Nova Scotia announces $124.5 million financial package for Port Hawkesbury Paper:
Last week the creditors of NewPage Port Hawkesbury voted in favour of the sale arrangement of the mill to Pacific West Commercial Corp.
With that approval, there were just 2 official decisions left before the sale of the mill will be finalized.
The Nova Scotia Utility and Review Board announced today that they have approved the lower power rate for the mill.
That leaves just the decision of the Canada Revenue Agency who must approve the advanced tax rule.
Meanwhile, the Province of Nova Scotia has announced a $124.5 million financial package for the mill, that will be renamed “Port Hawkesbury Paper“.
Tuesday, August 21, 2012
NewPage & L.L. Bean Team Up for Project
NewPage
announced today that it has teamed with L.L.Bean and the Wisconsin Woodland
Owners Association (WWOA) in an effort to increase sustainably managed
woodlands in six Central Wisconsin counties. The project partners will provide
forest management assistance and third-party certification using certification
standards of the American Tree Farm System to woodland owners at no cost.
The
initial pilot program is targeted at WWOA-member woodland owners in the Central
Sands Chapter, which includes: Wood, Portage, Waushara, Adams, Juneau and
Marquette counties. To date, 42 landowners owning more than 6,000 acres of
forest have committed to the program.
Cenveo Closing Envelope Plant
Cenveo Inc. will close its envelope plant in
Kenosha by Oct. 19 in a move that will result in the loss of 103 jobs.
The plant at 5612 95th Ave. in Kenosha was
owned by MeadWestvaco until Stamford, Conn.-based Cenveo bought that company
last year.
"The closure of this facility will be
permanent, and the entire manufacturing plant will be closed," the company
said in a filing with the state Department of Workforce Development.
Meredith's "Eating Well" Raises Rate Base
Meredith has only owned EatingWell since last summer, but things are already going great for the magazine. Starting with the July/August 2013 issue, EatingWell will boost its rate base from 600,000 to 750,000. That’s an increase of 115 percent since Meredith acquired the brand.
Monday, August 20, 2012
North American Coated Paper July Ships
As reported by the Pulp & Products Council, July North American coated mechanical shipments rose +0.3% in July as compared to the same period last year. Demand increased +2.5% and imports jumped +39.8%. The operating rate was 90%. Coated woodfree shipments for the month fell -0.9%, demand decreased -1.6% and imports declined -26.2%. The operating rate was 88%.
EURO-GRAPH Releases Revisions
EURO-GRAPH reported revised H1 European figures as follows: coated mechanical shipments for H1 2012/H1 2011 fell -7.1%, demand declined -9.5% and exports grew +1.7%. Coated woodfree shipments were down -3%, demand fell -0.9% and exports decreased -8.5%. Supercalendered paper shipments declined -3.6%, demand was down -1.5% and exports decreased -12.2%.
Verso's Paterson Discusses Strategy
Verso's new boss, David J. Paterson, explains survival strategy:
Pick up a nice magazine or catalog and it's likely the glossy pages were made by a Memphis company called Verso Paper Corp.
But Verso has run up losses in three years that total $350 million.
So how does the Memphis company survive?
Verso’s new boss is adamant. The company, with annual sales that surpass $1 billion, will hang on.
Pick up a nice magazine or catalog and it's likely the glossy pages were made by a Memphis company called Verso Paper Corp.
But Verso has run up losses in three years that total $350 million.
So how does the Memphis company survive?
Verso’s new boss is adamant. The company, with annual sales that surpass $1 billion, will hang on.
Kruger Union Approves Proposal
Kruger
Inc. is pleased to announce that active and retired unionized employees of
Corner Brook Pulp and Paper have approved the proposal to apply funding relief
measures to their pension plan's deficit.
These
relief measures were essential to the Mill's ability to compete in the market
and will enable the Company to pursue its assessment of the Mill's long-term
viability. The next step will be for the Company to present a sustainability
plan to its lenders and to the NL government within the coming weeks.
Norske Skog Plans Newsprint PM Closure
Norske Skog Tasman Mill in Kawerau faces an
uncertain future as the company looks to cut costs.
The
mill's 300 employees were told yesterday that the company proposed to close
down one of the pulp and paper mill's two paper machines.
A
statement from management said the mill needed to "reduce capacity by
150,000 tonnes in the face of declining global and regional demand for
newsprint".
Norske Skog Makes Management Changes
Norske Skog announces changes in corporate management
Norske Skog's corporate management will be reduced from seven to three members with effect from 1. September 2012. The new team will consist of CEO Sven Ombudstvedt, Chief Financial Officer (CFO) Rune Gjessing and Chief Operating Officer (COO) Trond Stangeby.
Norske Skog's corporate management will be reduced from seven to three members with effect from 1. September 2012. The new team will consist of CEO Sven Ombudstvedt, Chief Financial Officer (CFO) Rune Gjessing and Chief Operating Officer (COO) Trond Stangeby.
Nippon Paper 's Fight Back After Earthquake/Tsunami
Nippon Paper bounces back after the tsunami - Part II: One of Japan's giant pulp and paper companies, the Nippon Paper Group (NPG) has made a quick recovery after being hit hard when the devastating earthquake struck in the north of the country in March 2011. Read Part I here.
