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    14.08.2014   Mondi Group: Half-yearly results for the six months ended 30 June 2014    ( Company news )

    Company news Highlights
    -Steady improvement in all key financial metrics
    -Underlying operating profit of € 377 million, up 3 %
    -Underlying earnings of 51.9 euro cents per share, up 5 %
    -Cash generated from operations of €439 million, up 2%
    -ROCE of 16 %, well in excess of through-the-cycle hurdle rate of 13%
    -Acquisition of Graphic Packaging’s bags and kraft paper operations consolidates global market leadership position in Industrial Bags

    Capital projects
    -Recently completed projects delivering on expectation
    -Ongoing major projects on time, within budget
    -Interim dividend of 13.23 euro cents per share, up 39 %

    David Hathorn (photo), Mondi Group chief executive, said:
    “The Mondi Group continues to deliver a strong performance, generating
    a return on capital employed of 16%. Strong cost management and contributions from successfully completed strategic capital investments, together with the benefits from downstream integration in key packaging segments, enabled the Group to offset the impact of lower prices in a number of paper grades.
    We have continued to invest in the business for future growth. Highlights for the period included the successful commissioning of the
    155,000 tonne bleached kraft paper machine at the Štěti mill in the
    Czech Republic and the acquisition of Graphic Packaging’s bags operations and kraft paper mill in the United States. Together with the Group’s ongoing capital expenditure programme, including significant projects at our Ružomberok, Świecie and Syktyvkar operations, we are confident that these investments will deliver strongly into the future.
    In the near term, anticipated price increases in some of our packaging paper grades should provide positive momentum. As in prior years, the second half of the year will be impacted by the planned annual mill maintenance shuts.
    Market fundamentals remain sound, which, coupled with a continued economic recovery, should prove positive for further growth in the packaging businesses.
    Overall, we remain confident that Mondi will continue to deliver an industry leading performance.”
    (Mondi Group)
    13.08.2014   Reduced contamination: Innovative dryer fabrics from Voith    ( Company news )

    Company news With Jade from the CleanWeave product line, Voith is bringing innovative dryer fabrics onto the market that translate reduced contamination to increased drying capacity due to their special design.
    Jade dryer fabrics have minimal internal void volume and so carry significantly fewer deposits than conventional dryer fabrics. The high number of contact points and the flat yarns facilitate effective heat transfer and paper sheet handling. The compactness of the fabric structure makes both manual cleaning as well as on-line cleaning systems such as DuoCleaner Express from Voith more effective.
    The SynStron yarn material used in Jade makes the dryer fabric especially effective in resisting fibrilation and so facilitates easy cleaning. Synstron is used in the entire CleanWeave product line and is noticeably more effective than conventional polyester yarns in resisting abrasion.
    JadeHigh expands the product line with a more open surface ensuring stronger air flows for increased evaporation. Like all dryer fabrics in the CleanWeave product line, Jade and JadeHigh show measurable differences in their ability to maintain an easy clean structure which contribute to a more efficient drying process.
    (Voith Paper GmbH & Co KG)
    13.08.2014   Wausau Paper Reports Second-Quarter 2014 Results    ( Company news )

    Company news Second-Quarter Highlights

    Photo: CEO Michael C. Burandt

    Financial Results
    -Second-quarter adjusted EBITDA from continuing operations in 2014 was $9.9 million compared to adjusted EBITDA of $8.8 million in 2013. Wausau’s second quarter 2014 EBITDA guidance was a range of $9 to $10 million. Second quarter 2014 adjusted EBITDA excludes one-time adjustments of $3.1 million for costs associated with leadership transitions.
    -On a reported basis, second-quarter results from continuing operations were a net loss of $0.07 per share compared to a prior-year second-quarter net loss of $0.30 per share. Excluding the after-tax impact of leadership transitions, the adjusted second quarter 2014 after-tax net loss per share was $0.04. Excluding the after-tax impacts of non-recurring items, the adjusted second quarter 2013 after-tax net loss was $0.05 per share.

    Case Volume Growth of More than Three Percent
    -Second-quarter case shipment volume increased 3.1 percent in 2014 compared to the same period in 2013, resulting in a Company second-quarter shipment record of approximately 4.34 million cases.
    -Strategic product shipments; that is, those products sold in conjunction with proprietary dispensing systems or produced from premium substrates, comprised approximately 49 percent of the Company’s sales mix compared to approximately 47 percent of the Company’s sales mix in the second quarter of 2013.

    New Product Launches
    -Shipments of the Artisan™ premium Green Seal™-certified towel line, produced from 100 percent recycled fiber and ATMOS papermaking technology, began May 13.
    -The innovative Dubl-Serv® High-Capacity OptiCore® bath tissue dispenser was launched during the second quarter to positive distributor response. Alliance™, a high-capacity, dual 1,000 foot roll, premium towel dispenser is expected to be available in the market later this summer.

    Major Debt Refinancing
    -In early July, the Company received initial senior debt ratings of B2 and B- from Moody’s and Standard & Poors, respectively.
    -On July 30, the Company entered into a $175 million term loan agreement that will expire in July 2020, and a $50 million secured revolving credit facility that will expire in July 2019. Net proceeds of the term loan were used to retire the outstanding $150 million private placement senior notes, as well as, accrued interest and make-whole payments of $14.4 million, and approximately $3.4 million of transaction-related expenses. The remainder of the net proceeds will be used for general corporate purposes. At the time of replacement, the Company’s previous revolving credit facility was undrawn.

    Michael C. Burandt, CEO, commented, “Our results in the second quarter reflect market demand for our new premium DublNature® and Artisan™ product lines and the continued improvement of operating efficiencies at our Harrodsburg papermaking and converting operations. Each of the step-wise initiatives underway is a process, designed to drive improvement and the business toward the required higher level of earnings performance. We are very pleased with the growth of our new products and expect the recently introduced dispensing technologies to be positive game changers in this process, for both us and our distributor partners.”

    In the second quarter, shipments grew above the market rate of growth with strategic products improving nearly 9 percent over last year’s second quarter. Additionally, our announced price increase became effective on July 1 and is expected to provide an increasing benefit to results in the second half of the year; however, the supply-side dynamics of excess parent role capacity continues to exert unfavorable pressure on commodity-oriented product pricing. During the quarter, we completed our longest production run utilizing the new ATMOS technology to date and set several new production records on the new machine.
    Mr. Burandt, said, “Our focus remains on the incremental improvement of operating performance in the second half of the year. We are pleased with the initial launch of our Artisan premium towel products and improvement to our strategic mix. During the third quarter, we will have a maintenance outage at our Middletown, Ohio, facility that will impact operating results approximately $1.5 million. Including the cost of the outage and excluding approximately $1.2 million in third-quarter proxy settlement costs, we expect adjusted EBITDA for the third quarter of between $10 and $11 million.”
    (Wausau Paper Towel & Tissue Products)
    13.08.2014   Neenah Paper Reports Record Quarterly Results    ( Company news )

    Company news Sales increase 9% to $230 million with adjusted E.P.S. up 13% at $0.90

    Neenah Paper, Inc. (NYSE: NP) reported 2014 second quarter results.

    Second Quarter Highlights
    -Record quarterly sales, operating income, E.P.S. and cash flow.
    -Consolidated sales increased 9 percent, with 7 percent volume growth.
    -Earnings per diluted common share increased 14 percent, from $0.77 to $0.88, and adjusted earnings up similarly, from $0.80 to $0.90. Adjusted earnings exclude $0.02 per share in 2014 for restructuring and acquisition related costs and $0.03 per share in 2013 for debt refinancing, restructuring/integration costs and a pension settlement charge.
    -Free cash flow (cash from operations less capital spending) of $32 million.
    -Announced second dividend increase for 2014 and renewed share buyback program.
    -Acquired Crane Technical Materials on July 1, 2014 for a cash payment of $72 million.

    "Our businesses performed well in the second quarter, with impressive volume-based revenue increases in both segments that generated double digit earnings growth and significantly increased cash flow. These results were anchored by continued success in our core businesses and boosted by meaningful progress in targeted defensible, growing niches," said John O'Donnell , Chief Executive Officer. "Our balance sheet remains strong and we'll continue to optimize capital deployment among high-returning organic investments, value-adding acquisitions and direct cash returns to shareholders through an attractive dividend."

    Quarterly Consolidated Results
    Income Statement
    Net sales of $230.4 million in the second quarter of 2014 grew 9 percent compared with $212.3 million in the second quarter of 2013 as Technical Products revenues increased 10 percent and Fine Paper revenues grew 7 percent. Sales growth in 2014 resulted primarily from higher volumes, as well as favorable currency translation and increased net selling prices.
    Consolidated selling, general and administrative (SG&A) expense was $20.4 million in the second quarter of 2014 compared with $19.2 million in the second quarter 2013. The increase was primarily related to differences in timing of certain expenses between years.
    Operating income of $25.9 million in the second quarter of 2014 grew 15 percent compared with $22.6 million in the second quarter of 2013. Higher income resulted from top-line growth and increased margins that more than offset higher input and other costs.
    Net interest expense of $2.9 million in the second quarter of 2014 decreased from $3.1 million in the second quarter of 2013 as a result of lower average interest rates following the refinancing of the Company's Senior Notes in May 2013.
    The effective income tax rate of 35 percent in the second quarter of 2014 compared with 34 percent in the second quarter of 2013.

    Cash Flow and Balance Sheet
    Cash provided from operations in the second quarter of 2014 was $37.1 million compared with $27.6 million generated in the second quarter of 2013. Increased cash generation in 2014 resulted primarily from increased earnings and reductions in working capital.
    Capital spending of $4.8 million in the second quarter of 2014 compared with $5.0 million in the prior year period. Full year spending in 2014 is projected to be approximately $30 million.
    Debt as of June 30, 2014 was $193.5 million compared to $205.0 million as of March 31, 2014 and compared with $211.9 million as of December 31, 2013. Cash and equivalents as of June 31, 2014 were $92.3 million, compared with $77.2 million as of March 31, 2014 and $73.4 million as of December 31, 2013.
    Cash flows in the second quarter of 2014 were used to reduce debt, build cash and pay quarterly dividends. On July 1, 2014, approximately $72 of cash on hand was used to finance the purchase of Crane Technical Materials.

    Quarterly Segment Results
    Technical Products net sales of $116.9 million in the second quarter of 2014 increased 10 percent compared with prior year sales of $105.8 million. The higher sales resulted from an 8 percent increase in volume and favorable currency translation effects of 3 percent, partly offset by slightly lower net prices. Sales grew in all product groups, with filtration up 9 percent, backings up 9 percent and specialties up 13 percent. Volumes benefitted from share gains and improved economic conditions.
    Operating income for Technical Products of $13.2 million in the second quarter of 2014 increased 11 percent compared with $11.9 million in the second quarter of 2013. The higher income in 2014 resulted primarily from sales growth. In 2014, operating income included approximately $0.5 million for restructuring costs. Excluding these costs, operating income in 2014 increased 15 percent versus 2013.
    Fine Paper net sales were $106.6 million in the second quarter of 2014, up 7 percent compared with $100.0 million in the prior year. Sales growth in 2014 resulted from a 6 percent gain in volume and slightly higher net selling prices. Volume growth reflected increases in core premium brands as well as very strong growth in targeted growth areas including premium packaging, digital grades and international sales.
    Operating income of $17.3 million in the second quarter of 2014 increased 12 percent compared with $15.5 million in the prior year. The higher income in 2014 resulted from increased sales and lower selling and administrative costs that combined offset higher manufacturing costs, including more than $1 million of higher input costs.
    Unallocated Corporate and Other includes unallocated corporate costs and results from acquired non-premium paper grades. Unallocated corporate costs in the second quarter of 2014 were $4.5 million compared with $4.2 million in prior year period. In 2014, costs included $0.2 million related to the acquisition of Crane Technical Materials. In 2013 costs included $0.7 million for debt refinancing, integration/restructuring costs and a pension settlement charge.
    Sales of Other non-premium paper grades were $6.9 million in 2014, with an operating loss of $0.1 million compared with 2013 sales of $6.5 million and an operating loss of $0.6 million.
    (Neenah Paper Inc.)
    13.08.2014   Heidelberg realigns postpress portfolio    ( Company news )

    Company news -Postpress Packaging: improved competitiveness thanks to strategic partnership with Chinese manufacturer
    -Postpress Commercial: folding machine business to be restructured, manufacture of all other own products in this business area to be discontinued, and Leipzig site to be closed
    -Measures expected to improve result by a total of approx. EUR 30 million annually, largely taking effect from next financial year
    -Important step in achieving target EBITDA margin of at least 8 percent in financial year 2015/2016

    Photo: Stephan Plenz, Member of the Board, Heidelberg Equipment

    As already announced, Heidelberger Druckmaschinen AG (Heidelberg) realigns its postpress portfolio. In-house production at the Heidelberg sites in Germany is no longer competitive under the new market conditions. The relevant operations are therefore being discontinued, except for production of folding machines at the Ludwigsburg site.
    Postpress Packaging products and solutions will in future be developed and manufactured by the new Chinese OEM partner Masterwork Machinery Co., Ltd, with Heidelberg retaining responsibility for sales and service activities.
    In the Postpress Commercial business area, Heidelberg will only continue to market the established folding machines and cutters. Swiss company Müller Martini will take over service activities for installed equipment from discontinued series.
    "We were able to win two renowned suppliers as partners for our realigned Postpress portfolio," said Stephan Plenz, Member of the Board, Heidelberg Equipment. "They will help us provide our customers with competitive products and ensure continuity in services and service parts."
    The reduction of in-house capacities will result in the closure of the Leipzig site and a corresponding reduction in the workforce at the Ludwigsburg and Wiesloch-Walldorf sites. A total of around 650 employees worldwide will be affected.
    Important step in optimizing portfolio to achieve target EBITDA margin of at least 8 percent in financial year 2015/2016
    At its Annual Press Conference, Heidelberg announced the development of new business models for products with weak margins as part of its portfolio optimization.
    "The competitiveness of postpress product lines at Heidelberg was limited, so these activities are being placed on an entirely new footing", said Heidelberg CEO Gerold Linzbach. "Realigning these areas is an important step in improving the company's economic situation and getting closer to the target EBITDA margin of at least 8 percent."
    (Heidelberger Druckmaschinen AG)
    13.08.2014   Michelman Strengthens Latin American Presence with Addition of Two New Agents    ( Company news )

    Company news To better support the paper and corrugated coatings market in Latin America, Michelman has added two new agent representatives to serve customers in the region.
    Mr. Manuel Muñoz of Coaterex Latinamerica is based in Colombia and will manage paper and corrugated coating customers in Mexico, Colombia and Ecuador. Mr. Muñoz has over 20 years of experience in the paper, printing and corrugated packaging industries and has been representing Michelman’s line of digital printing products for the past four years.
    Mr. Andres Zuwolinsky of Reprosa Representaciones Profesionales S.A. is based in Costa Rica and will manage customers in Costa Rica, Guatemala, Honduras and El Salvador. Andres has over 25 years of experience managing and operating corrugated box plants.
    (Michelman Inc.)
    12.08.2014   emtec Electronic banks on a new representation in Finland    ( Company news )

    Company news The company emtec Electronic GmbH from Leipzig in Germany expands its worldwide representation network by a cooperation with the company Pineco Trading Oy. As of now, Mr. Lauri Loimaranta from the Finnish company is the contact person for interests and questions concerning all products of the German producer of measuring devices. Beside the consulting and distribution activities, Mr. Loimaranta was also entrusted with the service and device maintenance in Finland.
    (emtec Electronic GmbH)
    12.08.2014   CITO Rule Puller    ( Company news )

    Company news The CITO Rule Puller makes changing cutting, creasing and perforating rules (2-3 pt. rules) simply child’s play.

