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    RSS-News News RSS-News from paper-world.com - Add to Google! Page:    <<   1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29   >> 
     
     
    21.08.2013   KBA Rapida 75 and MBO folder in live production    ( Company news )

    Company news Picture: Visitors to Pack Print International 2013 will be treated to demonstrations of a KBA Rapida 75 in live production together with an M80 folder from MBO

    At the Pack Print International trade fair, to be held in Bangkok/Thailand from 28 to 31 August, KBA has reserved a 200m2 stand (No. K39) and will be presenting its latest sheetfed offset technologies in combination with folding equipment from new partner MBO.
    The press on show in Bangkok is a new-generation Rapida 75 in a five-colour coater configuration with raised foundations to accommodate packaging production with higher piles. Further features of the half-format press include SAPC plate changers, central format setting, CleanTronic Synchro washing systems, and ErgoTronic SpectroDrive for ink density measurements. In a series of production demonstrations, fair visitors will be able to witness the live printing of high-quality posters, maps and brochures, which will subsequently be finished on an M80 folder from MBO. The presentation of the M80 folder on the KBA stand is a first practical outcome of the cooperation agreement concluded between the two companies at China Print in May (see Press Release 13-040 dated 16.05.2013). Specialists from both KBA and MBO will be on hand to answer questions regarding the full range of products and services from the two companies.
    For KBA and MBO, Thailand is one of the growth markets in Asia. While other companies are reducing the size of their organisations, managing director Stefan Segger was able to announce the company's best-ever annual result to mark the 10th anniversary of KBA Asia-Pacific in 2012. KBA Asia-Pacific – and in future also MBO – will be supported in future sales and service activities in Thailand by Bangkok-based partner Intergraphics Co. Ltd. The latest sheetfed installations in the region include a six-colour Rapida 105 with coater at Printing Solutions in Bangkok, a Rapida 145 at Sahakij Packaging in Bang Khun Thian, and a four-colour Rapida 75 at Matichon in Nonthaburi.
    (Koenig & Bauer AG (KBA))
     
    21.08.2013   Minerals Technologies Signs Agreement for a New Satellite PCC Plant in Europe    ( Company news )

    Company news Facility Will Be the Company's Eleventh European Satellite

    Picture: President and Chief Executive Officer Robert S. Wetherbee

    Minerals Technologies Inc. (NYSE: MTX) announced it has signed an agreement for a 14,000-metric ton satellite precipitated calcium carbonate (PCC) plant in Europe. The satellite facility, which will produce PCC as a filler pigment, will become operational in the fourth quarter of 2014.
    "We are very pleased to have come to an agreement for a satellite PCC plant at a paper mill in Europe for an established paper company that wished to remain unnamed for competitive reasons," said Robert S. Wetherbee, chief executive officer of Minerals Technologies. "This facility will be our eleventh in Europe to deliver our PCC filling technology, which provides savings to papermakers by replacing higher-cost fiber."
    (Minerals Technologies Inc.)
     
    21.08.2013   GLATFELTER HIRES BRIAN E. JANKI AS VICE PRESIDENT & GENERAL MANAGER, ...    ( Company news )

    ...SPECIALTY PAPERS BUSINESS UNIT

    Glatfelter announced the hiring of Brian E. Janki as Vice President & General Manager of its Specialty Papers Business Unit (SPBU), effective August 14, 2013. Mr. Janki will have overall P&L responsibility for SPBU and will lead the development and implementation of strategies and tactical plans for this business unit.
    In making this announcement, Dante C. Parrini, Chairman & CEO, said, “Brian is a global leader who has a demonstrated track record of success in building high-performing teams, improving business performance, delivering results, and leading change. We look forward to his leadership and expertise as we welcome him to Glatfelter’s Senior Executive Team.”
    Mr. Janki has diverse leadership experiences which include assignments in Asia Pacific, Latin America, and North America. He comes to Glatfelter having most recently served as Vice President & General Manager, Rigid Industrial Packaging & Services for Greif. Mr. Janki worked for Greif for twelve years in a variety of progressive leadership assignments including P&L leadership of two business units, global responsibility for supply chain & sourcing, and transformational assignments including global oversight of the implementation of the Greif Business System.
    Prior to working at Greif, Mr. Janki served in supply chain and general business consultant roles with IBM Global Services, The ProAction Group and Ernst & Young, LLP. He brings over 18 years of experience in delivering results through a combination of leadership, operational excellence, and strategy deployment.
    Mr. Janki graduated with a Bachelor of Science in Business Administration, Finance and Accounting, from The Ohio State University. His executive development includes leadership and general management programs with the Fuqua School of Business, Duke University and the Ross School of Business at the University of Michigan.
    (Glatfelter Corporate Headquarters)
     
    21.08.2013   ANDRITZ to supply two tissue machines with steel Yankees to Zhejiang Jingxing Paper, China    ( Company news )

    Company news International technology Group ANDRITZ has received an order from Zhejiang Jingxing Paper, China, to supply two tissue machines with steel Yankees to its location in Pinghu city, Zhejiang Province, for the production of high-quality facial and toilet paper. Start-up of the machines is scheduled for end of 2014 and mid-2015 respectively.
    Zhejiang Jingxing Paper is one of Asia’s largest linerboard producers and is now entering the tissue business.
    The tissue machines, both of the type PrimeLineST, are designed for a speed of 1,900 m/min and for a paper width of 2.85 m. They will be equipped with 18 ft. PrimeDry Steel Yankees with head insulation. The steel Yankees, in combination with a steam-heated hood, enable a high drying capacity at minimized energy costs.
    With this order, the ANDRITZ PULP & PAPER business area, which manufactures its tissue machine components in Europe and China, is confirming its position as one of the leading suppliers of tissue machines and local services in China.
    (Andritz AG)
     
    21.08.2013   Brazil Biomass and Renewable Energy    ( Company news )

    Company news The Brazilian Association of Industries Biomass and Renewable Energy was founded in 2009 as national association and currently brings together 539 industries bioenergy and biomass, woodchips, wood bio briquette and wood bio pellets in 24 states the Brazil (production 28.497.844mil ton). I would like to take this opportunity to introduce the new site of the Brazil Biomass and Renewable Energy (http://www.wix.com/abibbrasil/brazilbiomass) a company of reference for international business development in bioenergy and biomass (woodchips, briquettes and pellets).
    Brazil Biomass and Renewable Energy is to stimulate the exploitation of renewable energy (bioenergy and biomass) resources in Brazil. BBRE promotes energy efficiency development and investment in the knowledge and use of renewable energy technologies for the benefit the Brazil. To establish a global platform of: researchers, engineers, economists, entrepreneurs, educators and decision makers whom will. Create awareness surrounding the potential of the renewable energy development in Brazil. Facilitate technology transfer and know-how to Brazil as biomass, bioenergy and renewable energy. Stimulate the exploitation of related technologies for supplying energy and biomass or bioenergy. Encourage the inward flow of investment through financial instruments by reforming legislations to meet the requirements of regulatory bodies. Promote national recognized training in renewable energy technologies. Sow the seeds of culture of renewable energy for individuals and societies.
    Currently, the biomass power industry reduces carbon emissions by more than 100 million tons each year and provides 37,000 jobs nationwide, many of which are in rural areas in Brazil. ABIB-BBRE is an organization with of increasing the use and production of biomass (woodchips, wood bio briquette and wood bio pellets) and bioenergy power and creating new jobs in the biomass industry the Brazil. ABIB-BBRE educates policy makers at the state and federal level about the benefits of biomass or bioenergy and provides regular briefings and research to keep members fully informed about public policy impacting the biomass and bioenergy industry. ABIB-BBRE is actively involved in the legislative process and supports policies that increase the use of biomass power (woodchips, wood bio briquette and wood bio pellets) and bioenergy (ethanol) other renewable energy sources in Brazil's. As policy makers at every level explore ways to lower greenhouse gases. ABIB-BBRE is an organization member companies and institutions that are dedicated to moving biomass and bioenergy into the mainstream of Brazil‘s economy, ensuring the success of the biomass and bioenergy industry while helping to build a sustainable and independent energy future for the nation.
    (ABIB Brazilian Association Industry Biomass and Renewable Energy)
     
    21.08.2013   Cascades Moka Bathroom Tissue Wins Bronze Stevie Award in 2013 International Business Awards    ( Company news )

    Company news Cascades once again honored for its sustainable and innovative practices

    Cascades announced that its Cascades® Moka® 100-percent recycled unbleached bathroom tissue has been honored with a bronze Stevie® Award in the prestigious International Business Awards℠ (IBA). Honored in the “Best New Product or Service of the Year—Business-to-Business Products” category, the commercial tissue, with its beige colorTM *, was praised by offering uncompromised softness and hygiene qualities with a recipe that significantly reduces environmental impact.
    “Our Cascades Moka bathroom tissue is a true example of what innovation and care for the environment can bring to a marketplace hungry for products that are kind to the environment,” said Suzanne Blanchet, Cascades Tissue Group CEO. “Practicing sustainability is in our DNA at Cascades and guides everything we do.”
    Cascades will receive its award on October 14 at a gala event in the W Hotel in Barcelona, Spain. This is the second time in recent years that a Cascades product has won a Stevie Award. Cascades Antibacterial won a 2011 Stevie Award for Best New Product in the Health Category.

    Innovation at the Service of Environment
    In addition to eliminating chemical whitening, Cascades Moka tissue paper is made of a pulp mix composed of 100 percent recycled fiber, 80 percent of which is post-consumer material and 20 percent is recovered corrugated boxes. A detailed life cycle analysis confirmed the clear advantage of this recipe, as it has an environmental impact 25 percent smaller than Cascades traditional recycled products, which are whitened without chlorine. The product's innovative nature was honored before, as it won Gold level from the Green Manufacturer 2013 Product Innovation Awards and a Novae Competition Eco-Design Award in 2012.
    Earlier this year, Cascades extended the Cascades Moka product line with facial tissue based on the success and growing demand of this innovative bathroom tissue.
    (Cascades Tissue Group)
     
    21.08.2013   Press Release: "Tissue Workshop at Lucense 2013"    ( Company news )

    Company news emtec Electronic´s Tissue Workshop at Lucense SCpA in Lucca

    Picture: TSA Tissue Softness Analyzer

    During the MIAC exhibition (Lucca, Italy) in October, emtec Electronic will arrange a Tissue Workshop together with the Center of Paper Quality Lucense for the first time. On Thursday, October 17, interested persons from the tissue industry (pulp and tissue producers, chemical suppliers as well as tissue converters) are invited to attend this workshop right next to the MIAC exhibition area at Lucense SCpA.
    The emtec TSA Tissue Softness Analyzer, which will be introduced during the workshop, is on its way to become an industrial standard worldwide, because it opens completely new and exciting options for process optimization, complaint management, product development and QA. From 09:00 to 11:00 am there will be a presentation about the TSA and the “subjective vs. objective determination of the tissue handfeel”. After the presentation it will be enough time to discuss the device in detail, to speak with our experts and to measure any kind of tissue samples.
    At the end of the production process, the softness respectively the handfeel of the tissue has to be determined to assure the quality of such products. On the one hand, subjective handfeel panels exist for this task and on the other hand the TSA Tissue Softness Analyzer gives objective and reliable results. These two positions have to be considered but also to be combined, to reach the best results for the tissue quality in terms of softness. Also important to clarify are the terms “softness” and “handfeel”. Is it the same? Or is there a difference? Answers and explanations will be given on October 17 during our Tissue Workshop at Lucense SCpA in Lucca.
    (emtec Electronic GmbH)
     
    20.08.2013   Flint Group presents high quality systems for flexo printing at ProFlex    ( Company news )

    Company news Picture: nyloflex® NExT

    Flint Group will again participate at ProFlex in Stuttgart, which will take place on September 10, and 11, 2013 at the Stuttgart Media University. Visitors of the 68th DFTA symposium can find comprehensive information on Flint Group’s portfolio of innovative products, technologies and sustainable solutions at stand # 22.
    The main focus of Flint Group Flexographic Products’ presentation will be the innovative technology for producing flat top dots and surface screening, nyloflex® NExT which offers a range of advantages to the user. In flexible packaging, printing plates exposed with this technology enable excellent ink transfer, particularly in solids. In corrugated printing, fluting will considerably be reduced. nyloflex® NExT provides significantly improved reproduction quality and long-term stability. The exposure technology is applicable for all digital flexographic printing plates and can be easily implemented into the existing digital workflow. In contrast to most of the competitive flat top dot technologies, there is no need for additional consumables.
    The NEW nyloflex® ACE plate shows considerable benefits to the printer - besides a precise reproduction of details, high contrast images and smoother vignettes, it shows its strengths particularly with outstanding stability on press, reduced downtimes due to a very low dust attraction and a clean running nature during printing. The plate displays excellent properties when used with the nyloflex® NExT exposure technology, for which it has been especially designed.
    Flint Group Packaging and Narrow Web presents VarioLam, a PUR-based ink system for all major films in packaging printing. This innovative “multi purpose“ system is specifically designed for high performance lamination printing including retort applications, for laminations with both solvent-based and solvent-free adhesives and is free of PVB, NC and monomeric plasticizer. VarioLam – the next generation flexo ink series with focus on lamination structures – is suitable especially for stand up pouches.
    The water-based flexo ink series Premo®Film SXS provides a sustainable solution for surface printing on polyolefin films. Developed in order to meet the increased demand for environmentally friendly packaging solutions, the ink series is suitable for compostable packaging as well as a number of additional applications. Premo®Film SXS is based on a unique self cross-linking technology that enables the ink film to have very good adhesion to non absorbent substrates such as oPP and PE. Adhesion characteristics with Premo®Film SXS are far better than with any conventional water-based ink. Its good adhesion makes it ideal for stringent end-use applications such as carrier and ice cube bags. Especially in water-based flexo printing inks Flint Group is one of the strongest suppliers in the market.
    You are invited to visit booth # 22 to see Flint Group’s innovative products and sustainable solutions.
    (Flint Group Germany GmbH)
     
    20.08.2013   FORTRESS PAPER PROVIDES COGENERATION FACILITY UPDATE     ( Company news )

    Company news Picture: Thurso Mill

    Fortress Paper Ltd. ("Fortress Paper" or the "Company") reports that the high pressure water pump at its Fortress Specialty Cellulose Mill (the "FSC Mill") was re-installed on July 12, 2013 and the cogeneration facility operated for 20 days before being shut-down due to pump failure. The back-up high pressure water pump was then installed on August 5, 2013 and its operation was again unsustainable due to inadequate repairs. The Company has already placed an order with another supplier for a high pressure water pump which is expected to arrive in approximately four weeks for installation.
    Despite these setbacks, the Company completed all major testing of equipment during the operating period. The facility successfully completed 18 and 24 MWH output testing. The Company anticipates completing the final 100 hour test as soon as the new pump is installed and tested. Fortress expects the cogeneration facility will be delivering power to the Hydro Quebec grid at the contractual rate within 24 hours of completing the test.
    Chad Wasilenkoff, Chief Executive Officer of Fortress Paper commented, "Although the performance of the repair by the supplier of the pump has been disappointing, we are pleased that we were able to complete all major testing of equipment. The Company will proceed with an alternate pump supplier in order to complete the final 100 hour test before delivering power to the Hydro Quebec grid an d ultimately reducing our production costs."
    (Fortress Paper Ltd)
     
    20.08.2013   MERCER INTERNATIONAL INC. REPORTS 2013 SECOND QUARTER RESULTS    ( Company news )

    Company news Picture: Celgar mill

    Mercer International Inc. (Nasdaq: MERC, TSX: MRI.U) reported results for the second quarter ended June 30, 2013. Operating EBITDA* in the second quarter of2013 was €14.0 million ($18.3 million), compared to €32.9 million ($42.2 million) in the second quarter of 2012 and €24.3 million ($32.1 million) in the first quarter of 2013.
    For the second quarter of 2013, we had a net loss of €9.9 million ($12.9 million), or €0.18 ($0.24) per share, compared to net income of €1.5 million ($1.9 million), or €0.03 ($0.04) per share, in the second quarter of 2012 and a net loss of €0.4 million ($0.5 million), or €0.01 ($0.01) per share, for the first quarter of 2013.

