Displaying items by tag: Wausau Paper

sca newlogoSCA (NASDAQ OMX Stockholm: SCA) a leading global hygiene and forest products company, has just announced that the shareholders of Wausau Paper Corp.  (NYSE: WPP), a North American Away-from-Home tissue company, have approved the acquisition by SCA. The transaction is scheduled to occur on Thursday, January 21, 2016 for total consideration of USD 513 million in cash.

“SCA is the world’s leading supplier of Away-from-Home tissue with the global brand Tork®. This acquisition is an excellent strategic fit and makes us a stronger supplier in North America. The acquisition will generate benefits for SCA and our customers,” said Magnus Groth, President and CEO, SCA.

Don Lewis, President, AfH Professional Hygiene, SCA, “On behalf of all SCA employees, I am excited to welcome Wausau Paper into the SCA family. The Wausau Paper product portfolio complements SCA’s offerings in North America, and the combined brands will provide customers with superior sales, service, innovation and logistics.”

"With the closing of this transaction, the Wausau team joins an organization that shares our vision and values," said Michael C. Burandt, Chairman and CEO of Wausau Paper. “We believe this provides an opportunity to capitalize on new resources and opportunities that will benefit our customers."

The transaction expands SCA’s North America footprint and production capacity, and the combined businesses will provide customers with a comprehensive portfolio of products. The acquisition is expected to generate annual synergies amounting to approximately USD 40 million with full effect three years after closing. Synergies are expected in sourcing, production, logistics, reduced imports, increased volumes of premium products and reduced SG&A costs. The restructuring costs are expected to amount to approximately USD 50 million.

NB: This information is such that SCA must disclose in accordance with the Swedish Securities Markets Act or the Financial Instruments Trading Act. Submitted for publication on January 20, 2016, at 23:00 CET.

About SCA
SCA is a leading global hygiene and forest products company. The Group develops and produces sustainable personal care, tissue and forest products. Sales are conducted in about 100 countries under many strong brands, including the leading global brands TENA and Tork, and regional brands, such as Libero, Libresse, Lotus, Nosotras, Saba, Tempo and Vinda. As Europe’s largest private forest owner, SCA places considerable emphasis on sustainable forest management. The Group has about 44,000 employees. Sales in 2014 amounted to approximately SEK 104bn (EUR 11.4bn). SCA was founded in 1929, has its headquarters in Stockholm, Sweden, and is listed on NASDAQ OMX Stockholm. More information at www.sca.com.

About Wausau Paper
Wausau Paper produces a complete line of Away-from-Home towel and tissue products that are marketed along with soap and dispensing system products under a number of brands including Artisan™, DublSoft®, DublNature®, EcoSoft®, and related custom brands. To learn more about Wausau Paper, visit www.wausaupaper.com 

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wau logoWausau Paper (NYSE:WPP) has announced financial and operating results for the three- and six-month period ended June 30, 2015.

“Our teams remain focused on furthering the significant performance benefits we are realizing from MEI in the second half of the year. We are pleased with the market’s favorable response to our premium products and the resulting improvement in our strategic mix.”

Second-Quarter Highlights

Financial Results

  • Second-quarter adjusted EBITDA from continuing operations in 2015 was $14.5 million compared with adjusted EBITDA of $9.9 million in 2014. Second quarter 2015 adjusted EBITDA exceeded the Company’s previous guidance range of $13 to $14 million.
  • On a reported basis, net earnings from continuing operations were $2.5 million, or $0.05 per share, in the second quarter of 2015 compared with a prior-year second-quarter net loss from continuing operations of $3.7 million, or $0.07 per share.

Case Volume Growth

  • Second-quarter case shipment volume increased 2 percent in 2015 compared with the same period in 2014, resulting in a second-quarter shipment record of approximately 4.4 million cases for the Company.
  • Strategic product shipments - those products sold in conjunction with proprietary dispensing systems or produced from premium substrates - comprised slightly more than 49 percent of the Company’s sales for the second quarter of 2015 and similar to the strategic product shipment mix in the prior-year quarterly period. The improved margin quality of both strategic and support products shipped in 2015 contributed to a 5 percentage point improvement in adjusted EBITDA margin of 16 percent as compared with 11.1 percent for the second quarter of 2014.