    The CITO Rule Puller offers you a number of advantages:
    -Simple and efficient handling
    -The vertical pulling force enable rules to be pulled straight upwards without tilting
    -The interchangeable clamping jaws allow you to pull rules even when they are positioned closely together
    -Magnetic foot pins enable easy and flexible positioning of the CITO rule puller
    12.08.2014   Ahlstrom interim report January-June 2014: Profitability improved largely driven by better ...    ( Company news )

    Company news ...cost structure

    Photo: Marco Levi, President & CEO

    Continuing operations April-June 2014 compared with April-June 2013
    -Net sales EUR 253.0 million (EUR 265.0 million).
    -Operating profit EUR 9.6 million (EUR 6.4 million).
    -Operating profit excluding non-recurring items EUR 13.4 million (EUR 7.9 million).
    -Operating margin excluding non-recurring items 5.3% (3.0%).
    -Profit / loss before taxes EUR -0.4 million (EUR -3.5 million).
    -Earnings per share EUR -0.07 (EUR -0.12).

    April-June 2014 in brief
    -Reported net sales fell by 4.5%, while profitability improved. Comparable net sales grew 0.4% at constant currency rates and there was clear improvement in the profitability of four business areas: Advanced Filtration, Building and Energy, Food, and Transportation Filtration.
    -Marco Levi was appointed as Ahlstrom's new President & CEO.
    -New products were introduced to accelerate growth and improve the sales mix and profit margin. One key product launch was Ahlstrom EasyLife® Spray & Up, a new offering for the fast-growing digital wall décor market.

    Continuing operations January-June 2014 compared with January-June 2013
    -Net sales EUR 502.2 million (EUR 520.3 million).
    -Operating profit EUR 14.0 million (EUR 14.7 million).
    -Operating profit excluding non-recurring items EUR 20.6 million (EUR 14.4 million).
    -Operating margin excluding non-recurring items 4.1% (2.8%).
    -Profit before taxes EUR 4.8 million (EUR 0.1 million).
    -Earnings per share EUR -0.02 (EUR -0.09).

    Outlook for 2014
    The outlook published on January 30, 2014 remains unchanged. Net sales are expected to be EUR 930-1,090 million. The operating profit margin excluding non-recurring items is expected to be 2-5% of net sales.

    Marco Levi, President & CEO:
    "We have improved our profitability for three consecutive quarters, demonstrating our ability to enhance financial performance. In particular the Advanced Filtration, Food, and Transportation Filtration business areas increased their profit margins".
    "I am very pleased that our ongoing rightsizing program is progressing as planned and the benefits can already be seen in our operating result. The program has yielded clear reductions in selling, general and administrative costs, along with production overheads".
    "Comparable net sales were flat in the second quarter, with only moderate improvement in the overall market environment. As we cannot rely solely on an economic recovery to boost our sales, we will strive to improve our operational efficiency and continue to launch appealing new products such as Ahlstrom EasyLife® Spray & Up for the digital wall décor market. Our ambition is to swiftly position Ahlstrom in such a way that we can capture new profitable business while operating with a more sustainable cost structure".
    (Ahlstrom Corporation)
    12.08.2014   AkzoNobel creates the world's first fully compostable and recyclable paper cup     ( Company news )

    Company news Thanks to the company's new pioneering coatings technology EvCote™ Water Barrier 3000 – which itself is made from plant-based oils and recycled PET bottles – restaurants can now select a more sustainable paper cup to serve their cold drinks in. These cups don’t require any modification in the current recycle stream or special handling and are fully compostable and recyclable.

    "This is an industry-changing innovation which could have a significant impact in terms of providing economic and environmental benefits along the value chain. The new coatings technology will help restaurant owners and cup producers to reduce their waste," explained Conrad Keijzer, AkzoNobel’s Executive Committee member responsible for Performance Coatings.
    "There has already been strong interest in our product and we expect it to prompt a major transformation in paper cup production, much like the move from wax to the current Polyethylene process around 40 years ago," added AB Ghosh, Managing Director, Industrial Coatings.

    Roughly 200 billion paper cups are used around the world every year, but none of those currently in use can be recycled without incurring prohibitive costs or greatly diminishing the quality of the paper fiber. That makes this new technology remarkable, because when paper coated with EvCote™ is recycled, the quality of the paper fiber remains intact – which means the paper can be reused in the production of other paper products. In some cases, due to the fibers being strengthened by the coating, paper produced from the waste can even achieve higher strength than the original, uncoated paper.
    An additional advantage is that it enables paper mills to recapture 100 percent of the paper waste from the production process that is currently sent to landfill, resulting in significant financial savings. The amount of paper waste in the production process is so vast that it could be used to completely wrap the Empire State Building 6300 times.
    "The cost of paper represents the highest single cost for cup makers, so recycling the industrial scrap means that there are both cost and environmental benefits,” added Gil Sherman, Market Development Manager at AkzoNobel’s Paper Coatings business. “With the growth of bio-PET, EvCote™ provides us with options to completely disconnect from the petrol supply chain, because now we can offer our customers a replacement for petroleum-based PE films."
    Made of up to 95 percent sustainable or renewable content, EvCote™ barrier coatings protect paper surfaces against water, grease and moisture. They can be used in numerous applications, including corrugated packaging, folding carton board, beverage carrier board and food service packaging.
    The development of new innovations such as the EvCote™ barrier forms part of AkzoNobel’s Planet Possible approach to sustainability and will contribute to the company’s Human Cities initiative to create cleaner and more liveable cities.
    (Akzo Nobel Industrial Chemicals AB)
    12.08.2014   NewPage Announces Second Quarter 2014 Financial Results    ( Company news )

    Company news NewPage Holdings Inc. ("NewPage") announced its results of operations for the second quarter of 2014.

    Photo: George F. Martin, President and Chief Executive Officer

    Net sales in the second quarter of 2014 were $733 million compared to $720 million in the second quarter of 2013. Net sales improved due to higher sales volume of paper partially offset by lower paper prices. Paper pricing is impacted by lower industry demand. Paper sales volume totaled 811,000 tons and 783,000 tons for the second quarter of 2014 and 2013. Average paper prices were $885 per ton and $892 per ton in the second quarter of 2014 and 2013.
    For the second quarter of 2014, net loss was $30 million compared to a net loss of $13 million in the second quarter of 2013. The increase in net loss was the result of higher input costs of $20 million driven by the continuing effects of extreme weather-related factors through April 2014 and lower paper prices, partially offset by lower non-cash stock compensation expense, lower pension expense, cost reduction initiatives and other general and administrative expenses.
    Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization as further adjusted as shown in the attached reconciliation) was $43 million in the second quarter of 2014 compared to $50 million in second quarter of 2013.
    NewPage ended the second quarter with total liquidity of $271 million, consisting of $263 million of availability under the revolving credit facility and $8 million of available cash and cash equivalents.
    Operating cash flows were $26 million in the second quarter of 2014 compared to $19 million in the second quarter of 2013. Operating cash flows in the second quarter of 2013 includes $16 million in non-recurring bankruptcy-related items. For the six months ended June 30, 2014, the company used $51 million of cash in operations compared to $23 million for the six months ended June 30, 2013. The increase is primarily the result of higher input costs, driven by weather-related factors, higher cash interest and other cash charges associated with the February 2014 debt refinancing, partially offset by a reduction in cash requirements for bankruptcy-related items. Cash used for operating activities during the six months ended June 30, 2013 includes $58 million in non-recurring bankruptcy-related payments.
    (NewPage Corporation)
    12.08.2014   Youbisheng Green Paper AG about to file for insolvency    ( Company news )

    Company news Haibo Huang, who had been appointed new Chief Executive Officer of Youbisheng Green Paper AG last week, informed the Supervisory Board about his immediate resignation. After the experiences of the past days he does not feel to be in a position to meet the requirements of the Supervisory Board in the present state.
    Hence, the actual financial and cash situation of the operative Chinese company remains unclear. Against this background and in the light of the insufficient liquidity of the German holding company as well as the leadership vacuum associated with the resignation of Haibo Huang, the Supervisory Board sees itself forced to file for insolvency within the next days in order to protect creditors and shareholders. However, the Supervisory Board will - possibly together with a liquidator - continue to fight for the dialog with the operating entity in China in order to shed light upon the present situation.
    (Youbisheng Green Paper AG)
    12.08.2014   New bed generation from V.I.T. Papertec AG due to specific hard coatings    ( Company news )

    Company news The hard coatings from V.I.T. Papertec AG for precision metering rods yields enormous results.

    Picture: Premium metering rod bed PINK-ENDURANCE

    The specific carbide–based hard coating, the PLATIN-coating for example, is one of the hardest known wear resistant surface and provides highest degrees of tensile strength and hardness worldwide. Produced in a special high velocity procedure in the own V.I.T.-coating plant, the highest lifetime was attained compared with all known coatings for metering rods.
    The premium coating TITAN is an extreme hard, oxide based sprayed coating and provides improved lifetime compared to common surfaces.

    New metering rod bed generation
    BUT: the hard coatings are a great challenge for the whole industry. By the very long lifetime achieved, the metering rod beds must conform to this extreme high standard.
    For this reason, V.I.T. Papertec developed a new rod bed generation. The result is a highly wear resistant, although highly flexible combination of PE-material, the precision metering rod bed PINK ENDURANCE.
    Due to the specific high resistant, extremely firm and stable material, this metering rod bed offers several advantages:
    -Best narrow rate < 1%
    -Best quality of film and application
    -Excellent layer-cross profile
    -Heat-resistant up to 130°
    -First-rate features under dry running conditions at a low sliding friction coefficient
    (V.I.T. Papertec AG)
    11.08.2014   Innovative stainless steel globe valve for controlling small volumes    ( Company news )

    Company news GEMÜ further expands its expertise in the control valve sector with the innovative Type GEMÜ 566 globe valve.

    The GEMÜ 566 stainless steel globe valve has a valve body in which the control mechanism is already integrated. In addition to a pneumatic actuator, there is also a manually operated version and a motorized version.
    By integrating the control mechanism into the valve body, it is possible to subsequently switch from a manual actuation type to an automated actuation type at any time. The particular advantage of this is that the components involved are located outside the medium-wetted area. This means that from the start, the plant operator enjoys a very high degree of flexibility with regard to potential changes to their operational processes. The medium-wetted part is separated from the control mechanism by an additional separating diaphragm. The diaphragm is available in EPDM or FPM materials. The investment casting, stainless steel valve body has a threaded socket and is available in the nominal sizes DN 8 to DN 15.

    The GEMÜ 566 valve was developed especially for controlling small volumes and provides a flow rate from 63 up to 2500 l/h. For all three actuation types, there are options for optical and electronic position feedback. The motorized version can also be equipped with a positioner. The same applies to the pneumatic actuator, for which a process controller is also available as an optional extra.
    (GEMÜ Gebr. Müller Apparatebau GmbH & Co. KG)
    11.08.2014   BillerudKorsnäs: Stable second-quarter results    ( Company news )

    Company news CEO Per Lindberg (photo) comments on the development during Q2 2014:
    “We deliver a strong and stable result for the second quarter. Our adjusted operating profit reached SEK 467 million and our operating margin was 9%. Overall, I am pleased with our financial performance. The market place has been quite good with solid demand and stable prices within all business areas. Business area Packaging Paper has managed to keep the prices stable during the quarter in spite of increased capacity on the market, and has increased prices on new orders within the sack segments thanks to a seasonally strong demand. Within business area Consumer Board we have launched the next generation of Cartonboard products on the market, which has been very well received by customers. Business area Containerboard has delivered a stable result for the second quarter but is beginning to feel a real pressure from the increased capacity on the market.

    We continue with our ambition “Challenging conventional packaging for a sustainable future” with the aim of increasing the level of innovation and leadership. During the quarter we have received confirmation in several areas that we are right on target with our mission. Several countries are putting regulations in place for reducing the use of plastics in packaging. We offer sustainable alternatives to several plastic applications, and sustainability is our top priority. We have received recognition from both EcoVadis and "oekom research", meaning that the company is acknowledged for its sustainability work. During the quarter, we have also made a decision to further improve the environmental profile of the company through a major investment in Gävle. Following our ambition to increase innovation and product leadership, we have during the quarter decided to invest in next generation fluting at Gruvön, enhancing both product performance as well as machine capacity. On the more innovative side, BillerudKorsnäs and Berghs School of Communication are giving Spotify a physical form. It is this year’s edition of a packaging design contest for students at Berghs and this is the first time an online brand will be physically packaged.

    During the first half of 2014 we have delivered an operating margin of 10%, and a growth in sales volumes over last year with 4%, in line with our profitable growth targets and our long term strategy. The integration work has progressed as planned and as already communicated, the realisation of synergies is happening faster than first planned. All employees have done a fantastic work all across the company, in numerous different projects that constitutes the integration program. However, the pace of integration in combination with synergy-related incentives will increase the non-recurring costs for realising the synergies with approximately SEK 25 million for the year. It is my belief that this is money well spent.’’
    (BillerudKorsnäs AB)
    11.08.2014   Brewton Energy Improvement Investment    ( Company news )

    Company news “Georgia-Pacific has a track record of investing back into our business to help continuously improve our operations and meet the long-term needs of our customers, our company, our communities and our employees,” said Jim Hannan (photo), CEO and president, Georgia-Pacific. “This investment in our Brewton facility reflects our confidence in the Brewton team to continue to improve the competitiveness of this facility.”
    “I’m proud of Georgia-Pacific's investment to improve the mill in Brewton. This shows the company's commitment to their employees and the state of Alabama,” said Alabama Governor Robert Bentley. “This major investment will provide long-term and immediate benefits for Escambia County. During the construction phase hundreds of workers are projected to be on site daily which will have a positive impact on the local economy.”