    President's Comments
    Mr. Jimmy S.H. Lee, President and Chairman, stated: "During the current quarter, we achieved Operating EBITDA of €14.0 million. In the quarter, the Celgar mill took its annual maintenance shutdown. As a result of weather, equipment and execution issues, the shutdown was four days longer and the startup slower than budgeted. The shutdown negatively impacted our operating income by approximately €11.0 million in the current quarter. Our results also reflect generally weak pulp prices and the continuing strength of the Euro versus the U.S. dollar, partially offset by strong sales. Overall, pulp sales volumes increased by approximately 3% to 368,285 ADMTs during the second quarter of 2013 from 356,660 ADMTs in the prior quarter."
    Mr. Lee continued: "Pulp production in the current quarter was approximately 12,000 ADMTs lower than the first quarter of 2013, primarily as a result of lost production from the Celgar mill maintenance shutdown. This also resulted in lower energy production as well as energy and chemical revenues decreasing by approximately 9% to €16.5 million in the current quarter compared to the prior quarter.
    Mr. Lee continued: "Pulp list prices increased marginally in the second quarter of 2013. At the end of the second quarter of 2013, list prices in Europe were approximately $860 per ADMT and in North America and China were approximately $950 and $690 per ADMT, respectively. We are currently expecting demand levels and pricing to have an upward trend in the latter part of 2013. We believe supply and demand levels through the summer should benefit from significant producer maintenance downtime during the summer months. In addition, the announced closure of a Norwegian mill (Tofte) and new tissue capacity coming online in China are expected to keep the supply and demand levels in balance."
    Mr. Lee continued: "Fiber costs at our German mills were higher during the second quarter of 2013 due to continuing strong demand from European pellet and board producers, which has been compounded by increased demand for fiber from sawmills and an undersupply of sawlogs. Higher fiber costs in Germany were partially offset by modest price decreases in Canada. Going forward this year, we currently expect fiber costs in Germany to marginally increase before stabilizing and in Canada to decrease moderately."
    Mr. Lee continued: "The recent floods in Germany, including areas around Stendal, did not affect our German mills directly, though there were some in cremental logistics costs as trucks and trains were forced to re-route, as well as some incremental personnel costs due to higher than usual levels of over-time and some related housing expenses."
    Mr. Lee added: "In order to improve its competitiveness, our Celgar mill is reducing its workforce by approximately 85 employees, with the majority of employees leaving the mill over the next 12 months. This action is being taken to reduce the mill's fixed costs.
    We currently estimate incurring pre-tax charges of approximately $6.0 million to $8.0 million for severance and other personnel related
    expenses in connection with such reduction. Over 85% of these charges are expected to be recognized by the end of 2013. We currently estimate that our Celgar mill will realize approximately $8.0 million to $10.0 million in annual pre-tax cost savings once the workforce restructuring has been fully implemented. Based upon our planned workforce reduction schedule, we currently expect to realize approximately 80% of such annual cost savingsin 2014."
    Mr. Lee concluded: "Project Blue Mill at our Stendal mill, designed to increase the mill's annual energy production by 109,000 MWh and annual pulp production by 30,000 ADMTs, remains largely on time and budget. We look forward to realizing revenues and benefits from this project in the last quarter of this year."
    (Mercer International Inc.)
     
    20.08.2013   NEW PUMP/LIFT COMBINATIONS IMPROVES SPILL CONTAINMENT AND LOWERS ...    ( Company news )

    Company news ... PRODUCTION COST

    Many manufacturing processes have on the production floor, fluids such as adhesives, oils, perfumes, additives, etc. in open 55 gallon drums or similar containers.

    Containment of spillage from these containers while being moved or used is essential. Spilled fluids result in safety and clean up problems that can be avoided.

    Widely used to keep such spillage from the floor, is a Standard Spill Containment Pallet which measures 40 X 40 inches and is designed to contain more than a full 55 gallon drums contents should it be ruptured. The drum to be used is placed on this pallet.

    With a 36 inch stroke, adjustments are automatically made for various drum and pallet sizes.

    Spraymation’s newly improved Pneumatic all Stainless Steel Pumps are a world class pumping system. Ratios of 50:1and 28:1 are available with adjustable packings for long pump life. Pneumatic lockout valves and high pressure automatic dump valves comply with zero energy lock out requirements.

    Please write or e-mail for complete Information
    Telephone: 954/484-9700
    Website: www.spraymation.com
    E-mail: eSales@spraymation.com
    (Spraymation Inc.)
     
    20.08.2013   Specialty papers for food packaging: ANDRITZ to supply new sludge dewatering plant to ...    ( Company news )

    Company news ... Stora Enso, Sweden

    International technology Group ANDRITZ has received an order from Stora Enso to supply a new sludge dewatering line for thickening and dewatering of fibrous sludges for the board mill Skoghall, Sweden. With a capacity of up to 750,000 tons per year, Skoghall is one of the world’s largest producers of liquid packaging board. Start-up of the new ANDRITZ plant is scheduled for April 2014.
    The order comprises delivery of a gravity table and a sludge screw press to process up to 50 tons of mixed sludge per day, thus significantly increasing the capacity of the existing sludge dewatering plants. The sludge to be dewatered consists of a mixture of fibrous and biological sludges, as well as chemical sludges from the mill’s CTMP line. The ANDRITZ sludge screw press dewaters the mixed sludge to the highest possible dryness that can be achieved today by mechanical means.
    In order to meet the new process requirements resulting from this plant extension, Stora Enso’s order also includes the rebuild of an existing ANDRITZ belt press supplied in 1989. Due to the higher final dryness achieved through the dewatering lines in the future, Stora Enso Skoghall will be able to feed a higher amount of dewatered sludge to the power boiler and operate it with greater energy efficiency.
    (Andritz AG)
     
    19.08.2013    POLAR LabelDays 2013 - Providing solutions for efficient label production    ( Company news )

    Company news Picture: POLAR LabelSystem DC-11plus

    POLAR organizes its LabelDays 2013 parallel with the LabelExpo held in Brussels. From 23 to 27 September, customers will have the opportunity to go to Hofheim and inform themselves about the latest solutions to streamline their label production.
    They will see both, systems for producing square-cut and die-cut labels, as well as systems for securities printing. Please feel free to contact your local sales partner to make an appointment for your visit. The following equipment will be shown:

    LabelSystems DC-11 and DC-11plus
    DC-11, as well as DC-11plus provide a highly-automated in-line production of banded die-cut labels with minimum staff. Of course, they ensure ultimate square and die-cutting precision. While the DC-11 reaches an output of 960 packs per hour, the DC-11plus model increases the performance by up to 37.5% and reaches a fabulous 1,320 packs per hour.

    POLAR LabelSystem SC-21
    The SC-21 provides maximum efficiency in square-cut label manufacturing, because production steps are carried out in parallel mode. In this way, up to 3,185 packs are produced per hour with minimum staff. The automatic cutter POLAR Autocut 115 is the key component which ensures utmost cutting precision due to the lateral and front gauges.

    POLAR LabelSystem SC-25
    Maximum efficiency and cutting precision characterize also the SC-25 model. Two gangs of strips can be processed simultaneously and help to obtain new performance dimensions of up to 1,560 packs banded in 60 minutes. It is designed as a modular system especially for industrial manufacturing of minimum-size labels. Therefore, it can be adapted to the different customer requirements.

    POLAR High-Speed Cutter N115 PRO TwinClamp
    TwinClamp was especially developed to meet the demands of the securities printing sector. This specialized cutting machine is able to compensate height differences in the cutting material and allows to work with a higher clamp opening and still obtain a uniform cutting precision.
    (POLAR-MOHR Maschinenvertriebsgesellschaft GmbH & Co. KG)
     
    19.08.2013   Heidelberg achieves significant improvement in result for first quarter of 2013/2014    ( Company news )

    Company news -Sales of EUR 504 million in line with expectations
    -Operating result excluding special items (EBITDA) some EUR 45 million better than in previous year at EUR -2 million
    -Free cash flow including payments for Focus 2012 at break-even (previous year: EUR -112 million)
    -Outlook remains unchanged: Aiming for net profit in financial year 2013/2014

    Picture: Heidelberg CEO Gerold Linzbach

    The new organization and the comprehensive range of cost-cutting measures are showing tangible results at Heidelberger Druckmaschinen AG (Heidelberg). As expected, the company significantly improved its operating result in the first quarter of financial year 2013/2014 (April 1 to June 30, 2013), which puts it on the right track for meeting its target of a positive net result for the year.
    "The substantial increase in our operating result makes us confident that we will record a profit for the year as a whole," said Heidelberg CEO Gerold Linzbach. "In order to achieve this, we are systematically pressing ahead with our strategic reorganization so as to further improve our margins for new machine sales in the future and adapt our cost structures to the market situation on an ongoing basis," he added.
    Group sales in the first quarter were in line with expectations at EUR 504 million, despite being around 3 percent down on the figure for the same quarter of the previous year (EUR 520 million). Sales fell slightly in all three segments - Equipment, Services and Financial Services. In most regions, they matched the previous year's level. In the South America region, however, Brazil's continuing economic difficulties hit business hard.
    As expected, results improved significantly in the first quarter thanks to sustained savings from Focus 2012 and higher profit contributions for new equipment. What's more, the previous year's results had been burdened by trade show expenditures. EBITDA excluding special items improved considerably from EUR -47 million to EUR -2 million. At EUR -20 million, the result of operating activities ( EBIT) excluding special items clearly surpassed the previous year's figure of EUR -67 million. Special items in the reporting period totaled EUR 1 million (previous year: EUR 6 million). At EUR -12 million, the financial result for the first quarter remained stable at the previous year's level. Accordingly, the pre-tax result improved significantly from EUR -85 million to around EUR -33 million. Overall, the net loss in the first quarter of 2013/2014 was halved from the previous year's figure of EUR -76 million to EUR -38 million.
    Incoming orders amounted to EUR 643 million in the reporting period. The far higher order volume of EUR 890 million in the same quarter of the previous year can be explained by the industry trade show drupa, which took place in May 2012. The China Print trade show in May this year went well, but coincided with a reluctance to invest in the Europe, Middle East and Africa region and the South America region, especially in Brazil. At EUR 602 million, the order backlog at June 30, 2013 was 20 percent up on the figure for the previous quarter (EUR 502 million).

    Free cash flow, including payments for Focus totaling EUR 31 million, at break-even; net debt at the same level
    Thanks to the continuation of comprehensive asset management and the net working capital program, the free cash flow reached break-even in the first quarter. This was a sizable improvement of around EUR 112 million compared to the figure for the same quarter of the previous year.
    Thanks to the free cash flow breaking even, at EUR 258 million net debt remained at almost the same level as at financial year-end 2012/2013 and did so despite further payments for Focus 2012 amounting to some EUR 31 million in the first quarter.
    "Thanks to systematic asset management over the past four years, we have succeeded in also covering our restructuring costs with the free cash flow. This has enabled Heidelberg to keep its net debt at a low level," said CFO Dirk Kaliebe. "With the recent successful convertible bond issue and our existing bond, the majority of our debt is now covered by long-term capital market instruments. This places Heidelberg on a sound financial footing," he added.
    By issuing a convertible bond in July 2013, Heidelberg further diversified its financing structure in terms of both financing sources and maturity profile. The EUR 60 million convertible bond matures in July 2017. Issuing it enabled the company to further reduce its syndicated credit line to around EUR 416 million.
    As expected, due to the net loss for the quarter, equity at June 30, 2013 had decreased by € 37 million to € 364 million compared to the level recorded at March 31, 2013. The equity ratio was 16 percent (previous year: 17 percent). Along with the planned return to profitability, Heidelberg is endeavoring to achieve a sustainable improvement in its equity ratio in the medium term.
    As planned, the workforce as of June 30, 2013 fell to 13,669 (same quarter of the previous year: 14,899). The aim is to reduce the Group's headcount to less than 13,500 by mid-2014 at the latest.

    Outlook remains unchanged: Aiming for net profit in financial year 2013/2014
    The outlook for financial year 2013/2014 and the subsequent years remains unchanged. Economic uncertainties and risks persist, especially in the emerging markets of China and Brazil that are important to Heidelberg. As in previous years, Heidelberg is expecting its sales to pick up in the second half of the financial year. Accordingly, the company's aim is to match the previous year's Group sales in financial year 2013/2014 as a whole. The expected distribution of sales between the first and second half of the year will also influence the operating result in the course of the year. This was still negative in the first quarter but nevertheless was a big improvement on the figure for the previous year. The company expects the result of operating activities excluding special items to continue to improve over the coming quarters and be considerably higher for the year as a whole than in the previous year. Further one-time expenses for Focus 2012 will be incurred during the current financial year. The financial result will be slightly better than in the previous year. With the measures it has introduced, the company still aims at achieving a net profit in financial year 2013/2014.
    (Heidelberger Druckmaschinen AG)
     
    19.08.2013   Verso Paper Corp. Reports Second Quarter 2013 Results    ( Company news )

    Company news Picture: David J. Paterson, President and Chief Executive Officer

    Verso Paper Corp. (NYSE: VRS) reported financial results for the second quarter and six months ended June 30, 2013. Results for quarters ended June 30, 2013 and 2012 include:
    -Operating loss of $8.5 million in the second quarter of 2013, compared to operating loss of $9.5 million in the second quarter of 2012, and operating loss of $9.6 million in the first half of 2013, compared to operating loss of $21.8 million in the first half of 2012.
    -Net loss before items of $39.2 million, or $0.74 per diluted share, in the second quarter of 2013, compared to net loss before items of $43.1 million, or $0.81 per diluted share, in the second quarter of 2012.
    -Adjusted EBITDA before pro forma effects of profitability program of $22.2 million in the second quarter of 2013, compared to $23.5 million in the second quarter of 2012 (Note: Adjusted EBITDA is a non-GAAP financial measure and is defined and reconciled to net income later in this release).