Michael C. Burandt, CEO, commented, “Our second quarter results reflect the continuing above-market demand growth for our premium DublNature® and Artisan™ products lines, the positive market response to our differentiated product portfolio, and the benefits from the significant number of Margin Enhancement Initiative (MEI) projects that are evidenced by ongoing improvement in operating performance, as well as, increased cash generation. We are very pleased with the pace of growth of our premium products and the contributions of our entire team toward improving our operating platform.”

Third-Quarter 2015 Outlook

Commenting on the third quarter, Mr. Burandt, said, “Our teams remain focused on furthering the significant performance benefits we are realizing from MEI in the second half of the year. We are pleased with the market’s favorable response to our premium products and the resulting improvement in our strategic mix.

“Although costs of production have improved through the first half of 2015, we maintain our prior forecast for modest cost pressure related to wastepaper pricing through the balance of the year. As a result we currently expect third quarter adjusted EBITDA of $17 million to $18 million,” Mr. Burandt concluded.

2015 Second-Quarter and First-Half 2015 Results

Continuing Operations

The following second-quarter and six-month discussion, as well as the financial highlights and other information summarized in the preceding discussion, contain comparisons of financial elements including EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net earnings (loss) and adjusted net earnings (loss) per share. These financial elements are not measurements of our performance under generally accepted accounting principles (GAAP) and should not be considered an alternative to net earnings (loss) or any other performance measures derived in accordance with GAAP. Additionally, the non-GAAP measures presented may not be the same as similar measures used by other companies. The Company believes that the presentation of select non-GAAP measures provides a useful analysis of ongoing operating trends. Please refer to the attached Reconciliation of Non-GAAP Financial Measures.

Second-quarter net sales for 2015 were $90.9 million, an increase of approximately 2 percent compared to $89.2 million in the second quarter of 2014. On a year-to-date basis, net sales rose approximately 5 percent to $175.1 million compared to $166.7 million in 2014. Higher net sales in both the quarter and year-to-date periods, were driven primarily by case shipment volume growth of 2 percent and more than 4 percent, respectively. Average net selling price for the comparable quarterly and first-half periods was relatively flat as actual selling price improvement was largely offset by the unfavorable impact of the Canadian exchange rate.

         

The following table provides a reconciliation of EBITDA(1) to adjusted EBITDA for both the three- and six-month periods ended June 30:

         
   

Three Months
Ended June 30,

 

Six Months
Ended June 30,

   

2015

 

2014

 

2015

 

2014

EBITDA   $ 18.0     $ 6.8     $ 32.0     $ 12.4  
Expense related to change in control provisions         1.4           1.4  
Expense related to severance benefit of former CEO         1.6           1.6  
Credit for contract at former manufacturing facility     (3.5 )         (7.4 )    
Adjusted EBITDA   $ 14.5     $ 9.9     $ 24.6     $ 15.5  
                 
Adjusted EBITDA margin     16.0 %     11.1 %     14.1 %     9.3 %
                                 

Note: Totals may not foot due to rounding differences

(1) See also the attached reconciliation of Non-GAAP Financial Measures to the most directly comparable GAAP measure.

                                 

Year-over-year improvements in adjusted EBITDA and adjusted EBITDA margins in both the second quarter and first half periods of 2015 were driven by the improved quality of mix and volume of products sold, as well as continued operational improvement. These positive factors were partially offset by pre-tax costs of approximately $1.2 million as a result of planned, routine maintenance outages that occurred at both our Kentucky and Ohio, facilities in the second quarter of 2015.

Excluding the after-tax impact of the special items previously mentioned, second quarter 2015 adjusted net earnings were $0.2 million, or $0.00 per share, compared to an adjusted net loss of $1.8 million, or $0.04 per share, in the second quarter of 2014. On a reported basis, second quarter net earnings were $2.5 million, or $0.05 per share, in 2015 compared to a net loss of $3.7 million, or $0.07 per share, in the year-ago period.

The first half of 2015 and 2014, excluding special items previously mentioned, resulted in adjusted net losses of $2.0 million, or $0.04 per share, and $6.2 million, or $0.12 per share, respectively. On a reported basis, net earnings for the first half of 2015 were $2.7 million, or $0.05 per share, compared to a net loss of $8.2 million, or $0.16 per share, for the first six months of 2014.

About Wausau Paper:

Wausau Paper produces and markets a complete line of away-from-home towel and tissue products, as well as soap and dispensing systems. The Company is listed on the NYSE under the symbol WPP. To learn more about Wausau Paper visit wausaupaper.com.