    The energy improvement project modernizes and streamlines the current mix of equipment in the mill’s recovery boiler system, which will contribute to more efficient processes and operations.
    “We will become self-sufficient in terms of the energy needed for our processes,” said Jeff Joyce, vice president and general manager, Brewton mill. “This will improve our competitive advantage and enhance the long-term viability of the mill.”

    Among other benefits of the energy improvement project:
    • Improved reliability and energy efficiency
    • Workforce influx of approximately 600 (at peak) for construction
    • Positive short-term economic benefits to the surrounding community, particularly in the form of retail sales and lodging revenues from contractors

    “While we are now gearing up for construction, our teams have been planning and preparing for this project since 2013, including ordering equipment and pre-constructing some components,” said Joyce. “We are very appreciative of the work of those teams and the support we have received from our community and local leaders in securing this project for our mill. We are proud to be here.”
    Mayor Yank Lovelace, Sr., said, “We are thrilled to have Georgia-Pacific in our city, and this investment in Brewton affirms the company’s commitment to our community. We have worked hard to support local industry and welcome economic growth that is the result.”
    Escambia County Commission Chairman David Stokes, added, “This will make the Brewton mill competitive for generations to come, giving our people the opportunity to make a good living and raise their families here in Brewton.”
    Teams at the Brewton mill produce white-top linerboard and solid bleached cartonboard. The mill is the largest employer in Brewton, with approximately 450 employees. In Alabama, Georgia-Pacific employs approximately 2,500 people directly, and those jobs create an additional 12,300 jobs indirectly. Total compensation and benefits for Georgia-Pacific Alabama employees is approximately $242 million directly, resulting in a broader economic impact of $695 million in combined wages and benefits.
    In recent years, Georgia-Pacific has invested $11 billion into operations across the country, including Alabama, where approximately $1.4 billion in capital has been invested to grow existing operations, acquire new operations, improve safety and environmental performance or delivery.
    (Georgia-Pacific Corp.)
    11.08.2014   RockTenn Reports Third Quarter Fiscal 2014 Earnings    ( Company news )

    Company news RockTenn (NYSE:RKT) reported earnings for the quarter ended June 30, 2014 of $1.82 per diluted share and adjusted earnings of $1.97 per diluted share.

    Photo: RockTenn Chief Executive Officer Steve Voorhees

    Third Quarter Results
    -Net sales of $2,531 million for the third quarter of fiscal 2014 increased $83 million compared to the third quarter of fiscal 2013 primarily as a result of the Tacoma Mill and specialty display acquisitions completed in May 2014 and December 2013, respectively, and higher selling prices. Segment income of $263 million decreased $12 million compared to the prior year quarter primarily due to increased commodity and other costs which exceeded the impact of higher selling prices, productivity improvements and income from the acquisitions.
    -RockTenn's restructuring and other costs and operating losses and transition costs due to plant closures for the third quarter of fiscal 2014 were $0.13 per diluted share after-tax. These costs primarily consisted of $9 million of pre-tax integration and acquisition costs and $5 million of pre-tax facility closure charges associated with previously closed facilities.

    Chief Executive Officer's Statement
    RockTenn Chief Executive Officer, Steve Voorhees, stated, "Our team delivered another quarter of solid operating results as measured by our adjusted earnings per share of $1.97 and free cash flow per share of $2.82. Over the last 12 months credit agreement EBITDA has increased to $1.6 billion, a 19% increase compared to last year and free cash flow has increased by $3.24 to $12.39 per share, a 35% increase, both of which reflect the continued strong operating performance of our team. Our balance sheet continues to provide us with the ability to make sound capital allocation decisions and continue to generate attractive free cash flow returns."

    Segment Results
    Mill and Converting Tons Shipped
    Corrugated Packaging segment shipments of approximately 1,962,000 tons increased 2.1% or approximately 40,000 tons compared to the prior year. In the quarter, we took approximately 89,000 tons of major maintenance and capital outage downtime. Consumer Packaging segment shipments of approximately 394,000 tons decreased 0.5% or approximately 2,000 tons compared to the prior year quarter.

    Corrugated Packaging Segment
    Corrugated Packaging segment net sales increased $55 million to $1,774 million and segment income decreased $16 million to $180 million in the third quarter of fiscal 2014 compared to the prior year quarter. The increased sales are primarily related to the Tacoma Mill acquisition and higher selling prices whose impact on segment income was more than offset by higher commodity and other costs. Segment income in the third quarter of fiscal 2014 included the recognition of a $9 million gain related to the recording of additional value of spare parts at our containerboard mills acquired in the Smurfit-Stone acquisition. Segment income in the third quarter of fiscal 2013 included an $11.4 million benefit related to the restructuring and extension of our Jacksonville recycled containerboard mill's steam supply contract. Corrugated Packaging segment EBITDA margin was 17.4% for the third quarter of fiscal 2014 down 70 basis points from the prior year quarter.

    Consumer Packaging Segment
    Consumer Packaging segment net sales increased $15 million to $497 million in the third quarter of fiscal 2014 compared to the prior year quarter due to higher selling prices. Segment income of $60 million in the third quarter of fiscal 2014 was impacted primarily by the higher selling prices which were more than offset by the impact of lower volumes and higher commodity costs and other items. Consumer Packaging segment EBITDA margin was 16.5% for the third quarter of fiscal 2014 down slightly compared to the prior year quarter.

    Merchandising Displays Segment
    Merchandising Displays segment net sales increased $59 million over the prior year third quarter to $225 million primarily due to higher volumes and the impact of a specialty display acquisition completed in December 2013. Segment income increased $4 million in the third quarter of fiscal 2014 compared to the prior year quarter primarily due to the impact of higher volumes which were partially offset by higher commodity and other items including higher costs associated with supporting and onboarding new business. Merchandising Displays segment EBITDA margin was 11.3% for the third quarter of fiscal 2014 down 70 basis points from the prior year quarter.

    Recycling Segment
    Recycling segment net sales decreased $38 million over the prior year third quarter to $85 million primarily due to lower volumes and recovered fiber prices as a result of soft global markets and seven collection facility closures during the past year. Segment income was relatively flat in the third quarter of fiscal 2014 compared to the prior year quarter primarily as the impact of lower volumes and market conditions were partially offset by the impact of cost structure improvements.

    Cash Provided From Operating, Financing and Investing Activities
    Cash from operations was $218 million in the third quarter of fiscal 2014 after pension and postretirement funding more than expense of $131 million compared to cash from operations of $270 million in the prior year quarter after pension and postretirement funding more than expense of $45 million. Due primarily to the $341 million associated with the May 16, 2014 acquisition of the Tacoma Mill, Net Debt (as defined) increased $312 million in the June quarter to $2.95 billion and at June 30, 2014, our Leverage Ratio (as defined) was 1.90 times. Total debt was $2.99 billion at June 30, 2014. Additionally during the quarter, we invested $151 million in capital expenditures, returned $25 million in dividends to our shareholders and repurchased $21 million of common stock.
    (Rock-Tenn Co)
    11.08.2014   'emtec at the PTS Paper and Board Symposium'    ( Company news )

    Company news emtec Electronic appears in Munich

    In September, emtec Electronic GmbH appears at the PTS Paper and Board Symposium in the congress hall in Munich, Germany. On September 17th and 18th, 2014 it is possible to have a look at the PDA.C 02 – Penetration Dynamics Analyzer, which characterizes the properties of paper and board surfaces for converting (coating, printing, glueing).
    But also the innovative ACA – Ash Content Analyzer will be showcased. Within seconds it delivers, beside the total ash content, the percentage of the single fillers and minerals in paper and board. Therefore, the ACA serves as a replacement of the traditional, time-consuming combustion method.
    (emtec Electronic GmbH)
    11.08.2014   Scheufelen: Important information    ( Company news )

    Company news Many questions are asked, especially if the paper that you did purchase from us, are still available. Here we can assure that we will provide all the paper brands unchanged in complete range. The paper brands bvs und bro in grammages of 100-350 g/m² are available in established quality – made in Lenningen – and fast delivery service. For bvs and bro matt, the grammage of 90 g/m² is currently under review. The range of premium brands heaven 42 and phoenixmotion remains unchanged.
    (Papierfabrik Scheufelen GmbH + Co. KG)
    11.08.2014   BHS CorruDUR® pressure belt – our service for your BHS Modul Facer    ( Company news )

    Company news Due to the continuously increasing quality requirements for corrugated board, especially for fine papers and micro flute production, a new BHScorruDUR® pressure belt has been developed.
    The BHS Modul Facer already operates with a high-strength woven metal band. In addition to the longer contact zone, compared to pressure roll machines, an optimal heat transfer is ensured by the special metal mesh throughout the entire contact zone. This enables high production speeds with all paper grades including fine flutes and special papers.
    All BHS Modul Facer pressure belts are manufactured from high-strength special steel on heavy weaving machines for metal mesh and are characterized by a mark free seam and edge welding.
    A further development of the conventional belt is the new BHS pressure belt corruDUR® made of high-strength metal mesh - with special coating.

    Customer Benefits
    -Technology: Even better surface integrity of inside liner paper during production.
    -Production reliability: Less chance of belt changes at the edges towards the end of belt life.
    -Cleaning performance: Easier cleaning of the belt module due to the closed fabric structure without compromise in heat transfer properties.
    -Especially recommended for fine and specialist papers plus micro flutes.
    (BHS Corrugated Maschinen- und Anlagenbau GmbH)
    08.08.2014   Vaahto Group lowers its 2014 forecast    ( Company news )

    Company news Vaahto Group lowers its 2014 forecast. In the Interim Management Statement, published on 16.5.2014, the operating profit of the continuing operations was expected to be positive for the fiscal year 2014. The latest management estimation is that the operating profit of the continuing operations will be negative for the fiscal year 2014.

    The main reasons are the delay in the positive development of the order book and the slower improvement of the market situation than earlier predicted. Additionally, the costs related to the re-organization of the group structure have an effect on the estimate. Due to the classification of the continuing and discontinuing operations, the allocation of the group’s overhead costs affects the continuing operations more than estimated. The group is currently adjusting its administrative costs, but the changes made to the cost structure will generate savings later than earlier anticipated.
    (Vaahto Group Plc Oyj)

    Company news CCL Industries Inc. (“CCL”), a world leader in specialty label and packaging solutions for global corporations, small businesses and consumers, announced today that it has signed a binding agreement to acquire Bandfix AG (“Bandfix”), located near Zurich, Switzerland. Bandfix is a privately owned label company increasingly focused on European Specialty customers with estimated sales for the calendar year of 2014 of $47.0 million and anticipated adjusted EBITDA of approximately $3.5 million. The agreed debt and cash free enterprise value is $18.0 million subject to customary closing adjustments. The transaction is expected to close this quarter subsequent to local regulatory approval.

    Geoffrey T. Martin President & CEO (photo) of CCL Industries Inc., commented: “Bandfix has a long history in the European label industry and brings to CCL a foothold in Switzerland, home to the headquarters of many important global customers, especially in the Healthcare & Specialty space. We are pleased to welcome Bandfix employees to CCL and have solid plans to invest in Switzerland to develop the business for future growth and improved profitability. The operation will change its trading name post close to CCL Label, Switzerland and report to Guenther Birkner, President of our Food & Beverage business and our senior operating leader in Europe based nearby in Austria.”
    (CCL Industries Inc.)
    08.08.2014   Flowrox Deposition Watch Measures Deposition from the Pipe Cross Section    ( Company news )

    Company news Flowrox Deposition Watch is an accurate solution to effectively control and monitor paraffin wax and asphaltene depositions in pipelines. Online monitoring of process deposition allows you to track and monitor formed deposits as well as free volume index remaining in the pipeline.
    Integrate the system into plant automation to maintain an optimal level of chemicals to treat deposits and to avoid unnecessary production stops caused by cleaning.

    -Constant monitoring of the deposition build up
    -Track remaining free volume index in pipeline
    -No unexpected shutdowns - maximized process uptime

    Flowrox Deposition Watch is an accurate solution in the Oil and Gas industry to effectively control and monitor paraffin wax and asphaltene depositions in pipelines. Examples of scalable substances are calcium carbonate, calcium sulfate and bitumen.

    -Oil and Gas
    -Mining & Minerals
    -Pulp & Paper
    (Flowrox Oy)
    08.08.2014   DS Smith increases ownership of Italmaceri to 100%    ( Company news )

    Company news DS Smith announces the acquisition of the remaining 50% of Italian recycling company Italmaceri Srl (“Italmaceri”). DS Smith acquired its existing 50% of Italmaceri as part of the acquisition of SCA Packaging in 2012.
    Italmaceri is the second largest recycling company in Italy, handling in excess of 500,000 tonnes of recovered fibre per annum. It has its headquarters in Torino, with operations in Ancona, Casarile and Novara.
    Miles Roberts, chief executive of DS Smith said: ”The purchase of Italmaceri is consistent with DS Smith’s strategy to lead the way in recycling. It builds on our market leading position in Europe and will allow us to grow our closed loop recycling model in Italy, where we already have packaging and paper operations. We want to provide our customers not only with excellent packaging, and a world class recycling service, but solutions to all elements of their Supply Cycle.”
    The Italian recovered fibre market is the fourth largest in Europe, but has a recycling rate of 63.3%, lower than the European average of 71.7%. This offers potential for DS Smith to target and grow volumes through the commercial / industrial (including retail, wholesale and manufacturing) and municipal markets. The company will be building on existing market and geographic presence to roll out to a wider base.
    Peter McGuinness, chief executive of DS Smith, Recycling Division, said: ”This is another exciting chapter within our European growth strategy. The recovered fibre from Italmaceri will secure a fibre supply stream for our recycling network, including the DS Smith paper mill at Lucca. We have taken the opportunity to invest further in an innovative business that will help deliver our vision; the power of less, which helps our customers achieve more, with minimal impact to the environment; while realising maximum efficiency and cost gains.”
    (DS Smith Plc)
    08.08.2014   Voith strengthens Automotive business in North American growth market    ( Company news )

    Company news Acquisition of Helix Systems complements Service Portfolio for America

    -Helix Systems Inc. with staff of 260 and turnover of 30 million US$ to be part of Voith Industrial Services
    -Additional service competencies for the North American growth market

    Photo: Markus Glaser-Gallion, Member of the Management Board of Voith Industrial Services, in charge of the Business Division Automotive.

