétit.
Lewis
will be executive editor at Southern Living, overseeing food content in
print and online and managing the magazine’s test kitchen staff.
Time Inc. Reports Q2 Revenue
Time Warner took time to boast
about HBO during its earnings call this morning. But it was harder to brag
about its Time Inc. publishing unit, which had another
lousy quarter: Revenue was down 9 percent, and operating income was down 43
percent.
Senate Hears Testimony about Online Tax
Amazon on
Wednesday reiterated its call for federal legislation that would pave the way
for states to begin requiring online sellers from out of state to remit sales
taxes, urging members of the Senate Commerce Committee to rally behind the
Marketplace Fairness Act.
Misener told lawmakers that the bill
would not create a new tax, but instead facilitate the collection of one that
is already due, but goes largely unpaid.
Under the bill, only states that
took steps to simplify their tax codes would be eligible to require retailers
to remit the taxes. But opponents of the bill have countered that the
simplification provisions in the current version of the bill don't go nearly
far enough to harmonize the roughly 9,600 state and local tax codes across the
country.
July Retail Sales Better than Expected
US shoppers proved resilient in July, driving a key sales figure up at retailers across the country, despite persistent worry about jobs and the global economy.
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