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wau logoWausau Paper (NYSE:WPP) has announced that it has appointed Rob Yanker to the Company’s Board of Directors, effective immediately. Mr. Yanker will serve as one of the Company’s nominees for election at its 2016 Annual Meeting of Shareholders.

Mr. Yanker, 57, is a Director Emeritus at McKinsey & Company. Mr. Yanker served at McKinsey for 27 years, from 1986 to 2013, where he worked with a variety of clients in the industrial, consumer and telecommunications sectors.

Michael C. Burandt, CEO, commented, “Rob has an exceptional mix of operational, strategic and industrial expertise that will be a valued asset to Wausau and we are excited to have him join our Board. Rob’s experience at McKinsey gives him an important perspective that will be beneficial as we continue to drive improvement in our operating performance and deliver significant value for shareholders.”

About Wausau Paper: Wausau Paper produces and markets a complete line of away-from-home towel and tissue products, as well as soap and dispensing systems. The Company is listed on the NYSE under the symbol WPP. To learn more about Wausau Paper visit wausaupaper.com.

Contacts

Wausau Paper
Investor and Media Contact:
Perry Grueber, 715-692-2056
Director Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Friday, 19 June 2015 06:32

Wausau Paper Declares Dividend

wausau logoWausau Paper’s (NYSE:WPP) Board of Directors today declared a quarterly dividend of $0.03 per share on the Company’s common stock.

The dividend is payable August 17, 2015 to shareholders of record at the close of business on August 3, 2015.

About Wausau Paper:
Wausau Paper produces and markets a complete line of away-from-home towel and tissue products, is headquartered in Mosinee, Wisconsin, and listed on the NYSE under the symbol WPP.  To learn more about Wausau Paper visit: www.wausaupaper.com.

Safe Harbor under the Private Securities Litigation Reform Act of 1995:
The matters discussed in this news release concerning the Company’s future performance or anticipated financial results are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in these statements.  Among other things, these risks and uncertainties include the strength of the economy and demand for paper products, increases in raw material and energy prices, manufacturing problems at Company facilities, and other risks and assumptions described under “Information Concerning Forward-Looking Statements” in Item 7 and in Item 1A of the Company’s Form 10-K for the year ended December 31, 2014.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Investor and Media Contact:
Perry Grueber
Director Investor Relations
Email:   This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 715.692.2056

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wau logoWausau Paper Corp. has announced that its Board of Directors has approved the redemption of the rights accompanying its outstanding common stock under its Shareholder Purchase Rights Plan originally adopted in October 1998, and amended in October 2008. The Shareholder Purchase Rights Plan was set to expire by its terms on October 31, 2018. With this action, the Shareholder Purchase Rights Plan is effectively terminated immediately.

In addition, the Board of Directors today declared a cash dividend of $0.03 per share payable on February 17, 2015, to shareholders of record at the close of business on February 2, 2015. Of the $0.03 per share declared, $0.01 represents the per purchase right redemption price under the terminated Shareholder Purchase Rights Plan.

About Wausau Paper:
Wausau Paper produces and markets a complete line of away-from-home towel and tissue products, as well as soap and dispensing systems. The Company is listed on the NYSE under the symbol WPP. To learn more about Wausau Paper visit www.wausaupaper.com 

Wausau Paper Corp.
Investor and Media Contact:
Perry Grueber, 715-692-2056
Director Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.

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wau logoWausau Paper (NYSE:WPP) announced that its DublNature family of premium towel and tissue products produced from 100 percent recycled fiber received the 2014 Most Innovative Product Award from PPI at the RISI 29th North American Forest Products Outlook Conference in Boston, Massachusetts on Wednesday, October 8. Pulp and Paper International, (“PPI”), is an on-line and print publication of RISI, a recognized leading information provider in the global paper and forest products industry.

First introduced in May 2013, Wausau Paper’s Green Seal™-certified, DublNature® line of premium, plush, cloth-like towel and tissue products utilizes 100 percent recycled fiber and is produced on the Company’s unique ATMOS technology-enabled paper machine at its facilities in Harrodsburg, Kentucky. DublNature products are designed for both comfort and functionality and provide exceptional    softness,    strength, absorbency and brightness. DublNature is made from high-quality 100 percent recycled fibers and is certified by Green Seal, Inc., as environmentally preferable.  DublNature products, and their upscale packaging, are well suited to a wide range of applications and  are  targeted at businesses and institutions seeking the finest quality while supporting green purchasing initiatives.