    As part of its Voith 150+ strategy, Voith is acquiring Helix Systems Inc., a USA-based industrial services company, located in Bessemer, Alabama. The company offers integrated service solutions for automation, system control and plant engineering as well as construction services in particular for the automotive industry. Helix Systems Inc. generated a turnover of approx. 30 million US$ in fiscal year 2013, and currently employs around 260 people.
    Helix Systems will be integrated into the Automotive Division of Voith’s Group Division Industrial Services, which is one of the leading service providers for the automotive industry worldwide. The service portfolio of Voith Industrial Services in the USA includes mainly technical cleaning and facility management, and production maintenance for car manufacturers. “This acquisition supports our goals for the growth market of North America and complements the portfolio there with activities primarily focused on technological expertise that are already part of our core competencies in Europe. As an industry specialist for the automotive industry we thus strengthen our international presence”, explains William Bell, President & CEO Automotive business in North America with Voith Industrial Services. “We will also be able to access new customer groups in this industry.”
    The North American market is of strategic relevance for Voith. In the past year, the Group initiated the ‘Voith 150+’ success program, geared towards positioning the company for future challenges. Furthering market penetration in growth regions is part of this program. The acquisition will be a 100% share deal, with both parties agreeing not to disclose the terms of the deal.
    Voith sets standards in the markets energy, oil & gas, paper, raw materials and transport & automotive. Founded in 1867, Voith employs more than 42,000 people, generates € 5.7 billion in sales, operates in about 50 countries around the world and is today one of the biggest family-owned companies in Europe. In North America Voith generates € 890 million in sales and employs 5,800 people.
    Voith 150+ is a Group-wide success program which will ensure the long-term competitiveness and capacity for growth far beyond the 150th birthday of the company in 2017. The focus of Voith 150+ is on repositioning the existing portfolio, optimizing structures and processes and strengthening Voith’s corporate culture against a background of a rapidly changing market environment.
    (Voith Paper GmbH & Co KG)
    08.08.2014   Archroma Featured High Performance And Sustainability Within Reach At Zellcheming 2014    ( Company news )

    Company news Archroma, a global leader in color and specialty chemicals, and the former textile, paper and emulsions businesses of Clariant, put sustainability and high-performance within reach with its latest benchmark-setting papermaking innovations at ZELLCHEMING-Expo 2014 in Frankfurt am Main, Germany.
    Under the motto “We touch and color peoples’ lives every day, everywhere”, Archroma demonstrated its on-going commitment to support papermakers with cost-effective and more environmentally-considerate solutions to the performance needs of local markets. Archroma’s comprehensive product ranges for general-purpose paper and food packaging cover optical brightening agents (OBAs), coloration and processing chemicals, and surface coating additives and agents for all kinds of paper, card and board.

    New developments from Archroma in the spotlight at ZELLCHEMING 2014 have been:
    • The recently introduced disulfonated OBAs Leucophor® ACK and Leucophor® ACW aim at satisfying the most demanding environmental requirements without compromising quality or ease of use. Leucophor® ACK brings sustainability advantages through its unique, super-highly concentrated urea-free liquid formulation.
    • Cartaguard® KHI is a totally PFOA-free, grease-resistant additive for recyclable, non-plastic coated paper packaging used for eat-out-of-hand snacks. It provides a true alternative for manufacturers on the look-out for effective and safe impregnating agents for naturally absorbent papers.

    Established innovations featured at the show:
    • Archroma’s award-winning stickies control innovation for pulp and paper applications, Cartaspers® SCH protects wires and felts, reducing downtime and minimizing the use of solvents for cleaning.
    • Cartabond® wet end products for increasing wet and dry strength and Cartasol® liquid dyes.

    “Archroma builds on its 120 years of expertise in bringing color and performance solutions to the paper industry”, comments Manfred Hahn, Head of Sales Central Europe. “We strive to bring papermakers the products and process solutions which they need to tackle their challenges on color, strength and processability, with Archroma’s strong commitment and focus on resource saving.”
    (Archroma Management GmbH)
    07.08.2014   Michelman's New HydraBan 430 Coating for Corrugated Withstands the Elements; Helps Maintain...     ( Company news )

    Company news ...Product Integrity

    Michelman introduced HydraBan® 430, a highly water resistant coating for paper and corrugated in Booth #15 at the ACCCSA 2014 convention being held July 27-30, 2014 in Cartagena, Colombia.
    Because it imparts a high degree of water repellency, the new coating helps maintain the structural integrity of corrugated shipping boxes while they are in service or in transit, while also protecting the contents of the container. HydraBan 430 is particularly effective for applications where exposure to environmental conditions such as cold, heat, humidity and moisture is unavoidable. Typical applications includes corrugated containers used for perishables, consumer goods and building products.
    Hydraban 430 is a versatile and economic water-based coating that is FDA compliant, repulpable, printable and gluable. It is easy-to-run with or without dilution and can be applied off-line before the corrugation process or in-line on the corrugator, from the wet or dry end, with a rod or blade coater. It can also be applied via flexo.
    (Michelman Inc.)
    07.08.2014   Interim report Q2/2014: UPM posts strong second quarter, solid progress in growth projects    ( Company news )

    Company news Photo: Jussi Pesonen, President and CEO

    Q2 2014 compared with Q2 2013
    • Earnings per share excluding special items were EUR 0.26 (0.20), and reported EUR 0.25 (0.22)
    • Operating profit excluding special items increased to EUR 186 million, 7.6% of sales (138 million, 5.5% of sales), due to the successful profit improvement programme
    • EBITDA was EUR 298 million, 12.2% of sales (258 million, 10.2% of sales)
    • The Lappeenranta renewable diesel refinery started its testing and commissioning process; the UPM Fray Bentos pulp mill received an increased production permit
    • 94% of the targeted annualised EUR 200 million cost savings achieved in Q2 2014

    Q1–Q2 2014 compared with Q1–Q2 2013
    • Earnings per share excluding special items were EUR 0.53 (0.38), and reported EUR 0.61 (0.31)
    • Operating profit excluding special items increased to EUR 382 million, 7.8% of sales (282 million, 5.6% of sales), due to the successful profit improvement programme
    • EBITDA was EUR 611 million, 12.4% of sales (542 million, 10.9% of sales)
    • Growth projects progressed in UPM Biorefining, UPM Paper Asia and UPM Raflatac
    • Strong operating cash flow at EUR 479 million (187 million), net debt decreased to EUR 2,925 million

    Jussi Pesonen, President and CEO comments on the result:
    UPM has performed significantly better in the first half of 2014 than in the same period last year. Compared to 2013, our second quarter operating profit improved by 35%. The profit improvement programme, announced a year ago, is ahead of schedule and was evident in our results. With improved profitability, our cash flow was strong and the balance sheet was strengthened further which continues to support our capacity to pay a good dividend. Finally, I am pleased that all our growth projects made solid progress during the quarter.
    Operating profit excluding special items increased to EUR 186 million (138 million). Operating cash flow continued to be strong at EUR 215 million (84 million), and net debt decreased to EUR 2,925 million (3,524 million).
    UPM Paper ENA (Europe and North America), UPM Paper Asia and UPM Plywood all succeeded in their efforts to improve profitability. Most of the improvement stems from reduced variable and fixed costs. Furthermore, UPM Paper Asia and UPM Plywood benefited from higher delivery volumes, and UPM Plywood also profited from increased prices.
    In UPM Energy, thanks to successful hedging and optimal utilisation of hydropower assets, profitability remained stable despite lower market prices.
    UPM Biorefining and UPM Raflatac did not reach their full potential this quarter. In Pulp business, which makes up most of the UPM Biorefining results, profitability was negatively impacted by maintenance shut-downs and prolonged start-up at Kaukas pulp mill in addition to decreased hardwood pulp prices. UPM Raflatac’s results suffered from temporary operational issues.
    As for our strategic growth projects, we are well on track.
    Biofuels opens up a new horizon for our growth prospects. The Lappeenranta biorefinery, the first of its kind in the world, will start producing clean, technologically advanced renewable diesel. The construction has now been completed and we have started the testing and commissioning process. The sales agreement with NEOT (North European Oil Trade) was signed in June, and the refinery is expected to start commercial production during autumn.
    In Pulp, we made good progress in achieving the targeted 10% production capacity increase. The modernised fibre line in Pietarsaari came on stream. At the Kymi mill, construction work on the extension is on schedule. The production permitting process in Uruguay was completed and UPM Fray Bentos received a production permit for a further 100,000 tonnes in June, allowing an annual production of 1.3 million tonnes.
    Our growth investments in emerging markets were also proceeding as planned. In UPM Changshu, China, the investment in woodfree speciality grades and labelling materials, as well as UPM Raflatac’s expansion to the self-adhesive labels factory on the same site, got off to a good start. In Nowa Wies, Poland, the preparations for UPM Raflatac’s expansion in filmic labelstock continued.
    With these projects we are on our way to top-line growth and an additional EUR 200 million EBITDA in the coming two years,” said Pesonen.

    Outlook for 2014
    Growth in the European economy is expected to be modest in 2014, but to improve over last year. In the US, growth is expected to remain stable at a moderate level, whereas solid growth is expected to continue in the developing economies.
    This environment is expected to be supportive for the global pulp and label materials demand, as well as paper demand in Asia. The slight improvement in the European economy is likely to moderate the negative demand development seen in the European graphic paper market over the past two years and stimulate European demand for wood products. The current hydrological situation in Finland is slightly above the long term average level, and the forward electricity prices in Finland for H2 2014 are lower than the realised market prices in H2 2013.
    UPM’s business outlook is broadly stable.
    07.08.2014   New standby function on sheetfed presses from Heidelberg significantly boosts energy efficiency    ( Company news )

    Company news -Available on all presses with Prinect Press Center
    -Another innovation for green printing that conserves resources
    -Initial use by commercial printer demonstrates efficiency, even with short idle times

    All presses from Heidelberger Druckmaschinen AG (Heidelberg) that are equipped with the Prinect Press Center now come with the new standby function. This enables the press to be switched to an energy-saving mode that significantly reduces CO 2 emissions. Depending on press length and format, the standby function leads to potential savings of up to 15 kW. Calculated over an entire year, print shops that switch to standby mode for just one hour each day can thus save enough energy to power a family home.
    Day-to-day press operation involves repeated waits and pauses. Depending on the situation, operators can decide whether they wish to switch to standby mode. This is a simple step that does not involve powering down the press. Pressing the standby button on the Prinect Press Center switches the peripherals and individual sub-assemblies of the press to energy-saving mode. Powering up the press again is also much faster than starting it from scratch.
    (Heidelberger Druckmaschinen AG)
    07.08.2014   Weyerhaeuser Reports Second Quarter Results    ( Company news )

    Company news -Earnings from continuing operations before special items rise nearly 65 percent compared with first quarter
    -Divestiture of homebuilding business completed on July 7, 2014

    Photo: Doyle R. Simons, president and chief executive officer

    Weyerhaeuser Company (NYSE: WY) reported second quarter net earnings to common shareholders of $280 million, or 47 cents per diluted share, on net sales from continuing operations of $2.0 billion. This compares with net earnings of $196 million, or 35 cents per diluted share, on net sales from continuing operations of $1.9 billion for the same period last year.
    Earnings for second quarter 2014 include after-tax earnings of $22 million from discontinued operations. Discontinued operations relate to Weyerhaeuser Real Estate Company (WRECO), which was combined with TRI Pointe Homes, Inc. (TRI Pointe) through a Reverse Morris Trust transaction on July 7, 2014. Second quarter results also include net after-tax gains of $24 million from special items, primarily related to a postretirement plan amendment. Excluding discontinued operations and special items, the company reported net earnings of $234 million, or 40 cents per diluted share. This compares with net earnings from continuing operations before special items of $183 million, or 33 cents per diluted share, for second quarter 2013 and $143 million, or 24 cents per diluted share, for first quarter 2014.

    “The strong results for each of our businesses in the second quarter reflect our relentless focus on operational excellence,” said Doyle Simons, president and chief executive officer. “Through the recent divestiture of our homebuilding business and last year's Longview Timber acquisition, we have created a focused forest products company committed to driving operational improvements and fully capitalizing on the continued measured recovery in U.S. housing markets and the overall economy.
    (Weyerhaeuser Company)
    07.08.2014   Visit Sanita at Tissue Middle East Exhibition 2014    ( Company news )

    Company news TISSUE Middle East Exhibition the leading International Exhibition for Tissue Paper, Hygiene Products and Converting Industries will be held on October 22nd-24th, 2014 at Cairo International Convention Center, Cairo, Egypt. Hall (2)
    TISSUE-ME 2014 Exhibition gathers exclusively Tissue Paper, Hygiene Products and Converting manufacturing experts, key players and decision-makers committed to showcase the latest Machinery, Raw Material, Finished Products, Technologies, Innovations, Solutions and Services from around the Globe.

    SANITA Invites You to Visit TISSUE-ME 2014
    Sanita Consumer products Co, being a member of INDEVCO Group enjoying the support of a large organization with sound values & wild experiences of manufacturing & distribution.
    After doing a great job in the Egyptian market for 10 years & in the beginning of the year 2012, Sanita Nile for Trading merged with Sanita Consumer Products to manufacture those products in Egypt to meet the increased demand & needs of the Egyptian market as well as exporting for foreign markets in Africa and the neighboring Countries of Egypt.
    Sanita is specialized in manufacturing & distributing of different papers & Hygiene Products serving both local & export markets.
    (Nile Trade Fairs)
    07.08.2014   ANDRITZ GROUP: solid business development in the first half of 2014    ( Company news )

    Company news International technology Group ANDRITZ showed solid business development in the first half of 2014 in a still challenging overall economic environment.

    Photo: ANDRITZ President and CEO Wolfgang Leitner

    -Sales increased slightly to 2,659.4 MEUR in the first half of 2014 (+1.9% versus H1 2013: 2,610.1 MEUR); this increase is attributable to the Schuler Group, which only contributed four months to the previous year’s reference period (first-time consolidation as of March 1, 2013). Sales in the second quarter of 2014, at 1,439.9 MEUR, almost reached the reference figure of last year (-0.4% versus Q2 2013: 1,446.3 MEUR).

    -The order intake amounted to 2,980.2 MEUR in the first half of 2014 and was thus well above the previous year’s reference figure (+18.0% versus H1 2013: 2,526.0 MEUR). This significant increase is mainly due to the good order intake in the PULP & PAPER and METALS business areas in the first quarter of 2014. The order intake in the second quarter of 2014, at 1,238.0 MEUR, was practically unchanged compared to the level in the second quarter of 2013 (1,237.7 MEUR).