    Overview
    Verso's net sales for the second quarter of 2013 decreased $34.9 million, or 9.5%, compared to the second quarter of 2012, reflecting a 10.4% decline in total sales volume, which was driven by the closure of the Sartell mill in the third quarter of 2012. The average sales price per ton increased slightly over the same period in the prior year driven by higher sales prices for our pulp and other segments, while coated prices remained flat. Verso's gross margin was 11.0% for the second quarter of 2013 compared to 11.5% for the second quarter of 2012.
    Verso reported a net loss before special items of $39.2 million in the second quarter of 2013, or $0.74 per diluted share, excluding special items of $3.8 million, or $0.07 per diluted share, primarily related to unrealized losses on energy-related derivative contracts. Verso had a net loss before special items of $43.1 million, or $0.81 per diluted share, in the second quarter of 2012, which excluded $22.4 million of net benefits from special items, or $0.42 per diluted share, primarily due to gains on early debt extinguishment.
    "During the second quarter we saw the continuation of improved pricing in our pulp and specialty papers segments, said David Paterson, President and Chief Executive Officer of Verso. "In combination with strong volumes, we continue to expect a strong year in both of these segments. In our coated paper segment, prices have been stable for the first half of the year and we are seeing price improvements as we enter the third quarter. Coated paper volumes declined during the first half of the year, reflecting the closure of our Sartell, Minnesota mill in the third quarter of 2012. Our ‘R-Gap' benchmarking and improvement process continues to deliver solid cost reductions across our operations platform.
    "Last quarter we discussed the natural gas situation affecting our facilities in Maine. While the price of natural gas has remained stable, we continue to see upward pressure on the longer term delivery and other charges associated with obtaining natural gas at our Maine facilities. We continue to prepare for next winter in an effort to mitigate any recurrence of the record spikes in natural gas delivery charges that we experienced last year."
    (Verso Paper Corp.)
     
    19.08.2013   LEIPA strengthens its commitment in Austria and Central and Eastern Europe    ( Company news )

    Company news In the end of June 2013, the two family owend companies together, the Austrian Merckens Handels GmbH, Vienna and LEIPA Georg Leinfelder GmbH, Germany made the decision to set up a new sales company. LEIPA AUSTRIA & CEE GmbH opened its office in Austria, based in Vienna, on the 1st August 2013. This sales office will represent LEIPA in the following markets: Czech Republic, Slovakia, Hungary and all other important Southeast European countries. With the gradual integration of all products of the LEIPA Group (magazine paper, liner, board, special paper, flexible packaging) the awareness of LEIPA will be further increased. Together with the two Managing Directors, Ferdinand E. Auersperg and Derik Venn, an experienced team with detailed knowledge of the market will be based on site. LEIPA already has sales offices in Poland, France and the UK. In all these growing areas – LEIPA will continue to adapt to the ongoing demands and developments in these countries!
    (LEIPA Georg Leinfelder GmbH)
     
    16.08.2013   Propasa begins producing high quality board with Voith equipment    ( Company news )

    Company news Picture: MasterJet Pro F/B headbox

    Mexican board producer Propasa aimed to increase production by up to 25% to manufacture nearly 500 metric tons of board per day, as well as to improve the final quality of its product, so it chose Voith to rebuild its PM 3.
    The project's first part included the supply of a MasterJet Pro F/B headbox with ModuleJet II dilution control as well as the rebuild of the forming section including a DuoShake that allows for greater homogeneity in the paper web formation. Furthermore, the reel and winder were modernized. In a second step, the dryer section was rebuilt.
    Propasa also utilized Voith’s basic engineering services for the steam and condensate, lubrication, ventilation and vacuum systems.
    Shortly after start-up, the machine was producing saleable paper and there was a visible improvement in product quality. With this outcome, the company has taken an important step towards consolidating the group's growth in highly competitive markets such as Mexico and the USA.
    The project's second phase was completed in July 2013 when two dryer sections were added to the machine, thereby increasing the machine's speed.
    (Voith Paper GmbH & Co KG)
     
    16.08.2013   KBA: €10m pre-tax profit in second quarter    ( Company news )

    Company news Half-year report for Koenig & Bauer (KBA)

    Picture: Claus Bolza-Schünemann (President - Head of press engineering, human resources, legal affairs and insurance)

    --- Substantially more sheetfed orders in second quarter --- Sluggish demand in web and special presses --- Sales shortfall from first quarter nearly halved --- Significant earnings improvement after six months
    --- Continuing good liquidity and solid balance sheet --- Progress with strategic developments --- Outlook for 2013: EBT similar to last year attainable

    Compared to the end of March earnings at the Koenig & Bauer Group (KBA) have improved considerably after six months. The world’s number two in press manufacturing generated a pre-tax profit of €10m in the second quarter thanks to higher sales, a profitable product mix and cost savings. After the first three months the pre-tax loss stood at –€18.8m resulting from the insufficient sales volume. A pre-tax loss of –€8.8m (2012: +€6.7m) was reported due to the shortfall in sales still noticeable after six months. Group net loss came to –€10.6m (2012: +€3.6m) and corresponds to earnings per share of –€0.64. Management expects earnings to continue to improve in the second half of the year and to achieve positive pre-tax earnings similar to 2012 despite ongoing restructuring measures.

    Media shift and economy strain order intake
    KBA’s strong position in packaging printing and successful trade fairs in China and Turkey pushed new sheetfed orders to €161m in the second quarter. However, over the full six months orders in this division were down by 19.3% to €293.8m compared to last year’s high figure boosted by the global trade fair Drupa. Despite several orders from Germany, France and the Middle East, KBA has felt the reluctance of newspaper and commercial printers to invest in web presses. This reservation has been driven by media shifts and intensified by a weak economy in some markets. After the extraordinary high in 2011, the order volume for special presses has fallen back to the average level, even though significant restraint is currently noticeable and new project conclusions are delayed. Thus the volume of new orders in the web and special press division stood at €150.8m, 30% lower than the previous year. To sum up after six months group order intake of €444.6m was 23.3% down on last year’s figure. At 30 June group order backlog came to €590.4m.

    Significantly higher quarterly sales
    With above-average revenue of €311.5m generated in the second quarter the gap to last year has become considerably smaller. However, after six months group sales of €502.2m were 15% lower than twelve months ago (€590.5m). Sales of €255.4m generated by the web and special press division fell over 26% short of last year’s figure due to deliveries postponed to the second half of the year. In contrast, sheetfed sales were up 1.6% to €246.8m.

    Earnings up in sheetfed division
    Advances made in various cost-cutting measures have contributed to halving last year’s operating loss of –€18m in the sheetfed division to –€9.4m. From April to June results in this division improved from –€5.9m in the first quarter to –€3.5m. Postponed shipments to the second half of the year, market-related insufficient capacity utilisation at our web press facilities and development expenses associated with our new business field digital printing reduced operating profit in our web and special press division from €30.5m in 2012 to €4.5m.

    Positive operating cash flow and comfortable net liquidity
    Positive cash flows from operating activities of €12.1m were mainly due to higher customer prepayments, even though inventories for upcoming deliveries have swelled. The free cash flow was almost balanced at −€1.1m and funds of €188.9m will continue to be supplemented by ample credit lines. After deducting reduced bank loans of €23m, net liquidity was a comfortable €165.9m. Equity of €426.8m represented 34.8% of the balance sheet total.

    Future markets gain in importance
    Domestic sales were up €38.1m on 2012 to €98.9m and KBA’s export ratio was below average at 80.3% accordingly. Economic weakness saw shipments to the rest of Europe fall to €129.8m compared to €168.6m the previous year. At 25.8% the proportion of sales generated in this region in the first-half year 2013 stood at only half of the historical average of over 50%. In contrast, given the lift in sheetfed sales and some web press deliveries the regional proportion of North America was up to 12.6%. At €210.4m the future markets Asia-Pacific, Latin America and Africa contributed 41.9% to group sales.

    Further consolidation in web press business
    At the end of June group workforce totalled 6,158, down 94 from the same time the previous year. Excluding apprentices, student trainees, temporary employees and staff on phased retirement schemes, the number of group employees was down to 5,431. Given market trends in the web press sector, KBA CEO Claus Bolza-Schünemann believes that further consolidation is indispensable. Management is considering alternative business models intensively to combat the sharply declined sales volume in the web press business. Potential reductions in workforce still have to be negotiated with employee representatives.

    Outlook for 2013
    Given the slowdown in the global economy and the unstable situation in the Middle East and Latin America, KBA’s management is aware of some risks facing the export business. CEO Claus Bolza-Schünemann: “The volume of orders obtained in the next three months is crucial to just how close group sales in 2013 will come to last year’s figure of nearly €1.3bn. Taking into account the current economic climate, we cannot rule out a single-digit percentage decline in sales compared to 2012.”
    KBA expects improved operating results in the course of the year as it pushes forward with turn-around programmes in its traditional web and sheetfed business. Projects to harmonise processes and align group-wide purchasing are well on target. As part of this KBA is also investing in ensuring its competitiveness in the future. Despite the risks and expenses mentioned, management is targeting a group pre-tax profit (EBT) similar to last year (€6.1m). CFO Dr Axel Kaufmann: “Our annual earnings guidance anticipates a similar product mix as last year and takes into account the possibility of a slight decline in sales. It also covers our investment strategy for growth and process harmonising or potential expenses resulting from capacity adjustments at our web facilities.”
    In the half-year report, CEO Claus Bolza-Schünemann also pointed to advances in the continuing strategic development of KBA. An important milestone was reached in setting up the new product field high-performance digital printing with the first order for the KBA RotaJET inkjet press. Further digital projects will soon be finalised. The final closing of the acquisition of Italian press manufacturer Flexotecnica is planned for September. Flexotecnica is active in the flexible packaging market. A further diversification step in another prospering packaging niche is the recently announced majority takeover of Kammann Maschinenbau. Kammann is the market leader in screen printing presses for directly decorating premium-quality hollow glass containers for the cosmetics and spirituous beverage industry. In the mid-term KBA aims to compensate as much as possible for the slump in traditional web offset sales with the entry into growing and profitable market segments and to improve group earnings.
    (Koenig & Bauer (KBA))
     
    16.08.2013   Resolute Reports Preliminary Second Quarter 2013 Results    ( Company news )

    Company news -Reports Q2 net income of $18 million / $0.19 per share, excluding special items
    -Continues to reduce newsprint cost
    -Reduces annual cash interest burden by $16 million with refinancing

    Picture: Richard Garneau, President and Chief Executive Officer

    Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) reported a net loss of $43 million for the quarter ended June 30, 2013, or $0.45 per share, on sales of $1.1 billion. This compares with a net loss of $17 million, or $0.17 per share, on sales of $1.2 billion in the second quarter ended June 30, 2012.
    Excluding $61 million of special items described below, net income for the quarter was $18 million, or $0.19 per diluted share. Excluding special items of $50 million, net income in the second quarter of 2012 was $33 million, or $0.33 per diluted share. Adjusted EBITDA was $90 million in the quarter, compared to $124 million in the year-ago period.
    "We faced softer pricing conditions overall in the second quarter, but we preserved margin with efficiencies and cost reductions," said Richard Garneau, president and chief executive officer. "Our continued focus on operational excellence in our streamlined asset base makes us competitive even in environments like those facing our industry today."

    OPERATING INCOME VARIANCE
    The Company recorded operating income of $3 million in the second quarter, a $35 million improvement over the second quarter of 2012. Overall sales were down by 5%, or $61 million, to $1.1 billion. Continued cost reductions helped lower manufacturing costs by $23 million, mainly due to lower labor costs and operating efficiencies, in addition to benefits from external power sales from new cogeneration facilities. Higher pricing for wood products mostly offset lower pricing in paper grades, including a $24 million unfavorable change in newsprint pricing.
    Compared to the second quarter of 2012, the Company took 85,000 metric tons less downtime in its pulp and paper segments. Shipments were down $32 million, in line with its efforts to streamline and adapt to changing market dynamics by focusing production in the most cost-effective mills. The Company now operates four fewer machines overall compared to the year-ago period, excluding the three pulp mills acquired with Fibrek Inc. Closure costs associated with these asset optimization initiatives were $76 million higher in last year's second quarter.

    SEGMENT DETAILS

    Newsprint
    Operating income in the newsprint segment was $10 million in the second quarter, a $12 million improvement over the first quarter. The 7% drop in operating cost per unit ("delivered cost"), or $42 per metric ton, more than offset the 3% reduction in average transaction price, or $21 per metric ton, the steepest price drop in three consecutive quarters of declines. Newsprint production costs touched record Company lows in the quarter due to lower labor and seasonal steam costs, and the favorable full-quarter contribution of power sales from the new Thunder Bay cogeneration assets. The Gatineau, Québec, mill began making newsprint in May, and its cogeneration facility made its first sale of power on June 15. Despite lower overall pricing, newsprint sales in the quarter rose by 2% to $364 million because of a 6% increase in shipments. Consistent with the prior quarter, export sales were 45%.

    Coated Papers
    The coated papers segment reported operating income of $2 million in the second quarter, up from breakeven in the first quarter. Sales fell by 6% to $96 million as a result of a 4% drop in average transaction price, or $36 per short ton, and a 2% reduction in volume in a lower-demand environment. Delivered cost, however, dropped by 5%, or $44 per short ton, falling below the trailing twelve month average for the first time since the second quarter of 2011. The improvement in manufacturing costs demonstrates the Company's progress toward operating its Catawba, South Carolina, facility more profitably on only two machines.

    Specialty Papers
    Operating income in the specialty papers segment dropped $8 million from the first quarter to breakeven in the second quarter. Sales rose by 2% to $242 million on a 4% seasonal increase in shipments, partially offset by a 2% reduction in average transaction price, or $15 per short ton. Delivered cost increased by 2%, or $14 per short ton, primarily because of a cold outage at the Calhoun, Tennessee, mill.

    Market Pulp
    The market pulp segment generated operating income of $10 million in the second quarter, $15 million higher than in the previous quarter. Sales increased by 10% to $263 million on a 4% increase in average transaction price, or $27 per metric ton, and a 5% increase in shipments as the Company reduced inventory by 13%. Delivered cost was down 2% as a result of lower wood, labor and maintenance costs, and the favorable full-quarter contribution of power sales from the new Thunder Bay cogeneration assets.

    Wood Products
    Operating income in the wood products segment was $16 million in the second quarter, unchanged from the prior quarter. Sales increased by 3% as shipments rose by 2% and average transaction price improved by 1%, or $4 per thousand board feet. The higher sales were offset by a 1% increase in delivered cost, most of which was due to higher stumpage fees, which are linked to selling prices. The Company scheduled downtime at most of its sawmills during peak vacation periods in the third quarter to reduce the buildup in inventory as a result of lower than expected demand in May and June.

    CORPORATE & FINANCE
    On May 8, the Company completed the private offering of $600 million of 5.875% unsecured senior notes due 2023, using the proceeds to repurchase $496 million of 10.25% senior secured notes due 2018. Refinancing the secured notes with unsecured notes also reduces the annual cash interest burden by $16 million and adds five years to maturity.
    As will be more fully described in the quarterly report on Form 10-Q for the period ended June 30, during the second quarter, the Company changed its accounting policy from the direct expensing of costs associated with planned major maintenance activities to the deferral method. The change in accounting policy was applied retroactively by adjusting comparative consolidated financial statements for the new policy, including the information presented in this earnings release, as applicable.