“We are pleased with this recognition from an important voice in the industry. During a challenging period for our Company we remained committed to producing the finest 100 percent recycled fiber premium towel and tissue products for the away-from-home segment of the Tissue industry,” commented Michael C. Burandt, chairman and CEO. “I’d like to thank our engineering, product design, papermaking, converting and marketing teams, all of whom are responsible for bringing these products to fruition and meeting the high growth demands we continue to experience.”

Matthew L. Urmanski, president and COO, added, “A year into the significant revamping of our product portfolio we again recognize the key role in our success played by the highly engaged network of Wausau Paper distributors. Their call for a broader expression of premium towel and tissue products in the away-from-home market and commitment to the process underwrote our development of the DublNature premium product. This, along with the launch earlier this year of our premium brand Artisan™ and the revolutionary Alliance™ high-capacity electronic roll towel dispensing system has been the driver of our growth and expectations for improved performance beyond
2014.”
 
Artisan™ is a line of premium towels which are brilliant white, remarkably strong, yet designed to provide a soft and thorough hand drying experience. The toweling has a clean and hygienic appearance as well as cloth-like durability and strength for exceptional performance. Artisan is the only line of premium quality roll and folded towels that feature Green Seal™ certification and are made from superior quality 100 percent recycled fibers and cater to high-end facilities seeking exceptional quality products that reinforce an upscale image.

Alliance™ is a high-capacity electronic roll towel dispensing system featuring twice the capacity of typical roll towel dispensers. The revolutionary patent-pending design of Alliance accommodates two full rolls – up to 1,000 feet each – that seamlessly transfer by automatically switching to the second roll when the first is completely depleted. This unique transfer feature results in fewer service interruptions and reduced maintenance time. Combined  with Wausau’s EcoSoft®, DublNature®  or Artisan™ Green Seal™-certified toweling, Alliance offers a new, unique hand-
drying experience superior to other systems in the market.

Green Seal™ is a trademark of Green Seal, Inc. in Washington, DC. Used by permission. ATMOS is a trademark of Voith GmBH in Heidenheim, Germany. Used by permission.

About Wausau Paper:
Wausau Paper produces and markets a complete line of away-from-home towel and tissue products, as well as soap and dispensing systems.  The Company is listed on the NYSE under the symbol WPP.  To learn more about Wausau Paper visit www.wausaupaper.com

Industry and Customer  Contact:
Younette Sleet
Director of Marketing Communications
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Phone: 859.733.7927
1150 Industry Road
Harrodsburg, KY 40330-0189

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Friday, 04 July 2014 11:04

Wausau Paper and Starboard Reach Agreement

wau logoWausau Paper’s (NYSE:WPP) have announced that it has reached an agreement with Starboard Value LP and its affiliates regarding the composition of the Company’s Board of Directors. Under the terms of the agreement, Wausau has agreed to appoint Gavin Molinelli, a Partner at Starboard, to Wausau’s Board of Directors. Mr. Molinelli has been serving as an observer to the Wausau Board since April 22, 2014. Mr. Molinelli will be included on the Company’s slate of Board nominees in the Company’s 2014 proxy statement and submitted for stockholder approval at the Company’s 2014 Annual Meeting.

“Wausau Paper continues to be well-positioned to capitalize on the investments that we have made in the tissue business, and we look forward to continuing to work productively with Gavin as he formally joins our Board of Directors.”

In connection with the nominations, Starboard, which beneficially owns approximately 15.1% of the outstanding shares of Wausau’s common stock, has agreed to vote all of its shares in favor of each of the Board’s nominees at the 2014 Annual Meeting.

“We are pleased to have reached this agreement with Starboard,” said Michael C. Burandt, Chairman and Chief Executive Officer of Wausau Paper. “Wausau Paper continues to be well-positioned to capitalize on the investments that we have made in the tissue business, and we look forward to continuing to work productively with Gavin as he formally joins our Board of Directors.”

Mr. Molinelli stated, “We are pleased to have again worked constructively with management and the Board of Wausau. Wausau has a fantastic combination of brands, employees, assets and distributors, and I look forward to working diligently and constructively with my fellow Board members to substantially improve profitability and create shareholder value at Wausau.”