    -As of June 30, 2014, the order backlog amounted to 7,555.7 MEUR which is an increase of 2.3% compared to the end of last year (December 31, 2013: 7,388.5 MEUR).

    -In the first half of 2014, the EBITA amounted to 133.4 MEUR (+37.7% versus H1 2013: 96.9 MEUR) and the EBITA margin was 5.0% (H1 2013: 3.7%). Thus, earnings were significantly above the low reference figure for the previous year, which was strongly negatively impacted in the first quarter of 2013 by high provisions booked for a pulp mill project in South America. In the second quarter of 2014, the EBITA amounted to 84.8 MEUR and was thus 2.5% above the figure for the second quarter of 2013 (82.7 MEUR). The EBITA margin slightly increased to 5.9% (Q2 2013: 5.7%).

    -The net income reached 66.7 MEUR in the first half of 2014 and was thus well above the very low reference figure for the previous year (+42.2% versus H1 2013: 46.9 MEUR).

    ANDRITZ President and CEO Wolfgang Leitner: “Given the overall economic situation and the competitive environment, order intake and sales of the ANDRITZ GROUP saw solid development. We achieved a significant improvement in earnings compared to the previous year’s reference period, although further improvements are necessary to reach our target figures. We expect unchanged project activity in the markets we serve for the current second half of the year.”

    Based on the business development so far, the order backlog, and – compared to 2013 – additional two months sales contribution by the Schuler Group, ANDRITZ expects a slight rise in sales in the 2014 business year compared to the previous year. Net income is expected to show a significant improvement compared to the low level of 2013.
    (Andritz AG)
    07.08.2014   CHINA PAPER 2014 GEARING UP TO BE MOST SUCCESSFUL EDITION TO DATE    ( Company news )

    Company news Gearing up for its 21st edition, China Paper 2014, taking place September 15-17 at INTEXT Shanghai, is shaping up to be another winner for business and government.
    China Paper is the premiere event for China’s pulp, paper making and paper products industries.
    China Paper provides the most influential platform in China for paper mills, raw product providers, manufacturers of automation pulp and paper equipment and components suppliers. The event specializes in featuring innovative equipment, technologies and services, supplying all of Asia’s paper needs.
    This year, China Paper is expecting its highest attendance to date. Over 5,000 qualified industry buyers are expected from all across China, as well as 50 international countries, searching for the latest paper products and services.
    China Paper’s exhibition area will be host to over 200 exhibitors, cover four major areas: Paper Making, Paper Product Processing, Environmental and Paper Recycling. In addition, the exhibit floor will showcase a complementary Specialty Paper Pavilion featuring the finest in fiber materials, equipment, chemicals, and specialty paper companies.
    Once again, the Swedish and Finnish pavilion will have a large international foot print in the exhibit hall. Other international exhibitors include the companies from the United States, Canada, Taiwan, and the EU.
    New for 2014, RISI, the leading information provider for the global forest product industry, will co-host China Paper’s international conference program. The top-level technical conference will bring an added educational element to the event, creating the highest quality meeting place for the industry. Other event features include mill visits, product and company presentations, and match making seminars.
    China Paper continues to enjoy the highest level of support from China’s key ministries and key associations and many important organizations such as the Vietnam Pulp and Paper Association are supporting China Paper 2014.
    Outreach to participate is made on a global basis to over 100,000 potential exhibitors and attendees with invitations going out to the heads of international pulp & paper associations and CEOs from the key corporation’s in the pulp and paper industry to attend the conferences, exhibit and visit the exhibition.
    The paper industry continues to be a key growth sector in China, generating a multitude of business opportunity.
    (E.J. Krause & Associates)

    Company news Picture: Avery Dennison brings a “White Rainbow” to wine labelling applications. (Photo: Avery Dennison, PR255)

    White remains by far the dominant label colour for wine and spirits producers, and the number of white label materials has just increased with the addition of five important new ‘White Rainbow’ products to the Avery Dennison wine labelling range.

    Two new paper-based products (‘Rustique Extra White FSC’ and ‘Martelé Extra White FSC’), give designers a new whiter-than-ever shade for wine labelling applications. A new tree-free ‘Pure Cotton’ material is also available, which has been evaluated at 30% higher whiteness when compared with other 100% cotton fibre wine labels on the market today (CIE Whiteness (Dry) – ISO 11475). Pure Cotton has the same printability as paper but the highest level of embossing.

    Attractive patterns are also included in the range: the new ‘True Linen FSC’ material has a natural and elegant textile finish, and ‘Pampa FSC’ offers a rich and luxurious feel with its micro diamond shape.

    Fabien Bourgies, global director Wine & Spirits, said that the new materials offer the technical and aesthetic performance needed to stand out in a crowded market: “With these White Rainbow label materials, Avery Dennison now offers brand owners and designers new opportunities to make their products really leap out from a retail shelf, and communicate a very pronounced brand identity. Retailers know that consumers spend more time looking at wines if the area is softly lit, with a ‘cellar-like’ atmosphere, and the performance of a white label material can be pivotal in these conditions – the right material choice will make a bottle stand out in minimal light levels.”

    The new range will be valuable to a large proportion of brand owners: 80% of wine labels are currently white, in no small part because the colour conveys a sense of authenticity and premium quality.

    Bourgies said that subtle improvements to materials are important: “Consumers can perceive very small differences between whites, and these products give label designers useful new choices, especially when thinking about communicating a sense of luxury. The extra-white labels offer an exceptional level of contrast, and the two new materials with elegant diamond patterns allow fine printing details to be reproduced with very high accuracy.”
    (Avery Dennison Label and Packaging Materials Europe)
    07.08.2014   BC Hydro Power Smart Program boosts viability for mechanical pulp producers    ( Company news )

    Company news Catalyst Paper (TSX:CYT) announced that the Ministry of Energy and Mines and BC Hydro have introduced a new energy efficiency program aimed at reducing the power costs of mechanical pulp producers.
    The Power Smart program provided an injection of $100 million over three years and is aimed at reducing energy intensity and improving energy efficiency used in the thermal-mechanical pulping process at seven pulp facilities throughout British Columbia.
    This funding will benefit our three mills located in the communities of Crofton, Port Alberni and Powell River. The first project that Catalyst is in the advanced stages of planning for is a project in Powell River that utilizes waste steam to reduce our electrical load on the BC Hydro system. The project has an expected capital cost in excess of $25 million of which Power Smart funding will cover 75% and reduces energy cost by an estimated $5 million annually. “We are pleased with this outcome after several months of open dialogue examining all sides of this complex situation,” says Catalyst President and CEO Joe Nemeth. “This program improves the viability of the energy-intensive mechanical pulping industry and will help ensure the economic benefits we generate throughout the province will continue.”
    In addition to more than one million tonnes of paper, Catalyst produces 355,000 tonnes of pulp sold to customers in Asia, consuming an annual capacity of approximately 3.5 million gigajoules of energy in the process. Catalyst plans to leverage the Power Smart program by upgrading equipment to efficiently harness energy, reducing its energy waste and load on BC Hydro’s system.
    (Catalyst Paper Corporation)

    Company news Picture: Avery Dennison Rapid-Roll opens tea industry for narrow web converters. (Photo: Avery Dennison, PR238)

    With the rising global demand for tea and the launch of more specialist teas, producers are looking for converters who are able to provide unique packaging solutions that preserve the flavour of their teas and enable their brand to stand out. Avery Dennison is helping narrow-web label converters access this important new market, with a flexible packaging portfolio of short-run, quick turnaround non-adhesive paper and films.

    Single-serve tea portions are a notable packaging trend, reflecting demand from restaurants and bars, and consumption of flavoured and private label teas. Ralph Olthoff, segment leader Rapid-Roll at Avery Dennison, says the Rapid Roll portfolio allows converters to offer new packaging solutions as a viable alternative to larger-scale wide-web productions. “We are seeing an increasing demand for lower quantities and faster deliveries of tea products, and this is an arena where narrow-web converters perform best. Our Rapid-Roll portfolio is designed to give converters quick access to the minimum order quantities they need, without having to maintain high stock levels, and it includes the entire range of barrier properties needed for different flexible packaging applications as well as offering exceptional print qualities”, Olthoff continues.

    Individual tea bags – often called ‘envelopes’ – have to deliver more than visual appeal. Tea is a sensitive product that needs to be protected from moisture, oxygen and UV. The perfect tea envelope is one that entices the consumer and keeps the contents fresh.

    Rapid-Roll flexible packaging options range from a simple paper construction to constructions with a layer of aluminium, metalized PET or metalized PP. All materials are printable in rotogravure, letterpress, UV Flexo, UV Offset and digital.
    (Avery Dennison Label and Packaging Materials Europe)
    06.08.2014   Tembec reports financial results for its third quarter ended June 28, 2014    ( Company news )

    Company news Consolidated sales for the three-month period ended June 28, 2014, were $404 million, as compared to $399 million in the same quarter a year ago. The Company generated net earnings of $30 million or $0.30 per share in the June 2014 quarter compared to a net loss of $7 million or $0.07 per share in the June 2013 quarter. The June 2014 results include a gain of $14 million related to the sale of land. Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $30 million for the three-month period ended June 28, 2014, as compared to adjusted EBITDA of $30 million a year ago and adjusted EBITDA of $18 million in the prior quarter.

    Business Segment Results
    The Specialty Cellulose Pulp segment generated adjusted EBITDA of $19 million on sales of $126 million for the quarter ended June 2014, compared to adjusted EBITDA of $18 million on sales of $128 million in the prior quarter. Demand for specialty grades was flat while US and euro prices were relatively unchanged quarter-over-quarter. The prior quarter sales included a $2 million favourable adjustment for volume penalties paid by customers relating to the calendar 2013 period. Currency was unfavourable during the quarter as the Canadian dollar strengthened by 1.1% versus the US dollar and the euro. Overall, Canadian dollar equivalent pricing for specialty grades declined by $77 per tonne. US dollar prices for viscose grades also declined. Combined with the unfavourable currency effect, prices declined by $51 per tonne. The viscose market remains oversupplied and prices are relatively low. Overall, pricing reduced adjusted EBITDA by $4 million. Shipments were equal to 80% of capacity as compared to 81% in the prior quarter. Costs declined by $3 million due to the reversal of net realizable value write-downs as the Temiscaming mill shipped more viscose grade pulp than it had produced. Higher profitability in the chemicals business increased adjusted EBITDA by a further $2 million. The Specialty Cellulose Pulp segment generated operating earnings of $15 million, unchanged from the prior quarter.

    The Forest Products segment generated adjusted EBITDA of $5 million on sales of $108 million for the quarter ended June 2014, compared to adjusted EBITDA of $3 million on sales of $112 million in the prior quarter. Lumber shipments were equal to 84% of capacity versus 83% in the prior quarter. During the quarter, the random length lumber reference price declined by US $24 per mbf while the reference price for stud lumber increased by US $11 per mbf. The gap between the two grades narrowed as expected. Currency was unfavourable as the Canadian dollar averaged US $0.917, a 1.1% increase from US $0.907 in the prior quarter. The net effect decreased sales and adjusted EBITDA by $1 million or $6 per mbf. Costs decreased by $4 million. The spring and summer months are also seasonally lower operating cost periods. The Forest Products segment generated operating earnings of $4 million, compared to operating earnings of $1 million in the prior quarter.

    The Paper Pulp segment generated adjusted EBITDA of $3 million on sales of $102 million for the quarter ended June 2014, compared to adjusted EBITDA of $2 million on sales of $62 million in the prior quarter. Market conditions for paper pulp remained relatively weak although demand was stable. Pulp shipments were equal to 117% of capacity as compared to 70% in the prior quarter. Export shipments in the prior quarter were negatively impacted by winter storms that led to delays and congestion at several East Coast ports normally utilized by the Company. The shortfall in shipments was made up in the June 2014 quarter. The benchmark price (delivered China) for bleached eucalyptus kraft (BEK) decreased by US $49 per tonne. However, this decline did not impact US $ high-yield pulp prices. Currency was unfavourable as the Canadian dollar strengthened during the quarter. Average selling prices declined by $12 per tonne, reducing adjusted EBITDA by $2 million. Manufacturing costs decreased by $3 million, primarily due to lower fibre costs. The Paper Pulp segment generated operating earnings of $1 million, compared to an operating loss of $1 million in the prior quarter.

    The Paper segment generated adjusted EBITDA of $8 million on sales of $89 million for the quarter ended June 2014, compared to negative adjusted EBITDA of $1 million on sales of $84 million in the prior quarter. The coated bleached board market improved slightly. The shipment to capacity ratio was 96% compared to 94% in the prior quarter. The US $ benchmark price for coated bleached board increased by US $32 per short ton. Currency was negative as the Canadian dollar strengthened during the quarter. Overall, average selling prices for coated bleached board were unchanged quarter-over-quarter. Bleached board costs increased by $1 million, primarily for freight. The newsprint market remained weak with continued decreases in North American demand. The shipment to capacity ratio was 89% compared to 81% in the prior quarter. The US $ benchmark price for newsprint was unchanged at US $605 per tonne. The stronger Canadian dollar resulted in a $7 per tonne decline in newsprint realizations. Manufacturing costs at the Kapuskasing newsprint mill decreased by $10 million, primarily for energy. The prior quarter’s costs had been negatively affected by the abnormally cold weather that led to a shortage of natural gas, which in turn caused significant increases to the cost of purchased electricity in the Province of Ontario. The newsprint mill also took six days of unplanned downtime in the prior quarter to mitigate the impact of the higher electricity rates. The Paper segment generated operating earnings of $7 million, compared to an operating loss of $2 million in the prior quarter.

    BC Land Sales Initiative
    The Company continued with its BC Land Sales Initiative. The objective is to realize up to $70 million in gross proceeds by December 2014. During the June 2014 quarter, the Company completed three land sales for proceeds of $16 million, bringing total sales to date to $39 million. The Company also has an agreement to sell additional parcels for $20 million. The transaction is conditional on the purchaser obtaining adequate financing. There can be no assurance that the transaction will be consummated or that the Company will attain its stated objective.

    Temiscaming Cogen Project Update
    The Company had previously indicated that the total construction cost of the project would be approximately $235 million. Updated projections now indicate that approximately $255 million will be required to complete the project. The overrun is largely due to higher labour costs. The initial estimate contemplated total labour man-hours of 810,000. To the end of June 2014, labour man-hours had reached 775,000 and projections indicate a further 152,000 man-hours will be required to complete the construction work, for a projected total of 927,000 man-hours. As a significant portion of the additional man-hours relate to higher cost specialized trades, the fully-loaded cost per man-hour is forecasted to be 7% higher than originally planned. The boiler erection is essentially completed and the remaining work will focus on piping, insulation and electrical work. The commissioning of several ancillary systems has begun and will accelerate as the summer progresses. The turbine was originally scheduled to produce contract power by mid-October 2014. This is now expected to occur in late-November 2014, a delay of approximately five weeks.