AF&PA Releases Kraft Paper Sector Report
AF&PA July 2012 Kraft Paper Sector Report: The American Forest & Paper Association released its July 2012 Kraft Paper Sector Report yesterday. Total Kraft paper shipments were 138,000 tons, an increase of 3 percent compared to June 2012. Total inventory was 78,700 tons this month.
MPA Names President, CEO
MPA Selects Mary Berner to Replace Nina Link as President, CEO: The MPA, the Association of Magazine Media, has selected a new leader after 13 years—Mary Berner will replace outgoing Nina Link as the group’s new president and CEO effective September 17.
Most recently, Berner was president and CEO of Reader’s Digest Association (RDA), a position she vacated in April 2011. Berner had guided RDA through a pre-packaged bankruptcy, officially emerging from Chapter 11 protection in February 2010. A year later, she left the company just as it named a new board of directors.
Most recently, Berner was president and CEO of Reader’s Digest Association (RDA), a position she vacated in April 2011. Berner had guided RDA through a pre-packaged bankruptcy, officially emerging from Chapter 11 protection in February 2010. A year later, she left the company just as it named a new board of directors.
Condé Nast Invests in Flite
Magazine publishers have been criticized for being slow to meet advertisers’
demands for performance metrics, but Condé Nast is taking a step in that
direction with an investment in Flite [1], a cloud-based platform that lets brands
measure and adjust their ads in real time.
Condé Nast has been a client of Flite's along
with other publishers including Hearst Magazines, Forbes, Tribune Interactive
and Federated Media; after today's announcement, it now owns 11 percent of it.
Quebecor Inc. Reports Q2 Results
Quebecor Inc. today reported its consolidated financial results for the second quarter of 2012.
Second quarter 2012 highlightsRevenues: $1.09 billion, up $33.0 million (3.1%) from the second quarter of 2011.
Operating income:(1) down $0.7 million (-0.2%) to $357.8 million.
Net income attributable to shareholders: $67.0 million ($1.05 per basic share), up $11.8 million ($0.19 per basic share) from $55.2 million ($0.86 per basic share) in the second quarter of 2011.
Adjusted income from continuing operations:(2) $48.7 million ($0.77 per basic share), down $11.3 million ($0.16 per basic share) from $60.0 million ($0.93 per basic share) in the second quarter of 2011.
Friday, August 17, 2012
Catalyst Sells Elk Falls Site
Catalyst
Paper today announced that it has reached agreement with Pacifica Deep Sea
Terminals Incorporated on the sale of its Elk Falls site in Campbell River. The
$8.6 million sale of the 400-acre industrial site and adjacent properties is
expected to close September 5, 2012. It completes Catalyst's comprehensive bid
review process which began earlier this year.
The
former pulp and paper site was indefinitely curtailed in 2009 and closed
permanently in 2010. The Elk Falls mill began operation in 1952, and at
its peak, produced 784,000 tonnes of pulp, paper and kraft paper annually.
Port Hawkesbury Paper; Conference Call & More News
Transcript to Port Hawkesbury Paper conference call:
Challenge of securing fiber:
As obstacles standing in the way of restarting the former NewPage
Port Hawkesbury paper mill in Cape Breton are knocked down, one remains
quietly under the radar.
Creditors of the NewPage mill voted overwhelmingly in support Wednesday of
selling the Point Tupper facility to Pacific West Commercial
Corp.
The positive vote leaves just two high-profile conditions that must be met
before reopening the paper mill — an advanced tax ruling and a discounted power
rate.
But a critical fibre agreement between the province and Pacific West, an
affiliate of Stern Partners Inc. of Vancouver, remains
unresolved.
NewPage Will Buy Stevens Point PM from Stora
As
part of its newly filed plan to emerge from Chapter 11 bankruptcy protection,
NewPage Corp. would buy one of its central Wisconsin paper machines from the
mill's former owner.
The
Miamisburg, Ohio-based manufacturer of coated paper currently leases the No. 35
machine at its Stevens Point mill from Stora Enso Oyj, said Cliff Bowers, a
local NewPage spokesman.
AF&PA Releases Containerboard Report
The
American Forest & Paper Association released its July 2012 U.S.
Containerboard Statistics Report today.
Containerboard
production rose 2.3% over June 2012 but fell 2.2% compared to same month last
year. The month-over-month average daily production decreased 1%. The
containerboard operating rate for July 2012 lost one point over June 2012 from
96.3% to 95.3%.
AF&PA Releases Paperboard Report
http://www.afandpa.org/
The
American Forest & Paper Association has released its July 2012 U.S.
Paperboard Report.
Total
boxboard production decreased by 4.1 percent compared to July 2011 and
decreased 0.4 percent from last month. Unbleached Kraft Folding production
decreased over the same month last year but increased compared to last month.
Total Solid Bleached Boxboard & Liner production decreased compared to July
2011 and last month. The production of Recycled Folding decreased compared to
July 2011 but increased when compared to last month.
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