    OUTLOOK
    Mr. Garneau added: "Domestic newsprint prices have stabilized but the markets remain fragile as North American exports gradually improve. As some international markets are showing, however, conditions can change with currency fluctuations against the U.S. dollar. We expect relatively stable market conditions in market pulp for the balance of the year, and modest seasonal improvements in coated and specialty papers during the third quarter. Except for scheduled maintenance, we plan to run our pulp and paper assets to capacity for the balance of the year to satisfy customer requirements. Our lean and efficient operating platform is our key advantage to compete, even in unstable pricing environments. Conditions in the lumber market are uncertain, as demand improves but pricing fluctuates with mixed signals on U.S. consumption and rapid changes in production capacities. The timing of falling lumber prices late in the second quarter may impact third quarter price realization, as a result of the lag between pricing and delivery."
    (Resolute Forest Products)
     
    16.08.2013   Neenah Paper Reports Second Quarter 2013 Results    ( Company news )

    Revenues of $212 million with Adjusted Earnings per Share of $0.80

    Neenah Paper, Inc. (NYSE:NP) reported adjusted earnings from continuing operations of $0.80 per diluted common share in the second quarter of 2013 compared with $0.85 per share in the second quarter of 2012. Excluding adjustments, GAAP earnings in the second quarter were $0.77 per diluted common share in both periods. Adjusted earnings excluded costs of $0.03 per share in 2013 primarily for refinancing the Company’s senior notes. In 2012, adjusted earnings excluded costs of $0.08 per share to integrate acquired brands. Adjusted earnings are reconciled to comparable GAAP figures later in this release.
    For the second quarter, net sales of $212.3 million in 2013 were up slightly compared to 2012 as increased Fine Paper sales offset lower sales of Other products. Operating income of $22.6 million in 2013 compared to $22.0 million in the prior year as increases in Fine Paper similarly offset lower operating income from Other products. Net income of $12.8 million in 2013 compared to $12.7 million in the prior year and reflected higher operating income and lower interest expense partly offset by a higher effective tax rate.
    "We are pleased with results in the quarter as we continue to see meaningful benefits from optimization of our expanded Fine Paper business and solid performance in Technical Products, anchored by filtration, our largest category,” said John O’Donnell, Chief Executive Officer. “Our earnings, coupled with improved working capital efficiencies, translated into $28 million of cash from operations in the quarter. This cash flow generation and an even stronger balance sheet following our recent debt refinancing have allowed us to increase our cash returns to shareholders while continuing to pursue opportunities that deliver added value.”

    Quarterly Segment and Other Financial Results
    Technical Products net sales were $105.8 million in the second quarter of 2013 compared with $106.9 million in the prior year period. While sales increased for filtration, tape and labels, declines in industrial and other products offset these gains and reflected weaker economic conditions outside the US. The net decline in volume offset benefits in 2013 from a higher value mix and currency translation.
    Operating income for Technical Products of $11.9 million in the second quarter of 2013 compared with $12.3 million in the second quarter of 2012. The change in income reflected increased manufacturing costs and lower sales volumes in 2013 that were largely offset by a higher value mix of products sold and decreased selling, administrative and other expenses.
    Fine Paper net sales of $100.0 million in the second quarter of 2013 compared with prior year sales of $96.3 million. Higher sales in 2013 resulted from acquired brands, growth in luxury packaging and a higher value mix of products sold. These items more than offset lower sales of non-branded business.
    Operating income of $15.5 million in the second quarter of 2013 compared to $13.3 million in 2012. After excluding $0.1 million and $1.9 million respectively in 2013 and 2012 for costs to integrate acquired brands, operating income increased from $15.2 million in 2012 to $15.6 million in 2013 as a result of growth in higher value products and improved manufacturing efficiencies, which combined more than offset higher input prices and increased selling and distribution costs.
    Unallocated Corporate and Other includes unallocated corporate costs and results from acquired non-premium paper grades. Unallocated corporate costs were $4.2 million in the second quarter of 2013 and $4.2 million in the prior year period. After excluding $0.7 million in 2013 for early debt retirement and pension settlement costs, and $0.2 million in 2012 for early debt retirement costs, unallocated costs were $0.5 million lower in 2013. Sales of acquired non-premium grades were $6.5 million in 2013, with an operating loss of $0.6 million; in 2012, sales were $8.5 million, with operating income of $0.6 million. Reduced profits on these grades in 2013 resulted from lower sales and higher costs.
    Consolidated selling, general and administrative (SG&A) expense was $19.2 million in the second quarter of 2013 compared to $19.1 million in the second quarter of 2012. Higher costs in 2013 to support acquired Fine Paper brands was offset by lower corporate and other spending.
    Net interest expense of $3.1 million in the second quarter of 2013 compared to $3.5 million in the same quarter of 2012. The decline in interest expense in 2013 resulted from reductions in interest rates following early redemptions of 2014 Senior Notes that were financed with lower cost borrowings.
    The effective income tax rate of 34 percent for the second quarter of 2013 compared to a rate of 31 percent in the second quarter of 2012. The increased rate primarily resulted from U.S. taxation on higher levels of repatriated cash in 2013.
    Cash provided by operations in the second quarter of 2013 was $27.6 million compared to $3.4 million generated in the second quarter of 2012. Increased cash generation in 2013 resulted primarily from improved working capital efficiencies compared to the prior year when working capital increased with the integration of acquired brands. Capital spending of $5.0 million in the second quarter of 2013 compared with $5.8 million in the prior year period.
    Debt as of June 30, 2013 was $192.8 million compared to $186.5 million as of March 31, 2013. Cash and equivalents as of June 30, 2013 was $26.9 million compared to $3.8 million as of March 31, 2013. The $16.8 million reduction in net debt (defined as debt less cash) during the second quarter of 2013 resulted from increased operating cash flows. Changes in debt and cash balances in the quarter also reflected the early redemption of 2014 Senior Notes completed in May 2013.

    Year to Date
    Year-to-date net sales of $425.5 million in 2013 increased four percent compared to $409.9 million in 2012. The increased revenues resulted from a nine percent gain in Fine Paper sales, primarily reflecting six percent volume growth mostly from acquired brands, as well as a higher value mix of products sold. Technical Products sales were relatively unchanged from the prior year as a higher value mix and favorable currency effects were offset by an approximate one percent decline in volumes and lower selling prices on some grades. Other segment sales also declined seven percent primarily as a result of lower volumes.
    Operating income of $44.8 million in 2013 increased from $38.2 million in 2012. Higher income in 2013 resulted from increases in Fine Paper, due both to lower integration costs and increased sales, as well as from reduced unallocated corporate costs, which included lower costs for pension settlements. Net income was $27.5 million in 2013 and $21.6 million in 2012. Increased income in 2013 resulted from higher operating income as well as lower interest expense, which combined offset an increase in the effective tax rate. Net income in 2013 includes $2.6 million in discontinued operations for a refund of excess payments made to the pension plan of Neenah’s former Canadian pulp operations.
    Cash provided by operating activities was $30.0 million for the first six months of 2013 compared to use of cash of $10.2 million in 2012. Excluding the net impact in both years from special items, which include costs of acquired inventories, integration costs, one-time pension payments, and excess tax benefits from stock-based compensation (fully offset under Financing Activities), cash provided by operations in 2013 was $20.3 million higher than the prior year to date period. The increase was primarily due to improved working capital efficiencies in 2013. Year-to-date capital spending of $9.7 million compared to $9.3 million in the prior year period.
    (Neenah Paper Inc.)
     
    16.08.2013   UPM: Growth businesses continue to perform well, weak quarter for Paper in Europe     ( Company news )

    Company news Picture: President and CEO Jussi Pesonen

    Q2/2013 (compared with Q2/2012)
    • Earnings per share excluding special items was EUR 0.20 (0.16), and reported EUR 0.22 (0.39)
    • Operating profit excluding special items was EUR 138 million, 5.5% of sales (128 million, 4.9%)
    • EBITDA was EUR 258 million, 10.2% of sales (325 million, 12.3% of sales)
    • Fixed costs were EUR 36 million lower than last year.

    Q1–Q2/2013 (compared with Q1–Q2/2012)
    • Earnings per share excluding special items was EUR 0.38 (0.38), and reported EUR 0.31 (0.62)
    • Operating profit excluding special items was EUR 282 million, 5.6% of sales (284 million, 5.4%)
    • EBITDA was EUR 542 million, 10.9% of sales (682 million, 13.0% of sales)
    • Operating cash flow was EUR 187 million (360 million), impacted by a temporary increase in working capital.

    CEO Jussi Pesonen comments on the second quarter of 2013:
    “The second quarter was in line with our expectations: growth businesses continued to perform well, whereas Paper was impacted by lower delivery volumes and prices in Europe. Our operating profit excluding special items was EUR 138 million (128 million). Operating cash flow was lower than Q2 last year due to a temporary increase in working capital.
    Our Pulp business experienced a strong quarter, with good delivery volumes and increased prices. In Label, our growth actions resulted in increased volumes, more than offsetting the increased fixed costs caused by expanded operations. In Energy, profitability continued to be strong, despite being impacted by lower hydropower volumes. Plywood and Timber continued on a positive track despite the challenges of European markets.
    Paper experienced what we believe will prove to be the weakest quarter in 2013. Profitability continued on a good level in our Chinese and speciality paper operations, but sales margins in our European graphic paper business as well as export business were significantly lower than last year. In Q2, our Paper business also suffered a significant negative impact from unrealised energy hedges, especially when compared with Q1 2013.
    The implementation of the fixed cost savings measures and capacity closures announced in January 2013 are on schedule. The announced capacity closures were concluded in Rauma, Finland and Ettringen, Germany, by the end of April. At this point, employee negotiations have been concluded in all countries except for France, where they started in July. By the end of Q2, 40% of the annualised cost savings had materialised. Along with other cost savings, this offsets the earnings impact from lower paper deliveries, but could not compensate for the lower sales margins.
    It is clear that we need to take action to improve our performance and make sure that the company continues to transform. In Label we introduced business-specific efficiency improvement measures in July,” Pesonen concludes.

    Outlook for 2013
    Economic growth in Europe is expected to remain very low in the latter part of 2013. This will continue to have a negative impact on the European graphic paper markets in particular. Growth market economies are expected to fare better, which is supportive for the global pulp and label materials markets as well as paper markets in Asia and wood products markets outside Europe. The current hydrological situation in the Nordic countries is slightly weaker than the long-term average. The forward electricity prices in Finland for the rest of 2013 are slightly lower than the realised market prices in H1 2013.
    In H2 2013 compared with H1 2013, the Paper business area is expected to benefit from lower costs, driven partly by the on-going cost reduction measures, and seasonally stronger demand. Pulp business area will be impacted by annual maintenance stops in three of the four pulp mills.
    Capital expenditure for 2013 is forecast to be approximately EUR 400 million.
    (UPM)
     
    16.08.2013   Mondi Half-yearly results for the six months ended 30 June 2013     ( Company news )

    Company news Financial highlights
    -Underlying operating profit of €366 million, up 35%
    -Underlying earnings of 49.4 euro cents per share, up 60%
    -Cash generated from operations of €431 million, up 21%
    -Interim dividend of 9.55 euro cents per share, up 7%
    -ROCE of 14.8%, well in excess of through-the-cycle hurdle rate of 13%

    Operational highlights
    -Integration of acquisitions and related synergy targets on track
    -Major capital projects on time and within budget

    David Hathorn (photo), Mondi Group chief executive, said:
    “A strong operating performance and benefits derived from our strategic acquisitions completed towards the end of the previous year have enabled Mondi to deliver record financial results despite what remains a challenging economic backdrop.
    The strong profitability and relentless focus on performance is reflected in a return on capital employed of 14.8%, which remains well above our through-the-cycle hurdle rate of 13%.
    A focus over the past six months has been on integrating and optimising the significant acquisitions made towards the end of 2012 and executing the major expansion projects initiated over the past
    eighteen months. I am pleased to report that we continue to make good progress in this regard. The Group’s major expansion projects are progressing according to plan and remain within budget. Some of the synergies identified at the time of the acquisitions have already been achieved, and we remain on track to meet the previously announced synergy targets. Just as important, we have made good progress in aligning organisational culture, which sets the platform for the future success of the combined business.
    Looking forward, new industry capacity in the uncoated fine paper segment, coupled with prevailing demand softness in Europe, may impact the supply/demand balance in the short term. Furthermore, the second half will be impacted by the Group’s regular annual mill maintenance programmes.
    However, with the momentum from the strong first half performance and the expected continuation a good pricing environment in the packaging grades, management remains confident of delivering in line with its expectations.
    (Mondi Group)
     
    16.08.2013   Buckeye Technologies Stockholders Approve Merger Agreement with Georgia-Pacific    ( Company news )

    Buckeye Technologies Inc. (NYSE:BKI, “Buckeye”) announced that at a special stockholders’ meeting held yesterday, Buckeye stockholders approved the Agreement and Plan of Merger, dated as of April 23, 2013, by and among Georgia-Pacific LLC (“Georgia-Pacific”), GP Cellulose Group LLC (“Purchaser”) and Buckeye (the “Merger Agreement”).
    More than 84% of the total outstanding shares of Buckeye common stock eligible to vote as of the July 8, 2013 record date were voted in favor of the adoption of the merger agreement. Buckeye stockholders also approved the non-binding advisory proposal regarding merger-related compensation with a vote of more than 83% of the total outstanding shares of Buckeye common stock eligible to vote as of the July 8, 2013 record date.
    Upon the closing of the transaction, Buckeye will become an indirect, wholly-owned subsidiary of Georgia-Pacific, and Buckeye stockholders (other than Buckeye stockholders who have properly exercised rights of appraisal) will be entitled to receive $37.50 in cash, without interest and subject to any withholding of taxes required by applicable law, for each share of Buckeye common stock owned at the time of the transaction’s closing.
    Consummation of transaction remains subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, along with the satisfaction of other customary closing conditions.
    (Buckeye Technologies Inc.)
     