    Overall, the June 2014 quarterly results were better than anticipated. After experiencing relatively harsh winter conditions in the March 2014 quarter, all four business segments benefited from higher productivity and lower costs. This more than offset the negative effect of a stronger Canadian dollar and lower selling prices. The Specialty Cellulose segment results improved by $1 million due to lower costs at both pulp mills. The decline in specialty pulp prices was expected as the prior quarter had benefited from customer minimum volume penalties. The current quarter reflected the full impact of the lower contract prices that came into effect in January 2014. Prices for viscose grade also dropped in the most recent quarter. This market remains oversupplied and US $ prices are relatively low. Market conditions should remain at this level for the remainder of the calendar year. The improved results in the Forest Products segment were also driven by lower costs as the spring and summer months are normally lower cost periods for the sawmills. Stud lumber prices increased, closing the gap with random lumber as the latter declined. We anticipate similar results in the coming quarter. The Paper Pulp segment results saw a small improvement in profitability due to lower costs. The segment was able to make up for the weather related shortfall in shipments from the prior quarter. The new South American hardwood paper pulp capacity is impacting prices and we anticipate marginal profitability from this segment until the market absorbs this new capacity. The Paper segment rebounded well from what had been a very challenging March quarter, which was impacted by high prices for natural gas and electricity. The coated bleached board market is stable, but the export market for newsprint, on which North American producers are placing greater reliance, is under pressure.

    The Company is looking forward to completing the construction of the Temiscaming, QC, specialty cellulose Cogen project in the coming quarter. While the total estimated cost has increased, the project remains a critical element that will materially improve the mill’s cost structure and margins. The Company is placing significant emphasis on training and commissioning in order to ensure a successful start-up of the boiler and turbine. The Company is also looking to complete the BC Land Sales Initiative. To date, $39 million has been realized and the Company will be focused on generating additional land sales in order to reach its $70 million objective.
    (Tembec Inc.)
    06.08.2014   Portucel Soporcel Group launches new Navigator Home Pack    ( Company news )

    Company news Navigator focuses on families with new product tailored to home users

    Navigator Home Pack is the new product from the world's best-selling premium office paper brand, especially designed and tailored for domestic users.
    In order to reach out to the home users’ market, Navigator has made the packaging lighter and easier to carry by reducing the number
    of sheets per pack, down from the traditional 500 to 250, as well as adapting its image to suit the home environment.
    Navigator Home Pack encourages consumers to be creative in finding new ways of using paper, and stands out at points of sale thanks to its easygoing communication style.
    The packaging design has been developed to illustrate a home environment, with more appealing colours, encouraging modern consumers of office paper to start using a premium product at home.
    This new addition to the Navigator range will enable the brand to communicate directly with a target group that prefers convenience and value for money, without sacrificing the brand's high quality standards, all of which they will have access to with Navigator Home Pack.
    “Navigator Home Pack is our response to changing consumer trends, in particular the increasing affordability of colour printing equipment, including home users. This means that paper quality has become more important, as contemporary consumers demand higher quality, even for their personal documents", explained Ricardo Ferreira, Navigator Brand Manager.
    (Soporcel-Sociedade Portuguesa de Papel SA)
    06.08.2014   Sappi results for quarter ended June 2014 highlights continued year-on-year improvement in ...    ( Company news )

    Company news ... performance

    Summary for the quarter
    -Continued year-on-year improvement in quarterly performance
    -Usutu and Nijmegen Mill transactions completed
    -Specialised Cellulose business remains sold out
    -EPS 3 US cents (Q3 2013 loss of 9 US Cents)
    -EBITDA excluding special items US$140 million (Q3 2013 US$88 million)
    -Net debt US$2,286 million (Q3 2013 US$2,331 million)

    Commenting on the result, Sappi Chief Executive Officer Steve Binnie (photo) said:
    It is pleasing to note that the group has continued the trend of improving year-on-year performance, with EBITDA excluding special items of US$140 million, operating profit excluding special items of US$67 million and profit for the period of US$17 million.
    The European business had a solid quarter in a seasonally slow period, with lower variable and fixed costs arising from cost cutting initiatives offsetting weaker graphic paper prices. Demand for coated woodfree paper was stable, but coated mechanical paper continues to be weak.
    The North American business was impacted by a number of planned and unplanned outages at the pulp mills, as well as a continuation of the weak pricing in the coated paper markets. Price increases for coated woodfree web paper were announced during the quarter and this will bring some relief to a difficult market in the fourth financial quarter.
    The Southern African paper business improved on the prior quarter performance due to lower fixed costs, whilst variable costs were negatively impacted by the weaker Rand.
    The Specialised Cellulose business had a reasonable quarter, impacted by the planned annual maintenance shut at the Cloquet Mill. As expected, dissolving wood pulp prices experienced increased downward pressure due to weaker viscose staple fibre prices. Strong shipment volumes contributed towards an EBITDA excluding special items of US$70 million.
    Capital expenditure for the full year is expected to remain below US$300 million and with the proceeds of the Usutu sale and positive cash generation expected in the fourth quarter, we anticipate net debt to end the year close to US$2 billion.
    The fourth quarter is a seasonally stronger quarter and we believe that the result for the quarter will continue the trend of improved year-on-year quarterly performance which we have experienced throughout 2014.

    The quarter under review
    During this seasonally slow quarter in Europe, overall sales volumes were approximately 2% lower year-on-year, with growth in speciality paper volumes and stable coated woodfree volumes. The coated mechanical market remains weak, both domestically and globally. Savings in variable, fixed and logistics costs enabled the business to improve the year-on-year performance despite the lower sales prices. An agreement was reached to dispose of the Nijmegen mill to an affiliate of the American Industrial Acquisition Corporation (AIAC). The mill will now manufacture packaging paper and will no longer be engaged in the coated graphic paper business beyond a 6 month transition arrangement for 52,000 tonnes.
    The graphic paper markets in North America continued to be characterised by weak pricing during the quarter, whilst our volumes were flat year-on-year. Price increases for web products were announced during the quarter and will improve our results going forward. The North American specialities business is experiencing improved sales to Europe, which is offsetting weaker Chinese markets.
    The performance of the Southern African business improved compared to the equivalent quarter last year; a quarter impacted by the conversion to dissolving wood pulp at Ngodwana. The increased dissolving wood pulp sales from Ngodwana, higher average Rand pricing for dissolving wood pulp and improved profitability from the paper packaging business all contributed to the improvement.
    Finance costs of US$42 million were slightly below those of the restated equivalent period last year.
    Earnings per share for the quarter were 3 US cents (including a gain of 1 US cent in respect of special items), compared to a loss of 9 US cents (including a charge of 3 US cents in respect of special items) in the restated equivalent quarter last year.
    Capital expenditure in the quarter declined to US$57 million compared to US$174 million a year ago, reflecting the completion of the expenditure on the dissolving wood pulp projects.
    Net debt of US$2,286 million increased by US$38 million compared to the prior quarter, mainly as a result of increased working capital. Proceeds from the sale of the Usutu assets for ZAR1 billion were received after quarter-end and will be utilised to reduce debt.

    The stronger than expected coated woodfree paper market, coupled with excellent ongoing cost control and focus, has led to steady progress in the European business, an important cash contributor to the group. Two important capital projects at Gratkorn and Kirkniemi are underway, allowing us to make further headway in improving the financial performance of this business.
    The North American business has experienced an extremely difficult year with cost and price pressures in graphic paper, inclement weather and some operational challenges. There are early signs that the graphic paper business will see improved returns with good volumes and higher pricing going forward. Management focus on cost and operations will aid further improvement.
    The South African paper packaging business continues to benefit from healthy demand due to a good fruit export season.
    Due to the competitive nature of the dissolving wood pulp market and weak viscose staple fibre pricing, we are experiencing continued pressure on our prices. However, demand remains strong and our mills are essentially sold out for the remainder of the year.
    (Sappi Limited)
    06.08.2014   BHS corrugating roll change – our service for your BHS Single Facer    ( Company news )

    Company news Corrugating rolls, the heart of your corrugator line.
    Only perfectly installed and adjusted corrugating rolls ensure long-term, outstanding board grades (ECT, FCT) and high production quality with the best machine availability.

    -Professional corrugating roll change by experienced BHS engineers.
    -Inspection and adjustment of all attached parts and components, such as prisms, seals and adjusting devices.
    -Engineers present during commissioning with subsequent commissioning and acceptance log.
    -Appraisal of existing rolls.

    Customer benefits:
    -Perfect adjustment of corrugating roll parameters, such as parallelism, offset value, clearances, etc. Thus laying the foundation for even glue application and outstanding sheet flatness.
    -Optimum corrugating geometry shape and very good test strengths of the corrugated board.
    -Increase the service life of BHS rolls by having them professionally installed.
    -Increase machine availability and operational reliability.
    (BHS Corrugated Maschinen- und Anlagenbau GmbH)
    05.08.2014   Rayonier Reports Second Quarter Results    ( Company news )

    Company news Rayonier (NYSE:RYN) reported second quarter net income attributable to Rayonier of $18 million, or $.14 per share, compared to $87 million, or $.67 per share, in the prior year period. The second quarter results include $12 million of net income from our discontinued Performance Fibers business, which was spun off on June 27, 2014, and $4 million of costs related to the spin-off. The prior period second quarter results included a $16 million gain1 related to the consolidation of the Company's 65 percent owned New Zealand joint venture (JV). Excluding these items, pro forma net income2 is $10 million, or $.08 per share, compared to $23 million, or $.17 per share, in the prior year period.
    For the first six months, net income attributable to Rayonier was $62 million, or $.47 per share, compared to $235 million, or $1.80 per share in the prior period. Pro forma net income was $23 million, or $.17 per share, compared to $62 million, or $.47 per share, in the
    prior year period.

    Photo: David Nunes, President and CEO

    Cash provided by operating activities was $226 million compared to $236 million in the first six months of 2013. Cash available for distribution (CAD)4 was $90 million versus $92 million in 2013.

    “We accomplished a significant strategic milestone in the second quarter with the successful spin-off of the Performance Fibers business into Rayonier Advanced Materials," said David Nunes, President and CEO. "At the same time, we continued to generate strong results with pro forma operating income5 of $56 million for the first half of 2014, up significantly from $38 million in 2013. In Forest Resources, we leveraged local market dynamics and unusually wet weather to realize higher timber prices in the Atlantic and Gulf regions. While high log inventories in China translated to softer delivered log prices in the Pacific Northwest and New Zealand, our results benefited from a higher mix of stumpage sales in the Pacific Northwest, much of which was sold during the first quarter when the market enjoyed stronger pricing. In Real Estate, improved results reflected the sale of a non-strategic timberland parcel in Florida, for which the proceeds were reinvested in a highly productive timberland property acquired in Georgia."

    Forest Resources
    Second quarter sales of $101 million were $8 million below the prior year period, while operating income of $22 million was slightly higher. Year-to-date sales of $206 million increased $40 million from 2013, while operating income of $49 million rose $15 million above prior year results.
    In the Atlantic region, second quarter and year-to-date operating results improved compared to the respective 2013 periods, as higher pine prices continued due to strong pulpwood demand and restricted supply, partially offset by lower volumes. Second quarter and year-to-date operating results in the Gulf region also improved due to higher pine prices and non-timber income, partially offset by lower volumes. Unusually wet weather conditions in both regions hindered harvest efforts during the second quarter.
    In the Pacific Northwest, second quarter results were comparable to the prior year period as lower costs offset reduced volumes due to high China inventories. Year-to-date results compared to 2013 increased significantly due to higher prices and volumes that benefited from the surge in China demand earlier in the year.
    Second quarter operating results in New Zealand were slightly lower than 2013 as prices declined in the export market due to the high China inventories and were only partially offset by higher domestic prices and volumes. Year-to-date results were slightly higher compared to 2013, reflecting the lower 26 percent JV ownership in first quarter 2013, partially offset by lower export results.

    Real Estate
    Sales of $34 million and operating income of $28 million in the second quarter increased $21 million and $22 million, respectively, from the prior year period. On a year-to-date basis, sales increased $2 million, while operating results increased $6 million. These increases were largely due to the aforementioned sale of a 19,500-acre non-strategic timberland parcel in Florida. Second quarter 2014 operating income also included a $6 million settlement of a bankruptcy claim related to a 2006 sale.

    Other Items
    Excluding the gain related to the consolidation of the New Zealand JV in the second quarter of 2013, corporate and other operating expenses of $10 million in the second quarter of 2014 improved $2 million due primarily to lower benefit costs. On a year-to-date basis, corporate and other expenses were comparable. Although all periods have been restated to present the Performance Fibers business as discontinued operations, general corporate expenses previously allocated to Performance Fibers are not permitted to be allocated to discontinued operations under generally accepted accounting principles. Going forward, the Company expects annual corporate expenses to approximate $20 million.
    Interest and other expenses of $20 million in the second quarter were $11 million above the prior year period due to $5 million of interest related to early repayment of debt in connection with the spin-off and unfavorable mark-to-market valuations on New Zealand interest rate swaps. In addition, other expenses in the second quarter included a $4 million asset write-off related to the spin-off of the Performance Fibers business.
    The second quarter income tax benefit from continuing operations before discrete items was $1 million compared to an income tax benefit of $10 million in 2013. The income tax benefit represents tax benefits from losses at Rayonier's taxable operations and interest and general administrative expenses not allowed to be allocated to the discontinued operations of the Performance Fibers business. Including discrete items, the second quarter income tax expense from continuing operations was $14 million compared to an income tax benefit of $16 million in the second quarter of 2013. In the second quarter of 2014, a $16 million valuation allowance related to the cellulosic biofuel producer credit (CBPC) was recorded reflecting Rayonier's limited potential use of the CBPC going forward.
    The year-to-date income tax benefit from continuing operations before discrete items was $7 million compared to $16 million in 2013. Including discrete items, the income tax expense from continuing operations was $6 million compared to a $42 million tax benefit in 2013. Aside from the $16 million CBPC valuation allowance recorded in 2014, the prior year amount included a $19 million tax benefit from the exchange of the alternative fuel mixture credit for CBPC.