The complete agreement between Wausau Paper and Starboard will be included as an exhibit to the Company’s Current Report on Form 8-K which will be filed with the Securities and Exchange Commission (“SEC”). Further details regarding the 2014 Annual Meeting will be included in the Company’s definitive proxy materials, which will be filed with the SEC.

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thumb wausau logoWausau Paper announced the launch of its new Artisan™ line of premium towels carefully crafted from the Company’s innovative ATMOS technology-enabled paper machine at Harrodsburg, Kentucky. Artisan products are brilliant white, remarkably strong, yet designed to provide a soft and thorough hand drying experience. The toweling has a clean and hygienic appearance as well as cloth-like durability and strength for exceptional performance. Artisan provides the pinnacle in premium while also supporting sustainability initiatives. Artisan is the only line of premium quality roll and folded towels that feature Green Seal™ certification. Towels are made from superior quality 100 percent recycled fibers providing premium appearance and comfort. Artisan towels, with their unique surface pattern, cater to high-end facilities seeking exceptional quality products that reinforce an upscale image.

“The launch of our new Artisan premium towel line marks the culmination of several years of development and hard work throughout the Company to bring to market premium  green,”  commented  Matthew  L. Urmanski,  president  and  chief  operating officer. “Artisan is truly a one-of-a-kind product line marrying together the premium attributes traditionally found only in virgin-style products with the environmentally responsibility of Green Seal certification. As we continue to further our goal of becoming a complete green manufacturer across our entire paper brand portfolio, Artisan brings us ever closer to this vision.”

Green Seal™ is a trademark of Green Seal, Inc. in Washington, DC. Used by permission. ATMOS is a trademark of Voith GmBH in Heidenheim, Germany. Used by permission

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Wausau Paper (NYSE:WPP) will release 2013 first-quarter financial results on Monday, April 29, 2013, after the closing of the New York Stock Exchange. The company will hold a webcast to discuss earnings and current market conditions at 10:00 a.m. Eastern time on Tuesday, April 30.

All interested parties are invited to listen to the webcast via the investors section of the company’s Internet site at www.wausaupaper.com. A replay of the call will also be available on the website from 1:00 p.m. Eastern time on April 30, 2013 until midnight May 7.

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Wausau Paper has announced that it has signed a non-binding Letter of Intent to sell its specialty paper business to a new company (“NewCo”) to be formed and controlled by investment funds sponsored by KPS Capital Partners L.P. (“KPS”), a New York based private equity firm with significant experience in the paper industry and in completion of complex corporate carve-outs.

KPS has also signed a non-binding Letter of Intent to acquire another company and combine it with the specialty paper business within NewCo. Wausau has the option to have an initial ownership position in NewCo of up to 25 percent with the opportunity to earn up to an additional 5 percent interest upon NewCo reaching certain performance thresholds.

Key highlights of the transaction are as follows:

  • NewCo will acquire the assets of Wausau’s Rhinelander and Mosinee mills; the assets of Wausau’s Brainerd mill are not included in the transaction;
  • The transaction requires that the United Steelworkers ratify new collective bargaining agreements with NewCo;
  • Wausau will retain legacy defined benefit pension and post-retirement liabilities related to the businesses being sold to NewCo; and
  • The initial cash purchase price will be approximately $130 million, subject to KPS’ confirmatory due diligence and adjustments for the ultimate treatment of certain transaction related liabilities and customary post closing adjustments.

Hank Newell, president and CEO of Wausau Paper commented, “We are pleased to have signed this letter of intent with KPS, which will provide proven operations and management leadership for the Paper business along with new opportunities to expand its product offerings and market reach. This announcement represents an important step in the strategic repositioning of Wausau Paper, narrowing our focus on our Tissue business and creating additional value for shareholders.”

The ultimate transaction is subject to acceptable confirmatory due diligence, ratification of new collective bargaining agreements and satisfactory completion of effects bargaining, required regulatory clearances, final negotiation and Board approval of the definitive agreements and certain other customary contingencies to closing, including third party financing. While the Company expects to finalize the transaction in the second quarter of 2013, there can be no certainty or assurance about the timing, specific elements or completion of a transaction. The Wausau Paper sale to NewCo is also conditional upon NewCo acquiring the other company.

Mesirow Financial, Inc. and Ruder Ware LLSC have been the financial and legal advisors toWausau Paper. Paul, Weiss, Rifkind, Wharton & Garrison LLP have been the legal advisors to KPS.

Source: Wausau Paper

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