    15.08.2013   Managing Director of Vallviks Bruk leaves    ( Company news )

    Robert Jensen, the Managing Director of Vallviks Bruk, which forms part of the Rottneros Group, is at his own request leaving his post. He has been MD of Vallviks Bruk since 2009. Carl-Johan Jonsson (CEO and Group President of Rottneros) has been appointed acting MD.
    (Rottneros AB)
     
    15.08.2013   NewPage Reports Second Quarter 2013 Financial Results    ( Company news )

    Company news Results in line with expectations despite lower North American demand
    Strong liquidity position as the company enters the second half of 2013

    Picture: George F. Martin, president and chief executive officer for NewPage

    NewPage Holdings Inc. (NewPage) reported its financial results for the second quarter of 2013.
    Net sales in the second quarter of 2013 were $720 million compared to $759 million in the second quarter of 2012. The decrease was primarily the result of lower sales volume and lower average paper prices, partially offset by improved mix.
    Net loss in the second quarter of 2013 was $13 million compared to net income of $84 million in the second quarter of 2012. The change in results was driven by bankruptcy-related items in the prior-year quarter, primarily associated with the reversal of $115 million of interest expense on the pre-petition debt.
    Operating cash flows in the second quarter of 2013 were $19 million, which included $16 million of bankruptcy-related payments. Operating cash flows in the second quarter of 2012 were $96 million, which included $12 million of bankruptcy-related payments and $63 million representing 2011 post-petition First Lien Notes interest that was reversed into income as it was re-characterized as a principal reduction. For the six months ended June 30, 2013, the company used $23 million of cash in operations, which included $58 million of bankruptcy-related payments. For the six months ended June 30, 2012, the company used $48 million of cash in operations, which included a $38 million interest payment on pre-petition debt and $34 million of other bankruptcy-related payments. Any remaining bankruptcy-related payments are not expected to be significant.
    Adjusted EBITDA (see reconciliation of net loss to EBITDA and Adjusted EBITDA below), was $50 million in the second quarter of 2013 compared to $57 million in the second quarter of 2012.
    "The results for the second quarter and first half of the year were in line with our expectations. Lower costs offset the impact of weak North American demand and lower pricing for our coated paper products," said George F. Martin, president and chief executive officer for NewPage. "We continue to align our product offerings to meet the changing needs of our customers and believe we are well positioned for the current competitive environment, with a highly efficient cost structure and a flexible, strategically placed mill platform."
    NewPage ended the second quarter with $271 million of available liquidity, consisting of $267 million of availability under the revolving credit facility and $4 million of available cash and cash equivalents. "The company did an excellent job optimizing working capital during the second quarter," said Jay A. Epstein, senior vice president and chief financial officer. "On July 15, 2013, we received confirmation from the Wisconsin Department of Natural Resources that our financial position meets the requirement of adequate financial assurance related to certain landfill obligations. This confirmation will improve our available liquidity as it results in the release of approximately $20 million in letters of credit issued under the revolving credit facility."
    Lower year over year prices reflect the continuing decline in demand for printing and writing paper. Reported industry shipments of printing and writing paper in North America were down approximately 4%, in line with the company's volume decline during the second quarter.
    Costs declined during the second quarter on a year over year basis. Decreased volume and lower depreciation and maintenance expense were offset somewhat by inflation, which was lower than expected for the quarter driven largely by lower latex prices and lower wood costs.
    "We have four of our five major outages behind us and our mills are running well in preparation for the seasonally stronger second half of the year. Seasonal strength, the impact of our announced pricing actions and continued benefit from cost initiatives we put in place in the first half should help drive improved performance in the second half of the year," Martin concluded.
    (NewPage Corporation)
     
    15.08.2013   Ahlstrom interim report January-June 2013: Net sales and profitability improved slightly    ( Company news )

    Company news This is a summary of Ahlstrom's January-June 2013 interim report.

    Picture: Jan Lang, President & CEO

    Continuing operations April-June 2013 compared with April-June 2012
    -Net sales EUR 265.0 million (EUR 261.6 million).
    -Operating profit EUR 6.4 million (EUR 4.0 million).
    -Operating profit excluding non-recurring items EUR 7.9 million (EUR 7.4 million).
    -Operating margin excluding non-recurring items 3.0% (2.8%).
    -Profit / loss before taxes EUR -3.5 million (EUR -3.3 million).
    -Earnings per share EUR -0.12 (EUR -0.11).

    April-June 2013 in brief
    -Net sales and profitability improved from the comparison period.
    -Ahlstrom completed the first phase of the combination of its Label and Processing business in Europe with Munksjö AB. The combination created a new global leader in high-quality specialty papers listed on the NASDAQ OMX Helsinki stock exchange. The second phase, Coated Specialties in Brazil, is expected to be completed in the second half of 2013.
    -The company continued to launch new products including Ahlstrom Captimax(TM), a new best-in-class fuel filter material for passenger and commercial heavy-duty vehicles and off-road machinery.

    Continuing operations January-June 2013 compared with January-June 2012
    -Net sales EUR 520.3 million (EUR 521.9 million).
    -Operating profit EUR 14.7 million (EUR 14.6 million).
    -Operating profit excluding non-recurring items EUR 14.4 million (EUR 17.9 million).
    -Operating margin excluding non-recurring items 2.8% (3.4%).
    -Profit before taxes EUR 0.1 million (EUR 2.1 million).
    -Earnings per share EUR -0.09 (EUR -0.06).

    Outlook for 2013
    The outlook published on January 31, 2013 remains unchanged. Net sales from continuing operations are expected to be EUR 980-1,140 million. The operating profit margin excluding non-recurring items from continuing operations is expected to be 2-5% of net sales.

    Jan Lång, President & CEO:
    - Our sales and operating profit excluding non-recurring items improved slightly from the comparison period, but our performance did not yet meet the targets we have set, despite the significant efforts we have taken to restructure our product portfolio and renew our way of working. To enhance our competitiveness, we have today announced a rightsizing program, which aims at reducing our annual cost base by EUR 35 million in the next 18 months. We need to adjust our cost base to reflect the size and scope of our business now that the Label and Processing demerger in Europe has been completed. This will unfortunately impact the employment of about 350 people globally.
    - Advanced Filtration continued to perform well in the second quarter. The integration of Munktell, which we acquired last October, is also progressing well. Transportation Filtration performed steadily, but there was surprising volatility in North American demand despite the continued recovery of the U.S. economy. The organizational adjustments to deliver more efficient execution and improve performance in Food and Medical have also been completed.
    - We can also improve profitability by strengthening our product pipeline and bringing new differentiated products to the market more quickly. We have already good examples from the new launches this year, which include Ahlstrom Captimax (TM) announced in the second quarter.
    (Ahlstrom Corporation)
     
    15.08.2013   Jungheinrich Posts Strong Second Quarter in 2013     ( Company news )

    Company news World Material Handling Equipment Market Grows by 4 Per Cent/Order Books Greatly Improved/Forecast for 2013 Confirmed

    Following the moderate start to the 2013 financial year, the Jungheinrich Group picked up the pace in terms of both incoming orders and earnings in the second quarter. In the first half of 2013, consolidated net sales nearly matched last year's corresponding level. Demand improved continuously from April to June 2013. Proof of the good order books is provided by the 31 per cent increase in orders on hand since the end of December 2012. The Board of Management confirms its forecast for the fiscal year underway.

    Irrespective of the sluggish recovery of the global economy, the world material handling equipment market grew by 4 per cent in the first half of 2013, encompassing 507.8 thousand forklift trucks compared to 489.2 thousand units in the same period last year. Demand in Europe was down by 2 per cent. Western Europe experienced a decline of 3 per cent, whereas Eastern Europe's market volume expanded by 5 per cent. The Asian market was enlarged by 4 per cent, to which China contributed a gain of 8 per cent. The North American market experienced another marked increase, growing by 10 per cent.

    In the first half of 2013, the value of the Jungheinrich Group's incoming orders, encompassing all business fields, was slightly higher year on year, amounting to 1,169 million euros (prior year: 1,140 million euros). In the second quarter of 2013, incoming orders rose by 4 per cent over the figure recorded in the same period last year (560 million euros) to 582 million euros. As of June 30, 2013, orders on hand from new truck business totalled 391 million euros and were thus 93 million euros, or 31 per cent, higher than at the end of 2012. The order reach was in excess of four months.

    Due to amendments to IFRS accounting policies and changes in disclosure to increase the transparency of reporting from January 1, 2013 onwards, Jungheinrich adjusted the comparable figures for the 2012 financial year. On a like-for-like basis, net sales in the second quarter of 2013 amounted to 564 million euros and were thus essentially unchanged compared to the same period last year (562 million euros). Cumulatively, consolidated net sales totalled 1,078 million euros in the first half of 2013, nearly matching last year's comparable figure (1,095 million euros). In Germany, net sales declined by 2 per cent to 289 million euros in the first six months of 2013 (prior year: 294 million euros). Foreign net sales also decreased by 2 per cent, to 789 million euros (prior year: 801 million euros).

    The marginal drop in net sales at the Group level is due to a decline in net sales in new truck business, whereas net sales generated from trucks for short-term hire and used equipment as well as after-sales services displayed a positive development. In the first half of 2013, the Jungheinrich Group posted 551 million euros in net sales from new truck business (prior year: 573 million euros). Overall, the short-term hire and used equipment business grew by 7 per cent to 195 million euros (prior year: 183 million euros). After-sales services recorded a gain of 4 per cent, advancing to 343 million euros (prior year: 331 million euros).

    In the second quarter of 2013, the Jungheinrich Group increased its earnings thanks to the rise in plant capacity utilization compared to the preceding quarter. Earnings before interest and taxes (EBIT) in this period amounted to 46.1 million euros (prior year: 44.7 million euros). In the first six months of 2013, cumulative EBIT totalled 82.1 million euros (prior year: 85.5 million euros). By the middle of the year, the corresponding return on sales was 7.6 per cent, falling just short of the figure recorded by the same point in time last year (7.8 per cent). Net income amounted to 27.4 million euros in the second quarter of 2013 (prior year: 28.7 million euros) and totalled a cumulative 49.3 million euros in the first half of 2013 (prior year: 54.1 million euros). Accordingly, earnings per preferred share in the first half of 2013 amounted to 1.48 euros (prior year: 1.62 euros).

    The Jungheinrich Group's balance sheet total declined by 35 million euros and amounted to 2,724 million euros as of June 30, 2013 (12/31/2012: 2,759 million euros). The equity ratio rose to 28.2 per cent (12/31/2012: 27.3 per cent). Intangible and tangible assets were up 34 million euros to 388 million euros. This reflected the first-time consolidation of the logistics software firm ISA – Innovative Systemlösungen für die Automation GmbH and the strategic capital expenditure projects designed to expand capacity.

    As regards the remaining business trend in the year underway, Jungheinrich continues to expect the world economy to record moderate growth. Against this backdrop, the company anticipates that the world material handling equipment market will post marginal growth for 2013 as a whole. From a current perspective, Europe's market should post a nearly stable development. Jungheinrich expects Asia's market to expand this year, primarily driven by the tangible recovery of China´s market that is setting in. The North American market is expected to continue its significant growth.

    Says Hans-Georg Frey, Chairman of the Board of Management of Jungheinrich AG: "Based on the economic forecasts, the anticipated developments on the world material handling equipment market and the visible upward order trend which has persisted since the beginning of the year, we are confident of being able to achieve incoming orders and net sales in 2013 of an order similar to last year's. In terms of EBIT, we confirm our estimate of between 165 and 175 million euros."
    (Jungheinrich Aktiengesellschaft)
     
    14.08.2013   ARAUCO's Valdivia pulp mill implements Biomass Dryer, only one of its type in Chile    ( Company news )

    Company news Last February, ARAUCO implemented a unique piece of equipment in its Valdivia pulp mill in Chile, in order to reduce the moisture level and improve the quality of the biomass that feeds that facility’s power boiler. The new equipment has produced excellent results, positioning the company as a reference point at the national level.
    “For a while now, we’ve been searching for a way to improve the process that will allow us to deliver better product quality in terms of moisture, to our power boiler. We knew that if we were able to dry our bark, as well as third party bark, we could improve the production of steam and at the same time, reduce the use of bunker fuel nº6 in the boiler, a vital factor in winter”, explains Manuel González, Production Assistant Manager.
    The Biomass Dryer was commissioned during the year. This piece of equipment was part of the facility project termed “Increase Steam Production in the Power Boiler”, in order to find a way to avoid the use of oil fuel during the winter months due to the high moisture content of biomass.
    “The biomass dryer consists of a belt that transports the bark. When coming in contact with hot air, the moisture is extracted from the biomass. The hot and dry air is heated by secondary energy, which in our case is a surplus of the condensate to generator in the Evaporators. The condensate goes through exchangers that preheat the air and at the same time, cool the condensate, which also improves its temperature, and then it goes to the effluents treatment plant”, adds Manuel González.
    (Celulosa Arauco y Constitución S.A.)
     
    14.08.2013   Voith expands portfolio for pulp drying    ( Company news )

    With a further-developed press fabric, Voith is expanding its clothing portfolio for pulp production. Voith already delivers entire pulp drying machines, from the headbox and the innovative vertical dryer section to the cross-cutter and bale packing – the forming fabrics and roll covers from Voith are now supplemented by the further-developed CellFlex VMax press fabric.
    Along with the well-known roll covers such as SolarFlow or MegaFlow, Voith also offers a broad range of different press fabrics for pulp production. The CellFlex VMax press fabric has been developed to provide a particularly long-lasting and continuous dewatering capacity. CellFlex VMax press fabrics are already in use worldwide and help pulp producers significantly improve their production.
    The entire portfolio is perfectly coordinated. Voith offers pulp producers all the forming fabrics, press fabrics and roll covers they need from a single source. The right combination of press fabric and forming fabric from Voith can powerfully increase pulp production. These innovative solutions from Voith for pulp production are successfully used worldwide.
    (Voith Paper GmbH & Co KG)
     
    14.08.2013   POLAR at Labelexpo Europe 2013    ( Company news )

    Company news Picture: POLAR CuttingSystem 160

    At the Brussels-based LabelExpo from 24 to 27 September this year, POLAR's stand (7K130) will present solutions which ensure an efficient label production.
    POLAR offers not only stand-alone components for small and medium-size runs, but also in-line systems for the industrial label production, such as revenue stamps, bottle labels, can labels etc. Whether you need square-cut or die-cut labels, every POLAR machine represents short set-up time, easy operation and uncompromising production quality.
    Apart from a POLAR CuttingSystem composed of a stack lift, automatic jogger and high-speed cutter, POLAR will show its solo die-cutter DC-M. Stack lift LW 1000-4 automatically raises the material to the perfect working height for the operator. The material can be easily loaded onto automatic jogger RA-2 and precisely aligned. Since the jogger is equipped with a sheet counting scale cutting reams can be produced in precise quantities.
    High-speed cutter N 92 PRO includes a swivel backgauge (which compensates for inaccurate materials or helps, if the printed image is not correctly arranged on the sheet), as well as a downholder in front of the knife (which increases efficiency by reducing the manipulation of the material). The cutting programs are generated via P-Net service Compucut® off the cutting machine. In this way, the time to set up the cutting program is reduced to practically zero. Solo die-cutter DC-M then gives the products their final shape. The individual label stacks are manually inserted into the die-cutting machine, aligned on all four sides and then die-cut with maximum quality.
    (POLAR-MOHR Maschinenvertriebsgesellschaft GmbH & Co. KG)
     
    14.08.2013   RockTenn CEO Jim Rubright to Retire, COO Steve Voorhees to Become CEO; Ward Dickson to...    ( Company news )

    ... Join as CFO; Stephen Felker to Become Chairman of the Board; Voorhees and Jenny Hourihan Elected to Board