    "With the successful completion of the spin-off, we have positioned Rayonier as an international pure-play timberland REIT," commented Nunes. "We look to our portfolio of highly-productive timberlands to generate increasing cash flow as U.S. housing starts gradually improve. We anticipate 2014 results from our timberlands in the U.S. South will be well above the prior year as demand continues to improve. In the Pacific Northwest and New Zealand, we expect higher log inventories in China to result in lower prices in the second half of 2014. Accordingly, we anticipate Forest Resources' full year results will be modestly below our earlier guidance, but well above 2013. In Real Estate, we expect 2014 results will be comparable to 2013.
    "We are committed to creating shareholder value from an attractive, growing dividend funded by recurring, operational cash flow from our Forest Resources and Real Estate segments. Operational cash flows are expected to benefit from gradually improving U.S. housing starts, continued investments in advanced silviculture, and incremental harvest volumes from timberland acquisitions. Through the first half of 2014, we acquired 35,000 acres of highly productive timberlands for $75 million. We are pleased with the quality of these assets and look to further utilize our strong balance sheet while maintaining a disciplined approach to pursuing other timberland properties to add to our portfolio," concluded Nunes.
    (Rayonier Inc.)
    05.08.2014   Fibria profits R$631 million in the second quarter of 2014    ( Company news )

    Company news The company posts a 5% growth in pulp sales compared with the second quarter of 2013, closing the period at 1.334 million tons.
    New debt management initiatives in the face of market opportunities allow for a 3.8% decrease in the company's annual cost of debt in Dollars and for an increase in its average term.
    Growth in surplus power sales lowers pulp production cash costs.
    Leverage drops to 2.3x in Reals (2.4x in Dollars), the lowest ever since the company's inception.

    Fibria, the global largest producer of eucalyptus pulp, closed the second quarter with a net income of R$631 million. The result is a significant improvement compared to the R$19 million profit posted in the first quarter of this year and to the R$593 million loss posted a year earlier.
    Among the main factors leading to this result, the highlight is on the securing of premium Tax (IPI) credits under the Special Export Program (BEFIEX) for the net after-tax amount of R$568 million, and the improved income given the lower impact with financial costs arising from transactions involving the repurchase of company debt. Excluding these effects, Fibria's net income would have been of approximately R$139 million in the second quarter, reaching a cumulative profit of R$358 million in the first half of the year.
    The company's pulp sales were up 12% over the 1Q14, and 5% year-on-year, closing at 1.334 million tons. As a result, pulp inventories ended the quarter in 52 days, a level considered optimal for its logistics chain and a day less than in 2013.
    Pulp production stood at 1.271 million tons, steady compared to 1Q14, and down 1% YoY due to the scheduled maintenance shutdown at the Veracel plant, which, unlike in 2013, took place mainly in the second quarter. Over the past twelve months, Fibria's sales added up to 5.265 million tons of pulp, representing more than 100 percent of its production in the period.
    Responsive to market opportunities, this quarter the company gave continuity to its debt management initiatives, with the highlight on the early liquidation of 78% of the 2021 Bond ($430 million), with a cost of 6.75% per annum, and the issuance of a new Bond worth $600 million maturing in 2024, which, in addition to having a lower cost of 5.25% per year, also increased the average maturity of its debt to 52 months. Fibria ended the 1H2014 with annual savings of $63 million in interest payments due to debt management initiatives it has deployed and to a 3.8% decrease in the average cost of its debt in Dollars per year.
    Fibria reported an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 594 million, with a margin of 35%, a reduction of 13% and 8% percent over the previous quarter and the same period of 2013, respectively. The decrease in EBITDA in the second quarter is explained mainly by lower net pulp prices in Reais and higher cost of goods sold - largely due to the increase in the sales volume.
    Thanks to its structural condition of energy producer, through cogeneration from renewable natural resources, Fibria supplies its production process and is still able to generate surplus power. This quarter, the company delivered impressive results in energy sales, lowering its costs and increasing its competitiveness.
    In the second quarter, there were additional energy sales of R$23/t over the first quarter of the year, and of R$27/t compared to 2Q13, substantially contributing to the quarter's production cash cost rise of 2.2% YoY, below the inflation in the period as measured by the IPCA, at 6.5 percent, and lower than the devaluation of the Real against the U.S. Dollar, which topped at 7.9%. Fibria is still pursuing the goal of keeping the increase in its production cash costs below inflation in 2014.
    (Fibria Celulose S/A)
    05.08.2014   Resolute Reports Preliminary Second Quarter 2014 Results    ( Company news )

    Company news -Q2 adjusted EBITDA of $108 million / net income of $0.20 per share, excluding special items
    -Significant cost and margin improvement following weather-affected Q1
    -Strong lumber and paper shipments
    -GAAP net loss of $2 million / $0.02 per share

    Photo: Richard Garneau, president and chief executive officer

    Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income for the quarter ended June 30, 2014, excluding special items, of $19 million, or $0.20 per share, up from net income, excluding special items, of $18 million, or $0.19 per share, in the second quarter of 2013. GAAP net loss was $2 million, or $0.02 per share, compared to a net loss of $43 million, or $0.45 per share, in the second quarter of 2013. Sales were $1.1 billion in the quarter, down $16 million from the second quarter of 2013.

    "Costs and margins normalized this quarter after the disappointing weather-affected first quarter, delivering much stronger performances in each of our four segments," said Richard Garneau, president and chief executive officer. "We generated 50% of our adjusted EBITDA from our wood products and market pulp businesses in the last twelve months. Our competitive advantage rests on our cost-focused strategy and diversified asset base, giving us the tools to maximize earnings power in this challenging industry."

    Consolidated Quarterly Operating Income Variance Against Year-Ago Period
    The Company recorded an operating loss of $8 million in the second quarter, compared to operating income of $3 million in the year-ago period. Overall pricing was essentially unchanged in the quarter, as the 8% increase in market pulp prices was offset with lower average transaction prices in newsprint, specialty papers and wood products. Newsprint shipments rose by 3% and wood products by 22%, while specialty papers shipments were 2% lower. The increase in lumber shipments reflects an increase to production capacity and better market demand. Market pulp shipments were down by 15%, however, in part due to more internal consumption of hardwood kraft pulp and slowing North American demand, particularly softwood and recycled grades. With lower start-up costs and pension and other postretirement benefit expenses, overall manufacturing costs continued to improve. The Company also benefitted from its electricity cogeneration assets and asset optimization initiatives, offset in part by an increase in overall fiber costs and in maintenance and repair costs. The weaker Canadian dollar had a $22 million favorable effect on operating income.
    The Company incurred $52 million of accelerated depreciation and other closure-related costs, most of which came from the permanent closure of an idled paper machine at its Catawba mill in South Carolina. Selling, general and administrative expenses were $3 million lower in the quarter, primarily because of a reduction in project costs and the weaker Canadian dollar.

    Segment Operating Income Variance Against Prior Quarter
    At $18 million in the second quarter, newsprint generated $33 million more operating income compared to the first quarter. Shipments rose by 6%, or 32,000 metric tons, as the Company recovered from weather-related production disruptions and mechanical failures experienced in the first quarter, despite fiber availability limitations at certain mills in Québec. Export shipments represented 40% of total newsprint volume, compared to 44% in all of 2013. Average transaction price was essentially unchanged but the realized margin rose significantly due to a 9% drop in operating cost per unit (the "delivered cost"), to $568 per metric ton. The change in the delivered cost is due to the influence of the severe winter in the first quarter and lower, non-weather related maintenance costs in the second quarter. Finished goods inventory rose by 14%.

    Specialty Papers
    Specialty papers generated an operating loss of $3 million in the quarter, compared to a loss of $24 million in the previous quarter. While the overall average transaction price was unchanged, higher realized pricing for white papers was offset by the effect of lower pricing for coated mechanical grades and, to a lesser degree, supercalender grades. Volume rose by 8% overall, led mostly by stronger shipments of white papers but also including improvements in other grades. The increase reflects a seasonal pick-up in catalogue and retail end-uses from first quarter lows as well as better production consistency following the weather-related production disruptions and mechanical failures experienced in the first quarter. The delivered costs normalized to seasonally-consistent levels, falling by 7%. There was a 15% increase in finished goods inventory.

    Market Pulp
    Operating income in the market pulp segment rose by $16 million in the second quarter, to $24 million. Better realized pricing, strongest in fluff pulp grades but also meaningful in softwood and recycled grades, led to an overall 4% increase in average transaction price. Shipments did not improve as expected following the effects of weather-related production disruptions and distribution constraints in the first quarter. This reflects greater internal consumption of hardwood kraft pulp and softening North American demand, particularly softwood and recycled grades. The delivered cost fell by 3%, to $652 per metric ton, normalizing to seasonally-consistent levels following the difficulties in the first quarter. Finished goods inventory rose by 15,000 metric tons, or 15%.

    Wood Products
    Compared to the first quarter, operating income in the wood products segment rose by $3 million, to $15 million. The average transaction price was unchanged, reflecting the largely offsetting effect of higher market prices for stud lumber grades and lower market prices for random length lumber grades. Despite continued distribution constraints for lack of carrier availability carried over from the first quarter, shipments were 19% higher, which in turn cut finished goods inventory by 13% from the high levels reached in the first quarter. The delivered cost rose by 1% in the quarter.

    Mr. Garneau added: "Our conscious effort to reduce lumber inventory in the second quarter helped improve shipments in this segment. With inventories closer to normal levels, we expect shipments to normalize in the third quarter. Despite the ongoing slow recovery in U.S. housing starts, prices for eastern grades held up in July. With our scale, financial strength and lower-cost operating platform, we've positioned ourselves as a long-term, reliable supplier for our customers, and our newsprint business has responded well, especially in the domestic market. But we're not expecting much improvement in export markets for the remainder of the year, based on lower international demand. As some major hardwood pulp capacity increases are coming online, the balance of the year remains somewhat uncertain for pulp. Pricing in specialty papers is also more uncertain because of the pressure of lower operating rates in coated papers and supercalender grades, although we do expect to see seasonal improvement in shipment volumes."
    (Resolute Forest Products)
    05.08.2014   Valmet to supply first Advantage NTT line in the USA to von Drehle Corporation    ( Company news )

    Company news von Drehle Corporation will be the first tissue maker in the USA to produce tissue with Valmet's flexible Advantage NTT technology. The new line will be installed at the company's facility in Natchez, Mississippi, USA. Startup of the new line is planned to be in late 2015.
    The order is included in Valmet's third quarter 2014 orders received. The value of the order is not disclosed.

    von Drehle is currently operating two Advantage DCT tissue machines in their Cordova, North Carolina operation. The Advantage NTT technology is designed for maximum flexibility as well as enhanced product quality and can easily swing between productions of conventional tissue to textured tissue in just a few hours. It has been well received by the market and this will be the fourth NTT machine in production. The first Advantage NTT line was started up in Mexico in 2013 and two more lines are planned to be in production in Chile and Abu Dhabi in 2014 and 2015.
    "Valmet is one of our long time trusted suppliers. As we studied different tissue machine technologies, energy efficiency, flexibility, and potential for optimizing use of our recycled fiber furnish were critical. Process and operation review made the Valmet NTT technology the obvious choice for production of tissue and towel products at our Natchez, MS Facility," says Joe Pankratz, V.P. of Manufacturing, von Drehle Corporation.
    "This will be the first Valmet's Advantage NTT installation in USA and we are all delighted to work with von Drehle in yet another project. We will deliver this project as a showcase in the industry," says Soren Eriksson, Account Sales Manager, Tissue Mills Business Unit, Valmet.

    Technical information
    The new tissue machine will have a width of 2.6m and a design speed of 2,000 m/min. The raw material for the new line will be recycled fiber and the production line is optimized to save energy and fiber as well as add possibilities for product differentiation and increased capacity of premium quality products.
    Valmet's scope of delivery will comprise a complete tissue production line including an Advantage NTT 100HS tissue machine. The tissue machine will be equipped with an OptiFlo headbox and a cast alloy Yankee cylinder. It will also be featured with the Advantage tissue technology including, an AirCap hood and a SoftReel. Basic mill engineering, process equipment and process ventilation are also included in the scope. Furthermore, the delivery will include an automation package from Metso Automation with process control system. Installation supervision, training and commissioning as well as product development support are part of the delivery.
    (Valmet Corporation)
    05.08.2014   70 DAYS UNTIL MIAC 2014!    ( Company news )

    Company news Only 70 days left until MIAC 2014 (21st edition). Rapidly changing technological solutions require continuous education: MIAC is the answer to all this!
    MIAC is an international meeting point that allows you to compare the technologies and business proposals of all the companies present at the Exhibition. Taking part in MIAC means being one of 5,000 Visitors from across the globe who meet in Lucca in October of each year (last year's MIAC Exhibition registered visitors from 53 Countries).

    Everything is concentrated in 3 days and in one place:
    270 International Exhibitors await you in Italy next October!

    Also for the 2014 edition, MIAC Exhibition planned three "technical meetings" in order to take stock of the situation regarding trend, future perspectives and new available technologies in the paper
    sector. As every year, the participation to the Conferences is free of charge.
    Simultaneous translation from Italian to English and vice versa is available during the Conferences.

    Lucca is one of the few cities in the world to conserve still intact its Walls of the XV-XVII Century.
    The walls of Lucca encircles the historical center entire and they are long 4,5 km approximately. Lucca historical center is well-conserved and there are many churches of remarkable architectonic wealth, Towers and Palaces of pregevole stilistic linearity. Lucca is only 20 Km. car distant from Pisa, where it is possible to visit the worldwide famous Pisa Tower.
    (Edinova Srl)
    05.08.2014   2014 Indonesia Corrugated Industry Summit    ( Company news )

    Company news Unprecedented Summit of Indonesian Corrugated Industry
    The 2014 Indonesia Corrugated Industry Summit will run in Pullman Jakarta Central Park Hotel, Jakarta, Indonesia, from September 22 to 24.

    1. The Only Authoritative Summit for Indonesia’s Corrugated Industry
    The 2014 Indonesia Corrugated Industry Summit is the only professionally managed summit for Indonesia’s corrugated industry. It will serve as a platform for local buyers to gain a full understanding of the global corrugated manufacturing techniques and equipment. World-renowned suppliers of corrugated equipment and consumables will showcase corrugated box manufacturing solutions to help develop the Indonesian market, grow participants’ market share, boost the competitiveness of Indonesian suppliers in the international trade arena and discover valuable partnership prospects.

    2. Fast Growing Market with Immense Capacity
    Indonesia, with a population of 240 million, is the world’s fourth most populous nation and the largest economy in Southeast Asia. The International Corrugated Case Association predicts that the country’s production of corrugated board will reach 6.3 billion sqm in 2015. The current market in Indonesia continues to grow at a rate of 9% per annum. It is expected to sustain this rate through to 2016, surpassing India’s growth rate of 8.9% and China’s of 7%. For the foreseeable future, Indonesia will be the world’s largest and fastest-growing emerging corrugated market.