    RockTenn (NYSE:RKT) announced that Jim Rubright will retire as chief executive officer and a director on Oct. 31, 2013. Steve Voorhees, chief operating officer of RockTenn, will become chief executive officer upon Rubright's retirement. Voorhees joined RockTenn as chief financial officer in 2000 and became chief financial officer and chief administrative officer in 2008, and president and chief operating officer in January 2013.
    Ward Dickson will join RockTenn on Sept. 16, 2013, as executive vice president and chief financial officer with responsibility for finance, information technology and procurement. Dickson currently serves as senior vice president of finance for the global sales and service organization of Cisco Systems. Dickson formerly served in financial roles at Scientific Atlanta and General Electric.
    Stephen Felker, RockTenn's lead independent director and soon-to-be board chairman stated, "RockTenn will lose a remarkable CEO with Jim Rubright's retirement from the company. Under Jim's leadership, RockTenn has grown to become a highly respected leader in the paper and forest products industry. RockTenn's share price has increased more than eight fold and with dividends earned a compound annual return of 18.6 percent — for 14 years."
    Rubright stated, "I'm glad to be able to leave RockTenn with a strong and talented leadership team. Steve Voorhees has been instrumental in developing and executing our process improvement and acquisition strategies since he joined RockTenn in 2000 and is a great choice to lead our company. We are also pleased to have Ward Dickson join our team, bringing his proven leadership talent and extensive experience in finance, sales and service. These two proven leaders have demonstrated throughout their careers the same commitment to excellence and customer service that consistently produces outstanding results for RockTenn's customers and shareholders."
    Felker will become chairman of the board of the company for a two-year term commencing with Rubright's retirement from the company. Felker is the former chairman and chief executive officer of Avondale, Inc. and has served on RockTenn's board of directors since 2001.
    RockTenn also announced that Voorhees and Jenny Hourihan have been elected to the board of RockTenn. Hourihan is the chief executive officer of ORBIS International, an international nonprofit organization that works in developing countries to save sight. Hourihan served as chief financial officer of Pro Mujer International, an international development organization offering microfinance, health services and training to over 300,000 clients in Latin America. Hourihan previously served as managing director and sector head of the Paper and Forest Products Group at Bank of America and in other investment roles at Merrill Lynch and the Salomon Smith Barney unit of Citigroup.
    (Rock-Tenn Co)
     
    14.08.2013   US Corp join AIMED    ( Company news )

    Company news Following on from their impressive sales success, Intec Corporation based in Florida USA, have joined AIMED.

    AIMED serves as the ONLY association of Independent Dealers in the mailing, logistics and electronic document management/business communications industry.
    Their purpose is to provide profitable growth for the entire dealer channel.
    As a member, Intec Corporation will be provided with the opportunity to network and raise awareness of the Intec product range, through conferences, and seminars, to learn and help grow the businesses.

    This is a fantastic opportunity for Intec Corporation to ensure they stay up to date with the market.
    (Intec Printing Solutions Corporation, North Tampa Business Center)
     
    14.08.2013   AVERY DENNISON CREATES A GLOBAL CLIENT SERVICE LABORATORY     ( Company news )

    Company news Facility supports UL® mark certification testing for durable goods labelling

    Picture: Defacement is one of many tests conducted in Avery Dennison's Global Client Services Laboratory when qualifying label materials for UL standard 969 and CSA standard C22.2 No. 0.15 certification. (Photo: Avery Dennison, PR171)

    Avery Dennison has created a new Global Client Service Laboratory that will help customers reduce the time to market for new durable label products by accelerating the Underwriters Laboratory (UL) certification process. The certification scope includes UL standard 969 and CSA standard C22.2 No. 0.15 for nameplates and safety labels.

    “With this UL-certified lab, we have everything needed to conduct testing equivalent to what is done in UL’s laboratories, and address our customers’ need for a faster certification process,” said Hoa Pham, technical manager, durables, Label and Packaging Materials, Avery Dennison.

    The UL-certified laboratory is located at Avery Dennison’s Innovation Center in Mentor, Ohio, USA. As part of the process, a series of tests are conducted on all substrates, inks and ribbons being considered for use in the production of the label, including legibility, defacement, chemical exposure, accelerated weathering, humidity exposure, oven aging, adhesion and abrasion. The tests certify the label material has passed rigorous processes and ensure the performance of the label will be permanent and legible once attached to a product – even under extreme conditions.
    The Global Client Service Laboratory is an expansion of Avery Dennison’s commitment to creating programs that assist converters in obtaining UL certification in a cost-effective, efficient manner.

    "The Global Client Service Laboratory offers a streamlined, timely process to qualify durable label products for UL certification, that can support customers based both inside and outside the US in getting their developments to market for sale,” said Denis Markov, marketing manager, durables, Avery Dennison Label and Packaging Materials – Europe.
    (Avery Dennison Label and Packaging Materials Europe)
     
    14.08.2013   With recent pulpmill expansion, China has surpassed Japan to become ...    ( Company news )

    ... the world’s largest importer of hardwood chips, reports the Wood Resource Quarterly

    Major expansion of pulp manufacturing capacity in China the past five years has resulted in a dramatic increase in the importation of wood chips to supply the new pulp mills, and the country became the world’s largest importer of hardwood chips in the 2Q/13, reports the Wood Resource Quarterly. Australia, Indonesia, Thailand and Vietnam are the major suppliers of wood chips, with Vietnam accounting for over 50% of the imported supply.

    Growing demand for paper in China has not only forced the country to import large volumes of pulp to supply the country’s paper machines, but also resulted in investments in new pulp production within China. Because of a lack of competitively priced wood fiber in China, the two pulp companies with the largest pulp mills in the country, Asia Pacific Resources International Ltd (APRIL) and Asia Pulp and Paper (APP), are procuring much of their wood fiber needs from out-of-country sources. As a consequence, importation of wood chips to China has surged the past few years.
    In just five years, the import value for wood chips has increased from 180 million dollars in 2008 to 1.3 billion dollars in 2012, and this year the estimated import value could be close to 1.5 billion dollars, according the Wood Resource Quarterly
    (www.woodprices.com).
    It has only been a matter of time before China became the largest importer of hardwood chips in the world. In the 2Q/13, China surpassed Japan with the record importation of almost 2.4 million m3 of chips.
    Although there have been sporadic shipments of chips from Latin America, Malaysia and South Africa during 2012 and 2013, there are really only four countries that have been supplying China with wood fiber the past few years. Those countries are Australia, Indonesia, Thailand and Vietnam, with Vietnam accounting for over half of the total import volume.
    Another interesting development is that the average cost of imported wood chips has declined by almost six percent from the 2Q/12 to the 2Q/13, as reported in the WRQ. The biggest price decline has been in Australian chips, which have fallen over 11 % in one year. Because of this price drop, in the 2Q/13, Australia exported its highest quarterly volume to China since 2010.
    With the continued plans to expand domestic pulp manufacturing in China it, can be expected that shipments of wood chips, both softwood and hardwood, is going to increase in the coming years.
    (WRI Wood Resources International LLC, Wood Resource Quarterly (WRQ))
     
    14.08.2013   Cantilevered Narrow Web Tension Measurement Roll    ( Company news )

    Company news HAEHNE is enlarging its product program with a new flexible product range of cantilevered measurement rolls: MWFM. The most important advantage of the MWFM that many different variations it can be assembled from a limited number of standard parts. This results in shorter delivery times with corresponding lower manufacturing costs. The major features include:

    - Roll lengths between 250 and 400 mm
    - Nominal forces range from 100 to 1000 N for each roll length
    - One standard mounting flange is suitable for axial and the radial cable exit

    The measuring roll is especially suited for web tension measurement in narrow web machinery with cantilevered narrow web rolls. The MWFM is especially designed for applications in restricted space conditions or where a good access to the processed material is necessary. The MWFM is particularly
    well suited for new machine designs with single-sided machine frames, for instance for label machines for tags or capacitor foils.
    The basic version of the MWFM is "aluminum belt ground roll surface". On the requests other roll surfaces and materials are available for instance such as hard coated, anodized, plasma coated, hard chrome plated.
    (Haehne Elektronische Messgeräte GmbH)
     
    13.08.2013   Glatfelter Comments on Mill Fire in Gatineau, Canada    ( Company news )

    Glatfelter (“Glatfelter”) (NYSE:GLT) announced that it has completed a preliminary assessment of the damage resulting from an August 7, 2013 fire at its facility in Gatineau, Canada. The fire partially damaged one of the two airlaid lines at the facility. There were no injuries or environmental impact. The damaged airlaid line is expected to be down approximately two to four weeks.
    The finishing and shipping operations were not impacted by the incident and shipment of customer orders resumed within 24 hours. Due to capacity available at Glatfelter’s other airlaid facility in Germany, the Company expects this incident will have a modest impact on third quarter shipments reducing them by approximately 600 to 1,000 metric tons. The Company is working with customers to minimize the impact of this interruption.
    An assessment of the costs for the impact of inventory loss, equipment damage, and clean up is underway. Based on its preliminary assessment, the Company expects no significant financial impact from this incident as it is expected to be covered by insurance, subject to a deductible of $750,000. However, there may be an impact on third quarter results due to lower shipments and the timing of recognizing the business interruption portion of the insurance recovery under the applicable accounting standards.
    The Gatineau mill produces absorbent nonwoven materials on two airlaid machines for the feminine hygiene and specialty wipes markets. Approximately 265 Glatfelter employees work in this mill.
    (Glatfelter Corporate Headquarters)
     
    13.08.2013   Wausau Paper Reports Second-Quarter Results    ( Company news )

    Company news Picture: Henry C. Newell, President and Chief Executive Officer

    Second-Quarter Highlights

    Strategic Repositioning
    -The Company completed the sale of its specialty paper business on June 26, resulting in net cash proceeds, subject to certain post-closing adjustments, of approximately $105 million after settlement of transaction-related liabilities, transaction costs and taxes.
    -Net transaction proceeds were immediately used to eliminate the then approximately $67 million outstanding balance on the Company’s revolving-credit facility.

    Tissue Expansion
    -The Company launched its new Green SealTM DublNature® family of premium away-from-home towel and tissue products produced from its new ATMOS technology-enabled Harrodsburg, Kentucky, paper machine on May 20, with 16 new products in tissue, roll and folded towel available to the market during the second quarter.

    Financial Results
    -Due to the completed sale and the first-quarter closure of its former manufacturing facility in Brainerd, Minnesota, financial performance of the former Paper segment, including an after-tax impairment charge of approximately $40.1 million as a result of the second-quarter sale, is reported as discontinued operations.
    -Including a loss of $0.81 per share from discontinued operations, net of tax, the 2013 second quarter net loss was $1.11 per share.
    -On a reported basis, the second quarter 2013 results from continuing operations was a net loss of $0.30 per share.
    -Results of continuing operations reflect the impact of the start-up of the new Harrodsburg manufacturing and converting capabilities, as well as manufacturing and inventory transition in support of the new products related to the $220 million Tissue expansion project.

    Henry C. Newell, president and CEO, commented, “Completing the sale of the specialty paper business represents significant progress on our strategic repositioning efforts as a company focused on tissue. We launched a new family of towel and tissue products in the second quarter and will introduce a range of new ATMOS-based product additions over the coming quarters. We remain committed to our growth expectations, delivering six percent case shipment growth in our tissue business by the fourth quarter of 2013.”

    2013 SECOND-QUARTER AND SIX-MONTH RESULTS
    Continuing Operations
    The following second-quarter and six-month discussion contain comparisons of financial elements including adjusted EBITDA, adjusted EBITDA margin, adjusted net earnings and adjusted net loss. These presentations are not in accordance with generally accepted accounting principles (GAAP). The Company believes that the presentation of select non-GAAP measures provides a useful analysis of ongoing operating trends. Please refer to the attached Reconciliation of Non-GAAP Financial Measures.
    Excluding special items, the second quarter resulted in an adjusted net loss of $2.4 million, or $0.05 per share. Prior-year second-quarter performance, excluding special items, was adjusted net earnings of $2.7 million, or $0.05 per share. On a reported basis, the second quarter was a net loss of $0.30 per share compared to net earnings of $0.01 per share a year ago.
    The first half of 2013, excluding special items, resulted in an adjusted net loss of $6.2 million, or $0.12 per share, compared to prior-year first half net earnings, excluding special items, of $5.5 million, or $0.11 per share.
    On a continuing operations basis, adjusted EBITDA and EBITDA margin for the second quarters of 2013 and 2012 were $8.8 million, or a 10.1 percent, and $13.0 million, or a 14.7 percent, respectively. On a year-to-date basis, adjusted EBITDA and EBITDA margin was $14.8 million, or a 8.9 percent in 2013 compared to $25.2 million, or a 14.8 percent in 2012. The Company is targeting an adjusted EBITDA margin on a consolidated basis between 16 and 18 percent by the end of the fourth quarter of 2013. Previous adjusted EBITDA margin targets were presented for the Tissue business only and, on a pro forma basis, those targets are a range of 21 to 23 percent in the fourth quarter of 2013.
    Second-quarter net sales for 2013 were $87.6 million, a decrease of approximately 1 percent compared to $88.6 million reported for the second quarter of 2012. On a year-to-date basis, net sales were down nearly 3 percent in 2013 at $165.8 million compared to $170.4 million in 2012. After a relatively flat first quarter, case shipment volume in the second quarter improved 2.4 percent over the prior-year period resulting in year-to-date growth of 1.3 percent. Volume in the support product categories continued to be strong, increasing approximately 4 percent over the prior-year’s second quarter and first half. Volume in strategic product categories was relatively flat over the prior-year second quarter after declining by approximately 3 percent in the first-quarter comparison. Overall, the Company is expecting case growth to improve as the full line of premium DublNature® products is available to the away-from-home market in the third quarter, with targeted fourth-quarter growth above 6 percent year-over-year.
    The normalized effective income tax rate for the Company is expected to be approximately 37 percent. Due to the sale of the specialty paper business, additional income tax expense, net of federal tax benefit, of approximately $12.4 million was recognized in the second quarter primarily because approximately $12.0 million of certain state income tax credit carryforwards are not expected to be utilized in future years.

    Discontinued Operations
    During the second quarter of 2013, the Company completed the sale of its specialty paper business, including its manufacturing facilities in Mosinee and Rhinelander, Wisconsin. This transaction, combined with the first-quarter closure of the technical specialty paper mill in Brainerd, Minnesota, results in the Company’s former Paper segment being reclassified as a discontinued operation and therefore is presented separately from continuing operations in all periods presented in the condensed consolidated statements of operations.
    For the second quarter of 2013, discontinued operations resulted in a loss, net of tax, of $40.2 million, or $0.81 per share, compared to a loss of $1.6 million, net of tax, or $0.03 per share, for the second quarter of 2012. Included in the loss, net of tax, in the second quarter of 2013 is an after-tax impairment charge related to the disposition of assets of approximately $40.1 million, or $0.81 per share, and after-tax closure-related costs of $3.1 million, or $0.06 per share, offset by earnings from operations, net of tax, of $2.9 million, or $0.06 per share.
    For the first half of 2013, discontinued operations, net of tax, resulted in a net loss of $66.1 million, or $1.34 per share. In addition to the impairment charge and closure-related costs recorded in the second quarter of 2013, the first-half results include $27.9 million, or $0.57 per share, in after-tax charges related to the closure of the Brainerd mill offset by after-tax results of operations of $5.0 million, or $0.10 per share. The prior-year six-months included a gain on the sale of the business of $7.7 million, net of tax, or $0.16 per share, and net earnings from operations of $0.8 million, net of tax, or $0.01 per share.
    (Wausau Paper Towel & Tissue)
     
    13.08.2013   POWERFLUTE INTERIM RESULTS 2013    ( Company news )

    Powerflute Oyj ("Powerflute" or the "Group") announces its interim results for the six months ended 30 June 2013. Powerflute is quoted on the AIM market of the London Stock Exchange (Ticker: POWR).