    3. Full Details of Target Customers to Promote Efficiency for Exhibitors
    Reed Exhibitions, organizers of the 2014 Indonesia Corrugated Industry Summit, have the contact data of 1,200 high profile Indonesian corrugated box manufacturers. Based on this information, Reed will invite 100 corrugated box manufacturers and 150 visitors to attend the Summit, ensuring that participants get high value from the exhibition.

    4. Capitalize on Hot Opportunities in Transformational Indonesian Market
    You will get a full understanding of the latest policies in place following Indonesia’s presidential election. You can deepen your understanding of the country’s corrugated market to find the best partners for you. This is a prime period to enter the market as the Indonesian manufacturing community looks to update and replace equipment. You will build brand awareness rapidly to increase recognition of your products and technologies in the market, and be able to support dealers and trade agencies to explore the market.

    5. One-Stop Service: Combined Business and Leisure Package
    The five-day Summit will serve exhibitors as a one-stop platform via which to conduct trade talks, attend social dinners, go on factory visits and tour Bali. There will be one package to match exhibitor needs, improve their outcomes and boost the return on their investment.

    6. Experienced, Reliable and Professional Event Team
    The Summit, organized by the Indonesian Corrugated Cardboard Industries Association (PICCI) and Reed Exhibitions, is produced by the team behind the SinoCorrugated shows. This means that every exhibitor is assured of getting the very best return on their investment.
    (Reed Exhibitions Greater China)
    04.08.2014   Pöyry Oyj : Interim report 1 January - 30 June 2014    ( Company news )

    Company news JANUARY - JUNE 2014 HIGHLIGHTS
    - On 2 June 2014, Pöyry closed the divestment in Finland that included significant parts of Pöyry's real estate design and consulting business as well as construction management business for real estate and infrastructure.
    - The Group's order stock totalled EUR 482.4 (555.7) million. It increased in the Industry Business Group but contracted in all other Business Lines. Excluding the divestment in Finland in June, comparable order stock increased from EUR 461.4 at the end of the previous year. Comparable order stock on 30 June 2013 was EUR 512.5 million.
    - Net sales declined to EUR 303.5 (336.5) million mostly due to the performance in the Regional Operations.
    - Operating profit decreased to EUR -4.7 (5.0) million. Operating profit was burdened by lower than expected net sales as well as EUR -5.4 million of project losses and other one-time items recognised mainly in the Regional Operations. Operating profit includes a one-time gain of EUR 19 million from the divestment in Finland as well as EUR -14 million loss resulting from the write-off of the receivables from Venezuela. Operating profit increased in the Management Consulting Business Group, however it declined in all other Business Lines and mostly in the Regional Operations except for the Northern European region.
    - In line with its strategic evolution introduced in February 2013, Pöyry integrated its local activities in Latin and North America as well as in Asia Pacific to Regional Operations in January 2014.
    - Pöyry continues to implement its structural and administrative process improvement program announced at the end of 2012. As these measures are progressing, Pöyry will introduce further improvements in terms of sales focus, project management and capacity management.

    OUTLOOK FOR 2014
    Due to the write-off of the receivables in Venezuela, Pöyry has on 31 July 2014 lowered its guidance for the operating profit for 2014. According to the guidance announced on 5 February 2014, the Group operating profit in 2014 was expected to increase. According to the new guidance, the Group's operating profit in 2014 is expected to decline compared to the operating profit for 2013.

    "Pöyry's net sales declined in the first half of the year to EUR 303.5 (336.5) million. Sales weakened mostly in the Regional Operations which were impacted by clients' lower investment activity and project delays in Europe and Latin America. Operating profit declined to EUR -4.7 (5.0) million. The figure includes EUR -5.4 million of project losses and other one-time items as well as profit of EUR 19 million originating from the divestment in Finland. Operating profit was additionally impacted by the write-off of overdue receivables related to projects from the former Urban Business Group in Venezuela, amounting to EUR 14 million. Pöyry continues to pursue the collection process. Operating profit improved in the Management Consulting Business Group. While Northern Europe developed satisfactorily, the overall performance of the Regional Operations was disappointing and had a negative impact on the figure.
    The Group's order prospects were solid, however the progression of larger project opportunities was taking clearly longer. The Group's overall order intake decreased in the Energy Business Group, Central Europe and Latin America. Nevertheless, orders increased in all other Business Lines. The Group's order stock improved in most Business Lines, amounting to EUR 482.4 million and improving from EUR 461.4 million at the end of 2013. However, the year-on-year figure decreased from EUR 555.7 million (or EUR 512.5 million excluding the divestment in Finland). The decrease affected all Business Lines with the exception of the Industry Business Group.
    The Group's unallocated costs increased in line with expectations due to advancing centralisation of the global support functions, a process where considerable cost savings have been achieved.
    As communicated earlier, Pöyry strengthened its regional focus in January 2014 by integrating its local activities in Latin and North America, as well as in Asia Pacific, into the Regional Operations. This is in line with Pöyry's strategy to grow its services in key domestic markets.
    After a difficult start in a weakening market at the beginning of this year, the Regional Operations in Northern Europe recovered well and showed positive development. In other regions, however, where lower sales resulted in unsold engineering hours and losses were recorded in projects originating from the former Urban Business Group, performance was not satisfactory. Latin America was impacted by litigation costs related to an arbitration process and a delayed start-up of a major client project.
    Improvements in terms of sales focus, project management and capacity management have been initiated across all units and are closely monitored as part of our regular management process.
    We continue to progress with Pöyry's organisational evolution, introduced in February 2013. It is based on Management Consulting, Global Business Lines focusing on Energy and Industry as well as development of strong Regional Operations around key countries where we offer engineering services to industry and infrastructure clients locally through our office network. The related organisational adjustments have proceeded according to plan.
    The divestment in Finland was closed on 2 June 2014, allowing us now to sharpen our focus on the industry and local infrastructure markets in Northern Europe."
    (Pöyry Plc)
    04.08.2014   The CEO of Vaahto Group Plc Oyj will change    ( Company news )

    Company news The CEO of Vaahto Group Plc Oyj Vesa Alatalo (photo) is leaving the company on 31.8.2014 to become Managing Director of Oy SKF Ab.
    ”Vesa Alatalo’s resignation surprised us. Vesa has performed excellently and under his management the group began energetically making the changes required by the new strategy. I want to wish Vesa the best of luck in his new and demanding position” comments the chairman of the board Reijo Järvinen.
    The board of directors addressed the situation today and appointed M.Sc. (Tech.) Topi Karppanen as acting CEO starting from 1.9.2014. Karppanen has been a member of the board of Vaahto Group Plc Oyj since 2010 and has strong industrial background.
    ”Topi has been a member of the board and thus knows the company well. I believe that Topi’s solid experience helps him to succeed in this position. Under Topi’s management we will continue the work Vesa Alatalo began in deploying the strategy. I wish Topi the best of luck and success in his new position”, says Järvinen.
    The board of directors will start the search for a new permanent CEO immediately.
    (Vaahto Group Plc Oyj)
    04.08.2014   Agfa Graphics launches new state-of-the-art 16-up Avalon N16-80 XT    ( Company news )

    Company news Agfa Graphics announced the newest addition to its family of high-end thermal platesetter systems, the Avalon N16-80 XT.
    The new top line model comes as a fully configurable solution, based on proven technology in other Agfa Graphics solutions assuring continued reliability. The Avalon N16-80 XT features high speed and a superb imaging quality aimed at the high-production market, including the packaging market.

    “The Avalon N16-80 XT is added to our offering in the high-end segment,” said Bruno Lepage, Marketing Product Manager CtP Equipment Commercial & Packaging, Agfa Graphics. “Both the quality and the speed are extremely attractive to large commercial as well as packaging printers. As the engine also supports the adapted plate sizes used on most recent presses, it is the perfect fit for the 16-up/format 6 market.”

    All Avalon models seamlessly integrate with Agfa Graphics’ PDF-based Apogee workflow to provide high-quality automated plate production control for commercial, packaging and publishing printing business.
    (Agfa Graphics NV)
    04.08.2014   Graphic Packaging Holding Company Reports Second Quarter 2014 Results    ( Company news )

    Company news Second Quarter Highlights
    -Q2 Net Sales increased $30.4 million or 2.8%, after adjusting for the impact of divested businesses.
    -Q2 Adjusted Earnings per Diluted Share increased to $0.20 versus $0.13 in the prior year period.
    -Q2 Adjusted EBITDA increased to $190.8 million versus $175.1 million in the prior year period.
    -Acquired U.K.-based Benson Group and completed sale of multi-wall bag business.

    Graphic Packaging Holding Company (NYSE: GPK), (the "Company"), a leading provider of packaging solutions to food, beverage and other consumer products companies, today reported a Net Loss for second quarter 2014 of $40.0 million, or $0.12 per share, based upon 328.7 million weighted average shares. This compares to second quarter 2013 Net Income of $21.2 million, or $0.06 per share, based on 351.5 million weighted average diluted shares.
    Including the tax impact, second quarter 2014 Net Income was negatively impacted by $106.0 million of charges primarily from the Loss on Sale of Assets (multi-wall bag business) along with Charges associated with Business Combinations and Other Special Charges. When adjusting for these charges, Adjusted Net Income for the second quarter of 2014 was $66.0 million, or $0.20 per diluted share compared to second quarter 2013 Adjusted Net Income of $44.1 million or $0.13 per diluted share.

    "We had a busy quarter with a strategic acquisition and the sale of our multi-wall bag business. The sale represents the last major step in a series of divestitures over the last nine months and completes our transformation into a pure play, vertically integrated paperboard packaging business," said CEO David Scheible. "We recovered from the weather challenged first quarter and delivered a solid second quarter with significantly higher Adjusted EBITDA margins both sequentially and year-over-year. Performance was strong across the business, particularly at our two virgin fiber mills, which ramped back up quickly and efficiently after the weather driven unplanned downtime in February and March. We were also able to move our continuous improvement teams back into place and delivered a solid $22 million net benefit from performance initiatives in the quarter."
    "Our first priority is running the business, but we are also taking strategic actions to further position Graphic Packing as the global leader in paperboard packaging. We took two major steps toward this goal in the quarter with the acquisition of the U.K.-based Benson Group and the sale of our multi-wall bag business. The Benson acquisition greatly enhances our folding carton business in Europe in key end-use segments. Like our strategy in the United States, we are committed to growing our European business around food and beverage end markets and optimizing our supply chain footprint around our customers' needs."

    Net Sales
    Net Sales decreased 2.0% to $1,116.7 million in the second quarter of 2014, compared to $1,139.7 million in the prior year period. Excluding $53.4 million of sales in the prior year period from divested businesses, Net Sales increased $30.4 million or 2.8%. The increase was driven by $23.7 million of higher pricing, $4.1 million of favorable exchange rates and $2.6 million of improved volume/mix.
    Paperboard Packaging Net Sales, which comprised 88.4% of total second quarter Net Sales, increased 1.6% to $987.3 million in second quarter 2014, compared to $972.1 million in the prior year period. Excluding $21.0 million of sales in the prior year period for the divested Uncoated Recycled Board (URB) mill and the divested labels business, Paperboard Packaging Net Sales increased $36.2 million or 3.8%.
    Net sales in the Flexible Packaging segment decreased 22.8% to $129.4 million in the second quarter of 2014, compared to $167.6 million in the prior year period. Excluding $32.4 million of sales in the prior year period for the divested flexible plastics business, Flexible Packaging Net Sales decreased $5.8 million or 4.3%.

    Including $171.1 million of special charges, EBITDA for second quarter 2014 decreased to $19.7 million from $139.7 million in the second quarter of last year. When adjusting for these special charges, Adjusted EBITDA increased 9.0% to $190.8 million in second quarter 2014 from $175.1 million in second quarter 2013. The $171.1 million adjustment was primarily related to the June 2014 sale of the Company's multi-wall bag business. When comparing against the prior year quarter, Adjusted EBITDA in the second quarter of 2014 was positively impacted by $23.7 million of higher pricing, $21.6 million of improved net operating performance and $0.3 million of favorable exchange rates. These benefits were offset by $12.8 million of commodity inflation, $10.7 million in higher labor and benefit costs, and $6.4 million of unfavorable volume/mix.

    Other Results
    Total Net Debt at the end of second quarter 2014 was $2,161.3 million, $40.1 million lower than at the end of 2013. The Company's June 30, 2014 Net Leverage Ratio dropped to 3.17 times Adjusted EBITDA from 3.48 times Adjusted EBITDA at the end of the second quarter of 2013. At June 30, 2014, the Company had available domestic liquidity of $773.3 million, including the undrawn availability under its $1.0 billion U.S. revolving credit facility.
    Net Interest Expense was $21.2 million in the second quarter of 2014, compared to $29.7 million in the second quarter of 2013. The decrease was primarily attributable to lower debt levels and the Company's decision to issue new 4.75% Senior Notes and use the proceeds to redeem its higher 9.5% notes on June 15, 2013.
    Capital expenditures were $49.6 million in the second quarter of 2014, compared to $51.7 million in the second quarter of 2013.
    Income Tax Benefit was $33.2 million in the second quarter of 2014 compared to an $11.4 million expense in the second quarter of 2013. The change over the prior year was primarily a result of the second quarter pre-tax loss generated by the sale of the Company's multi-wall bag business. As of June 30, 2014, the Company had approximately $917 million of Net Operating Losses (NOLs) for U.S. federal cash income tax purposes, which may be used to offset future taxable income.
    (Graphic Packaging Holding Company)

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    Buyers' Guide of Producers' and Converters' Products:
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    Board for packaging use
    Board, misc.
    Boxes, packages, etc.
    Corrugated boards
    Household and sanitary paper goods
    Household and sanitary papers for converting
    Office and exercise goods, general stationery
    Other converted paper and board products
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    Paper rolls all kinds
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    Papers and boards; coated, laminated, impregnated
    Papers for packaging use
    Printing, fine and writing board
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    Pulps and mechanical groundwood pulps
    Sacks, bags, carrier bags

    Buyers' Guide of Merchants:
    Base papers and boards
    Board for packaging use
    Board, misc.
    Boxes, packages, etc.
    Corrugated boards
    Household and sanitary paper goods
    Household and sanitary papers for converting
    Office and exercise goods, general stationery
    Other converted paper and board products
    Paper and board for technical use
    Paper rolls all kinds
    Papers all kinds
    Papers and boards; coated, laminated, impregnated
    Papers for packaging use
    Printing, fine and writing board
    Printing, fine and writing papers
    Pulps and mechanical groundwood pulps
    Sacks, bags, carrier bags

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