    HIGHLIGHTS
    · Revenue up 15% to €66.3 million (2012: €57.7 million)
    · Underlying EBITDA up 50% to €8.0 million (2012: €5.3 million)
    · Profit before tax up 140% to €5.2 million (2012: €2.1 million)
    · Basic earnings per share increased to 1.4 cents (2012: 0.5 cents)
    · Refinanced €20m bank facilities extending maturity to March 2016
    · Dividend of 1.3 cents per share paid in May 2013
    · Forward order book remains strong

    Commenting on the results, Dermot Smurfit, Chairman of Powerflute, said:
    "The Group performed well during the first half of the year, with volumes, revenues and profits all ahead of the same period of the prior year. This outcome reflects both favourable market conditions in the first half and the realisation of benefits from capital investment projects completed in 2012.
    "Prices remained firm over the summer months despite the normal seasonal slowdown and we began the second half with a healthy forward order book. The Board expects that the current momentum will be maintained and that the Group will be cash generative during the second half.
    "We believe there is still scope for further improvement in our existing businesses and we continue to explore opportunities to grow through targeted acquisitions. The Group remains in a strong financial position and is well placed to take advantage of opportunities as they arise."
    (Savon Sellu Oy)
     
    13.08.2013   Jeanne Hillman Appointed Chief Accounting Officer for Weyerhaeuser    ( Company news )

    Weyerhaeuser Company (NYSE: WY) announced the appointment of Jeanne M. Hillman as vice president and chief accounting officer for the company, effective Aug. 5, 2013. Hillman succeeds Jerald W. Richards, who recently resigned from his position to become chief financial officer at Potlatch Corporation.
    “Jeanne is an experienced leader with tremendous financial expertise,” said Patty Bedient, executive vice president and chief financial officer. “The knowledge she gained supporting our businesses for the past three years will serve her well as she expands her role to include the responsibilities of this critical position for the company.
    “Jerry has been an outstanding member of the Weyerhaeuser team, and while we are sorry to see him go, we wish him the very best in his new role,” Bedient added.

    About Jeanne Hillman
    Jeanne M. Hillman was Weyerhaeuser’s vice president and controller for operations since 2010. Prior to that role, she served as the company’s vice president and chief accounting officer from 2006 to 2010. Hillman joined the company in 1984 and has held various finance positions with the company. Before joining the company, she was employed by Ernst & Young LLP. She is a CPA in the state of Washington.
    (Weyerhaeuser Company)
     
    13.08.2013   FSC Ends Association with the APRIL Group    ( Company news )

    Effective 7 August 2013, the Forest Stewardship Council has ended all association with the APRIL Group, including the immediate termination of all Trademark License Agreements (TLA).
    This decision follows the withdrawal of APRIL companies from FSC Chain of Custody certification, which FSC was notified about after a complaint had been filed in May 2013. The complaint by Greenpeace International, Rainforest Action Network and WWF Indonesia alleged the APRIL Group was in violation of FSC’s Policy for Association.
    According to a statement by APRIL published on 24 June 2013, the withdrawal was based on their “concerns about the FSC’s Policy for Association.” APRIL further acknowledged in writing that they “expect the Policy for Association criteria would exclude APRIL and companies associated with it from FSC certification.”
    With the termination of the remaining association with APRIL, FSC has now also closed the complaint filed by the environmental NGOs.
    In the future, before FSC re-enters into a new association with APRIL a robust due diligence process would be required. Because of the allegations made by the environmental NGOs in their complaint, which were in part acknowledged by APRIL, any company linked to APRIL – including companies tied to the Royal Golden Eagle Group (of which APRIL is a part) – would be subject to scrutiny before being considered for FSC certification.
    The due diligence would consider the allegations made in the May 2013 complaint, as well as APRIL’s overall compliance with the FSC Policy for Association.
    (FSC Forest Stewardship Council, A.C.)
     
    13.08.2013   EXCITING DEVELOPMENTS HAPPENING AT INTEC    ( Company news )

    Company news As always we are pushing forward with new ideas and exploring new solutions to ensure we stay up to date with our customer’s needs, whilst continuing to provide high quality solutions for today’s print problems.
    Intec’s head office based in Poole, UK, is happy to announce exciting things are happening.
    Product developments are in full swing that will see a new RIP in September to accompany new ranges in the future.
    NEW PRODUCTS COMING SOON ...
    (Intec Printing Solutions Limited)
     
    13.08.2013   www.sig.biz: SIG Combibloc's website with a whole new look    ( Company news )

    Company news Systems manufacturer unveils new internet presence

    SIG Combibloc has given its website a makeover. At www.sig.biz, visitors are taken straight to the homepage of the global website, which has a modern, friendly look and an extremely user-friendly navigational structure.
    “Our aim was to create an internet presence that meets the information needs of a wide range of target audiences. And thanks to the visuals used, the page layout and design it is clearly arranged and easy to use. Due to the human touch it gets a particularly authentic feel”, says Sandra Hallaschka, Online Communications Manager at SIG Combibloc. As soon as they arrive at the homepage, visitors are presented with short teaser texts and a link to selected content pages. From the homepage, users are able to enter the site directly via the main navigation tool, giving them access to more detailed information about the company, the beverage and food packaging solutions and the technical services offered by SIG Combibloc, with just a few clicks. There are also separate sections on Environment and Career. And for journalists, the website provides news items relating to the company, neatly packaged. With a single click, users also have direct access to regional websites of SIG Combibloc.
    For the relaunch of the website, SIG Combibloc commissioned the agencies expeer GmbH in Bonn (programming) and Publicis Modem in Düsseldorf (concept and design). The new website has been designed and developed so that when accessed with mobile end devices such as smartphones and tablets, content is displayed clearly and legibly.
    One click and you are there: www.sig.biz
    (SIG Combibloc)
     
    12.08.2013   Get in Touch with Mondi at FachPack 2013    ( Company news )

    Company news Picture: ProVantage Kraftliner Aqua

    The international packaging and paper group will be showcasing its
    fullest range of products at a 380 sqm booth at FachPack this September.
    “Around the Mondi world in three days” will be the theme and a striking hot air balloon will hang from the ceiling as its centrepiece.
    Mondi will be showcasing an enlarged range of products from all business segments.
    “FachPack is one of the leading packaging trade shows and we have found it be a fantastic forum for connecting with new and existing customers and partners. We are presenting products from across our portfolio – from sophisticated consumer packag ing solutions to
    corrugated packaging and food safety solutions”, explains Albert Klinkhammer, Director of Marketing and Communication, Mondi Europe & International.
    Mondi’s product range has grown with the 2012 acquisitions of Nordenia and two Duropack plants.
    FachPack takes place between 24 and 26 September 2013, in Nuremberg, Germany, and visitors will be able to find Mondi at Hall 7 (Booth 7
    - 254/7 - 160).

    The latest products on display will include:
    -Stac-Pac®: an innovative, weather-resistant dispatch and storage container made from punched, heavy corrugated cardboard.
    -Aroprotex: new tailor-made aroma barrier to protect food from external influences and keep the aroma inside.
    -SmartID Bag: smart industrial bag equipped with its own serialised data matrix code for identification purposes.
    -PolyWoven Bag: new extremely durable, strong but also lightweight packaging with pinch bottom and an attractive all-over print.
    -ProVantage Kraftliner Aqua: new solution for packaging applications in very humid environments.
    -FIBROMER®: new sustainable alternative to other composites in many sectors, including automotives and furniture.

    As Mondi’s product range is now so extensive, a new marketing line called IN TOUCH EVERY DAY will be unveiled at FachPack. “Our claim will illustrate how we connect with millions of people every day through our broad range of products that are in use across the
    world,” says Albert Klinkhammer, Director of Marketing and Communication, Mondi Europe & International.
    As well as exhibiting its products, Mondi will also be hosting a series of Speaker Corner sessions on topical subjects such as
    mineral oil migration and counterfeiting. All business partners will be welcome to attend the sessions and join in the discussions.
    (Mondi Europe & International Division)
     
    12.08.2013   Tembec reports financial results for its third quarter ended June 29, 2013    ( Company news )

    Company news Picture: James Lopez, President and Chief Executive Officer

    Consolidated sales for the three-month period ended June 29, 2013, were $399 million, as compared to $415 million in the same quarter a year ago. The Company generated a net loss of $4 million or $0.04 per share in the June 2013 quarter compared to a net loss of $5 million or $0.05 per share in the June 2012 quarter. Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $30 million for the three-month period ended June 29, 2013, as compared to adjusted EBITDA of $27 million a year ago and adjusted EBITDA of $24 million in the prior quarter.

    Business Segment Results
    -The Specialty Cellulose Pulp segment generated adjusted EBITDA of $19 million on sales of $120 million for the quarter ended June 29, 2013, compared to adjusted EBITDA of $14 million on sales of $120 million in the prior quarter. Demand for specialty grades was flat while US and euro prices were relatively unchanged quarter-over-quarter. However, with the Canadian dollar weakening by 1.4% versus the US dollar, Canadian dollar equivalent pricing increased by $9 per tonne. While viscose grade pricing improved, this market remains oversupplied and prices remain relatively low. Overall, pricing was favourable, improving adjusted EBITDA by $1 million. Mill manufacturing costs were unchanged quarter-over-quarter. The current quarter cost of sales was reduced by $1 million due to a favourable net realizable value increase on the carrying values of viscose grade finished goods inventories. This is the opposite of the prior quarter when cost of sales had absorbed a charge of $1 million related to the net realizable value of viscose grade inventories. Higher profitability in Chemicals increased adjusted EBITDA by $1 million.
    -The Forest Products segment generated adjusted EBITDA of $7 million on sales of $110 million for the quarter ended June 29, 2013, compared to adjusted EBITDA of $7 million on sales of $104 million in the prior quarter. Sales increased by $6 million due to higher lumber shipments. Market conditions were strong at the beginning of the quarter, but declined in May and June. US $ reference prices for random lumber decreased by US $48 per mbf while stud lumber increased by US $12 per mbf. This is a seasonally stronger period for stud lumber as the impact of the housing construction season is more pronounced on this grade of lumber. Currency was favourable as the Canadian dollar weakened versus the US dollar. The net effect decreased sales and adjusted EBITDA by $1 million or $4 per mbf. Lumber shipments were equal to 83% of capacity versus 76% in the prior quarter. Sawmill costs decreased by $2 million. The summer months are seasonally higher productivity and lower cost periods.
    -The Paper Pulp segment generated adjusted EBITDA of $3 million on sales of $106 million for the quarter ended June 2013, compared to adjusted EBITDA of $4 million on sales of $122 million in the prior quarter. The $16 million decrease in sales was due to lower shipments of Northern Bleached Softwood Kraft (NBSK) pulp, partially offset by higher shipments of high-yield pulp. In May 2013, the Company completed the sale of its remaining NBSK mill located in Skookumchuck, BC. During the most recent quarter, the mill generated sales of $23 million and adjusted EBITDA of $3 million. In the prior quarter, the mill had generated sales of $50 million and adjusted EBITDA of $6 million. Market conditions for paper pulp remained relatively weak although demand was stable. The benchmark price (delivered China) for NBSK increased by US $22 per tonne while reference prices for bleached eucalyptus kraft (BEK) increased by US $28 per tonne. Currency was also positive as the Canadian dollar weakened versus the US dollar. Overall, average paper pulp prices increased by $29 per tonne, improving adjusted EBITDA by $5 million. Paper pulp shipments were equal to 98% of capacity, unchanged from the prior quarter. Manufacturing costs increased by $3 million, primarily for energy at the NBSK mill and chemicals at the two high-yield pulp mills. Adjusted EBITDA was also negatively impacted by $4 million due to a volume variance associated with lower shipments of NBSK pulp.
    -The Paper segment generated adjusted EBITDA of $6 million on sales of $86 million for the quarter ended June 2013, compared to adjusted EBITDA of $5 million on sales of $87 million in the prior quarter. Lower newsprint shipments led to the $1 million decrease in sales. In terms of markets, coated bleached board improved slightly. The newsprint market weakened due to continued lower North American demand combined with the restart of previously idled capacity. The US $ reference prices for coated bleached board increased by US $33 per short ton while the US $ reference price for newsprint declined by US $8 per tonne. The weaker Canadian dollar was a positive. The net effect was a small increase in average coated bleached board price, increasing adjusted EBITDA by $1 million. Coated bleached board shipments were equal to 102% of capacity as compared to 97% in the prior quarter. The shipment to capacity percentage for newsprint was 91%, compared to 99% in the prior quarter. Manufacturing costs were relatively unchanged quarter-over-quarter with lower energy costs offset by higher fiber and freight costs.

    Outlook
    Overall, the June 2013 quarterly results were in line with expectations. The sharp decline in lumber prices was offset by a weaker than forecast Canadian dollar. While the Company had anticipated a price correction in lumber, the US $100 per thousand board feet decline between April and June was larger than expected. The very high prices in March and April led to increased supply at a time when none was required. Pricing has recently stabilized and some modest improvement is expected in the coming quarters, supported by a continued gradual recovery in United States new home construction. Specialty Cellulose Pulp segment results continue to be negatively impacted by a relatively high percentage of viscose grade shipments. While pricing for specialty grades remained stable, demand has been softer than anticipated. We continue to assess the market with our customers and are adjusting our production plans accordingly. We anticipate that it will be one or two quarters before we see an increase in demand for specialty grades. Market conditions for viscose grade pulp remained weak. The latter market is currently under pressure as new capacity is exceeding demand growth. The Company will continue to maintain a relatively modest exposure of 30,000 to 40,000 tonnes per year to the viscose market. The Paper Pulp segment had positive results, but the market remains relatively soft with no clear direction. While we have seen the implementation of small increment price increases, we expect new capacity will cause this market to remain challenging. Paper segment results were unchanged despite declining newsprint prices. Recently restarted newsprint capacity combined with continued declining North American demand have had a predictable effect on prices. The Company continues with its capital expenditure program, with a strong emphasis on its two specialty cellulose mills. The cornerstone of the program is the high-pressure boiler and turbine currently under construction at the Temiscaming, Quebec, site. The project will materially improve the mill’s cost structure and margins. A total of $113 million has been spent on the Temiscaming specialty cellulose project to the end of the June 2013 quarter. During the quarter, the Company closed the sale of the Skookumchuck, BC, NBSK pulp mill for cash proceeds of $97 million. This represents a milestone in the ongoing transformation plan as the Company no longer owns or operates a chemical grade paper pulp facility.
    (Tembec Inc.)
     
    09.08.2013   Metso's Pulp, Paper and Power business continues its cost reduction program to improve...    ( Company news )

    Company news ... competitiveness

    Picture: Pasi Laine (President, Pulp, Paper and Power, Metso’s EVP and Deputy to the CEO)

    Metso’s Pulp, Paper and Power business will continue its global cost competitiveness program launched in April 2013 (stock exchange release April 24, 2013) to adapt to changes in the marketplace. As part of the global program – which targets an annual cost reduction of approximately EUR 100 million by 2016 – the business will begin statutory negotiations on personnel reductions in several of its units serving especially the paper industry, but also the pulp industry.
    The Metso locations affected will be determined during the negotiation process. Negotiations will be commenced immediately, and will affect all personnel groups. In total the estimated amount of necessary headcount reductions are 750 positions primarily in Finland. Reduction measures will include e.g. redundancies, internal transfers, early retirement options, terminations of temporary contracts and temporary layoffs, closing of office and/or production locations, if so decided as part of the negotiation process. The reduction measures are expected to be implemented during the third quarter 2013.
    The target is to achieve savings of approximately EUR 50 million in annual operational costs as a result of the negotiations. It is estimated that the savings will be realized in full as of the third quarter 2014.
    The aim of the reduction measures is to bring production capabilities in line with current and expected demand, and secure the businesses’ global competitiveness over the longer term. A lighter operational cost structure and greater flexibility is essential.
    “We have already implemented some measures and need to continue with the cost savings to improve our competitiveness and profitability. Significant, permanent structural changes in our paper machinery business’ operating environment have impacted our operations and undermined our competitiveness and profitability. The demand for paper machinery is low and moving towards cheaper technology solutions”, says Pasi Laine, President of Metso’s Pulp, Paper and Power business.
    “The paper industry continues to be important to us as a business, despite the slowdown in the printing paper machinery market. Board and tissue consumption is continuing to grow moderately, and Metso’s large installed base will offer us opportunities to further develop our services business. A lighter cost structure will enable us to compete more effectively in the marketplace.”
    In Metso’s Fiber business line, that serves the pulp industry, measures are taken to improve competitiveness and profitability. More efficient use of common resources, connected to a move closer to major customers is therefore necessary.
    “Because of these reasons we unfortunately must take such strong measures affecting our employees”, Pasi Laine says.
    As part of the 100-million-euro cost competitiveness program the business carried out statutory negotiations on personnel reductions in its Power and Fabrics units globally earlier this year, resulting in annual cost savings of approximately EUR 25 million.
    (Metso's Pulp, Paper and Power segment)
     
    09.08.2013   The changing world of label printing    ( Company news )

    With the next edition of Labelexpo Europe around the corner, Mike Fairley looks at how label printing technology has changed over the years and considers some of the press investment decisions that label converters are facing today.
    It’s now more than 400 years since the first recorded printed labels were being produced. At that time they would have been printed on hand-made paper using relief letterpress type or images cut into wood or metal, with impression pressure applied through a wooden hand press and simple screw mechanism.

    The ‘Pre-‘ History of Labels
    It was a further two hundred years before much began to change. Yes, the hand presses were now being made of iron with a lever system to apply pressure, but the paper was still made by hand. However, by the early 19th century the industrial revolution was bringing significant changes to the world of printing – the first cylinder printing presses (powered by steam), the offset printing process, continuous papermaking machines.
    The 1800s also brought coated paper, the halftone process, colour printing – and a whole host of new label market application requirements that were to see the early beginnings of what we now call the label industry. These new 19th century applications included automatic volume production of standard-sized glass bottles and bottle filling lines, the first canning factories, the rapid growth of pharmacy products, labels on boxes, labels on luggage, labels on cigar boxes and bands, matchbox labels and all at this time now being printed on sheet-fed offset or letterpress presses.
    The first part of the 20th century saw the introduction of the first narrow-web presses for printing gummed and self-adhesive tape. The key innovations for the narrow-web printer were developments by Stan Avery that enabled self-adhesive materials to have a backing carrier and be cut to shape on the press. It was die-cutting materials on a liner that now enabled sticky labels to be produced on a roll. It was not long before press manufacturers such as Gallus, Nilpeter, and Mark Andy were producing the early dedicated roll-label letterpress and flexo presses.

    Late 20th Century: emergence of self-adhesive in Europe
    Later came narrow-web screen, hot-foil and combination process presses, UV-curing inks and more advanced plate-making technology. By the late 1970s self-adhesive labels had already attained a 7% share of the European label market – with all printing processes being used. Today, self-adhesive labels make up around 40% of label usage, fuelled by a whole host of technology and press innovations over the last thirty years that have enabled labels to be printed faster, on wider webs, using rotary and wrap-around tooling, servo-drive presses, and press controls that include web inspection, register control, colour management, and much more.
    Unbelievably, it was not until 1978 that the first retail bar codes were being produced for the Fine Fare Supermarket’s own label products, and the very first time that a velocity code was incorporated on the film masters for the production of the dark vertical bars on the codes. Today, bar codes are an essential element of every label sold through retail outlets across Europe.
    At this time bar coded labels for labelling fresh produce in store and at pre-packers was being undertaken with heat-sensitive label stocks. It was not until the 1980s that thermal direct and then thermal transfer printing of bar coded price-weigh labels using self-adhesive materials began to take place and grow rapidly by the later part of the decade.
    At about the same time the use of new types of polypropylene and polystyrene (later polyethylene) film materials for more demanding label applications were being introduced. High quality printing of filmic materials used for labelling shampoos, toiletries, industrial products, etc, were now required by the leading brand owners. This presented more demanding label printing and converting challenges for press manufacturers and converters.
    Three decades of evolutionary changes in label printing technology
    To meet changing label printing requirements over the past 30 years the dominant label printing technology of the time has undergone several changes: in the 1980s it was rotary letterpress that dominated new press sales. Then came growth in the flexo process during the 1990s. Much of the early part of the 21st century has seen UV flexo as the dominant technology for new label press sales. Since the mid-2000s, digital printing has also begun to evolve quite rapidly, initially with electrophotographic liquid and dry toner technologies and, most recently, with new generations of UV and water-based inkjet.
    In the pipeline for launch in 2014 is the newly developed Landa nanographic printing process, an offset inkjet process that has already created significant market interest amongst label, folding carton and flexible packaging printers.
    Without unduly wishing to worry the label converter, there is also considerable development work being undertaken at the present time with the longer-term aim of eventually using inkjet technology to print direct onto glass or plastic bottles or onto a variety of can shapes and sizes. Maybe not a concern for today, but possibly a more real threat for the future.

    What will the future bring? Factors to consider
    Put together, the key challenge today for any label printer is to decide what his new label printing press investment will be this year, next year or the year after. Will it be another conventional UV flexo analogue press? Or maybe an offset or combination process press? Some converters are perhaps still deciding whether to go digital. If so, will the investment be in toner or inkjet technologies?
    In the past, the decision, which press to invest in was perhaps rather simpler. Today there are even more factors to be considered – even with conventional analogue press technology. A press’s environmental footprint and energy consumption might be an important factor. So might the press colour gamut and the number of colours or print stations available on the press.
    What added-value finishing options are available? What inspection or control technology is required on the press? What kind of output speed is demanded for the type of work being produced? How long does the press require to changeover from one job to another? Does the converter want to print other products as well as labels, such as flexible packaging, tube laminates, folding cartons, sachets, etc. These factors may well influence press investment. Each of the main press manufacturers undoubtedly has their own technology variations and solutions they wish to promote and offer.

    Going Digital: Additional Factors
    When it comes to investing in digital there are various other factors to be considered as well as just investment in a press. Digital printing is all about new ways of working. It’s about enhanced colour management. It’s about making decisions whether to go conventional or digital as late as possible. What throughput of different jobs can be handled each day without getting bogged down in administration and paperwork? All these factors are likely to require more sophisticated Management Information Systems (MIS). Yet another key investment decision to be made.
    Then there is the additional challenge with digital of what dpi resolution to go for; does the work produced need a white ink in one of the printing heads; does the press have an extended colour gamut. Press running speeds between all the digital label press technologies also vary quite considerably. How important is speed with many short-run job changes?
    Go digital and the converter also needs to decide whether to invest in in-line or off-line finishing. If in-line, every job change may mean a press stop to change cutting dies. If there are multiple short run jobs to be produced the die-changes can take up a considerable part of the press day and offer reduced press running time. That means reduced output and potentially lower profitability. Off-line finishing can mean that one finishing line can handle the output of several digital presses, so maximizing press production time.
    Another finishing investment option for the label converter might be laser die-cutting; a higher-cost investment, but offering significant benefits where multiple short runs are required each day. Used with say, inkjet, laser cutting technology combined with inkjet (or Xeikon) technology where there is no fixed repeat length, offers the exciting potential of batching jobs across or along the web for maximum economics and performance.

    Accelerating Changes in Technology: What is There to See at Labelexpo Europe 2013?
    Looking back, it seems that more changes in printing technology, particularly for self-adhesive label printing processes and technologies, have occurred over the past 50 years than at any other period in the last 400 years. Even today, change in label printing and converting technology is still continuing to take place. This will become evident at Labelexpo Europe this year, where new makes and models of label presses will be launched, including ever more printing machinery emanating from Asia and the world of digital printing technology.
    (FINAT)
     
    09.08.2013   Smurfit Kappa steps into the shoppers mind     ( Company news )

    Company news Picture: Tony Smurfit, Group Chief Operations Officer

    Maximising the possibilities of virtual reality in retail ready packaging - Smurfit Kappa steps into the shopper’s mind and invests in a unique 3D virtual shopping environment to analyse and understand shopper behaviour.
    Smurfit Kappa further strengthens its leadership in the world of retail ready packaging by investing in a virtual shopping environment which will meet customer needs by optimising retail ready packaging solutions. This technology will be installed in Smurfit Kappa’s Development Centre in the Netherlands. It is one of the largest screens in Europe and is unique in its offering of a 3D shopping experience.
    Smurfit Kappa has made this investment to both increase its own expertise and to help its customers. This technology will be used to execute shopper behaviour research, the outcome of which will be translated into guidelines and insights in the area of retail ready packaging.
    This virtual store will also allow Smurfit Kappa’s customers to experiment with packaging in a realistic retail environment, and the technology’s flexibility will allow fast design changes.
    The official launch of this virtual store will take place in September, at Smurfit Kappa’s Innovation Event, where more than 150 of the top FMCG companies will experience the latest developments in packaging first hand.

    Tony Smurfit, Group Chief Operations Officer:
    “We are dedicated to meeting our customers’ needs and helping them perform in their markets. This unique technology will help us increase our understanding of shopping behaviour and to translate this knowledge into real-life, tangible solutions that our customers can implement to optimise their packaging and strengthen their brand.”
    (Smurfit Kappa Group Headquarters plc)
     
    09.08.2013   High production capacity, low power consumption: ANDRITZ to supply drum pulping system...    ( Company news )

    Company news ... for Taishan Gypsum’s paper mill, China

    International technology Group ANDRITZ has received an order from Taishan Gypsum for delivery of a FibreFlow drum pulper to its paper mill in Tai’an City, Shandong Province, China, which produces high-quality mask paper for gypsum boards. Start-up is scheduled for March 2014.
    The low energy consumption, the exceptionally high availability, and the low operating costs of the drum pulper (capacity: 800 tons per day) were decisive in the award of this order. The scope of supply also includes engineering, erection work supervision, start-up, training, as well as a spare and wear part package. The raw material treated by Taishan Gypsum consists of one half LOCC (Local Old Corrugated Container) and one half AOCC (American Old Corrugated Container). The ANDRITZ FibreFlow drum pulper is used for slushing all kinds of recycled paper grades – slushing of paper and separation of contaminants are handled in one single unit.
    Taishan Gypsum is the leading Chinese manufacturers of high-quality gypsum boards and frame series for interior decoration. The company, with a production capacity of 1.2 billion square meters of gypsum boards per year, serves the domestic market, and also exports to other countries, such as the United Arab Emirates, Indonesia, India, and Russia.
    (Andritz AG)
     
    09.08.2013   Favini presents SECURE-SKIN    ( Company news )

    Company news Favini is an Italian company with a long history of innovation in paper manufacturing, it is a world leader in the market of industrial release paper for making artificial leather, has significant market share in specialty paper and a strong know how in security papers.
    In the latest years, Favini has dedicated considerable R&D time and resource to develop several innovative and exclusive security features. These special features include particular inclusions, treatments and finishes that assure a high level of security.
    Favini reveals one of its latest security innovations: Secure-Skin, a unique micro embossing. At first sight it looks simply to be a decorative embossing, but it embeds a micro text visible with a 15x or more powerful lens.
    Secure-Skin can be applied on paper with additional security features for assuring a higher anti-counterfeit protection to bank and ID documents, certificates, labels, tickets, etc.
    Besides these applications, Secure-Skin is a useful tool for brand protection: Favini is able to provide high quality papers with a hidden customized micro message, logo or pattern repetition, ideal for packaging solutions where counterfeiting is a major issue - boxes, labeling, tags, product certifications plus associated supporting materials like shopping bags, corporate communication and documentation.
    The height of the text can reach 280 micron and the length of a word like “SECURITY” is just 2 mm. The size of the micro text is not detectable to the naked eye, a magnification of 15 or more is needed.
    Favini offers a standard Secure-Skin solution and support for developing customized Secure-Skin designs according to the corporate image guidelines and specific needs of customers. The minimum quantity for the customization is around 3T.
    (Favini Srl)
     
    09.08.2013   Verso Introduces VersoRx™ Pharmaceutical Inserts, Adding to its Specialty Papers Product Line    ( Company news )

    Company news Verso Paper Corp. (NYSE:VRS) announces the launch of a new pharmaceutical insert grade: VersoRx™. This new product offering, engineered to deliver outstanding print fidelity while providing excellent sheeting and folding performance, is an exciting addition to Verso's growing specialty papers product portfolio.
    "Our introduction of VersoRx™ pharmaceutical inserts is a great example of our continued focus in the specialty papers market segment," says Mike Weinhold, Verso's Senior Vice President of Sales, Marketing and Product Development. "By adding the VersoRx™ products to our portfolio, we have enhanced the wide range of product solutions that Verso offers converters, printers, and end-users."
    Available in 27#, 30# and 35# basis weights, VersoRx™ pharmaceutical inserts are produced on the No. 1 paper machine at Verso's mill in Bucksport, Maine. "The No. 1 paper machine at Bucksport plays a key role in Verso's plan to diversify its product line and expand in the specialty papers market segment," Weinhold explains. "Thanks to the expertise and ingenuity of our manufacturing team and to strategic investments made at the Bucksport Mill, we are pleased to announce this important, new commercial component of our product diversification plan. The VersoRx™ products are integral to the success of our diversification efforts, both now and in the future," he says.
    (Verso Paper Corp.)
     

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