Displaying items by tag: newpage

Report Highlights Include Responsible Forestry and Renewable Energy Initiatives

NewPage Corporation, the leading producer of printing and specialty papers in North America, announced today the release of its 2010 Sustainable Development Report titled Big + Little.

"As a pulp and paper producer, we strive to make sustainable practices -- big and little -- a part of everything we do at NewPage from responsibly managing and sourcing natural resources; to operating cost-effectively utilizing best practices; to producing dependable products that are transported efficiently; to collaborating with our customers to improve and grow our businesses; to giving back to the communities in which we operate," said George F. Martin, president and chief executive officer for NewPage. "The report title, Big + Little, emphasizes that the path to sustainability at NewPage is not just one of big, global programs or small, individual actions day in and day out, but one that encompasses both. Taken together, these ongoing actions and steps shape who we are at NewPage, as we work together for a more sustainable future."

NewPage annually produces a sustainable development report to illustrate to its stakeholders what the company is doing to drive and measure its progress in preserving human, natural and financial resources for the future. The company focuses on five key areas of sustainability:

1. Responsible Sourcing of Raw Materials
2. Efficient and Sustainable Manufacturing
3. Responsible and Safe Products
4. Healthy, Safe and Engaged Employees
5. Strong, Viable Communities

The 2010 report highlights the following achievements for each of these key areas:

• All wood-based fiber, the largest component of our products, continues to be sourced from responsibly managed forests in North America. Forty-nine percent of the fiber NewPage used came from certified and recycled sources and we continued to support several initiatives to increase the amount of certified forest acreage in our wood procurement regions. Additionally, NewPage continued to work to promote responsible management of forests globally through initiatives such as Project POTICO (Palm Oil, Timber, Carbon Offsets) with the World Resources Institute (WRI) to combat illegal logging and preserve virgin rainforests in Indonesia by diverting new palm oil plantations to degraded lands.

• Fifty-one percent of the energy used in 2010 was produced from biomass fuels; a renewable energy source primarily derived from the company's manufacturing byproducts. NewPage is actively researching and supporting new ways to generate renewable energy through a number of partnership projects such as a biorefinery in Wisconsin Rapids, Wisconsin; a wind farm in Mineral County, West Virginia and a biomass cogeneration facility in Port Hawkesbury, Nova Scotia.

• Approximately 70 percent of the ingredients used to manufacture our products come from renewable resources such as wood fiber, recycled fiber and starch. In 2010, products containing recycled fiber accounted for 16 percent of total sales, and chain-of-custody certified fiber accounted for 26 percent of total sales.

• NewPage continued to invest in its employees through safety, training and health and wellness programs. Capital of $68 million was invested in 2010 to make improvements in areas such as safety, equipment reliability and product quality.

• Nearly $1 million was contributed to charitable organizations and nonprofit strategic partnerships in 2010. In addition, employees donated countless hours to volunteer programs in their own communities.

"We are very proud of what we have achieved thus far and continue to challenge ourselves to improve our environment through research, technology and strategic partnerships," added Martin.

To download a printable PDF of the report, or to learn more about NewPage Corporation, please visit www.NewPageCorp.com/sustainability.

SOURCE NewPage Corporation

NewPage Corporation, the leading producer of printing and specialty papers in North America, has been named by the Dayton Business Journal as one of ten local companies to win their first "Healthiest Employers Award."

The Dayton Business Journal engaged Healthiest Employers, an independent organization dedicated to promoting wellness in business, education and non-profits, to review the nominations and choose the winners. All nominees were measured using six core areas of workplace wellness:

• Cultural and leadership commitment
• Foundational components
• Strategic Planning
• Communication and marketing
• Programming and interventions
• Reporting and analysis

NewPage launched its Wellness Initiative in January 2010 with the goal to create a wellness environment for NewPage employees by increasing awareness and engagement in personal wellness through a variety of NewPage activities and programs, including those offered by the company's health care plans. To reach this goal, the NewPage Wellness Committee has planned several program activities aimed at reducing the incidence of the most prevalent conditions experienced by NewPage plan participants. Such activities include preventative doctor visits and testing, biometric screenings, flu shots, health fairs and, most recently, friendly company-wide weight-loss and fitness competitions. In addition to wellness activities, NewPage also offers several programs that provide wellness coaching and comprehensive management for employees with health conditions such as diabetes and asthma.

"This award recognizes the commitment we have to the health and wellness of our employees," noted Glenn Grill, vice president, Human Resources. "We appreciate being acknowledged and plan to continue initiatives designed to increase our employees' awareness and engagement in personal wellness."

The Dayton Business Journal and area businesses congratulated and honored the winners at an awards breakfast this morning at the Schuster Center in Dayton.

SOURCE NewPage Corporation

NewPage Corporation today announced that, based on its assessment of current market and economic conditions, it has decided to take downtime on both paper machines at its Port Hawkesbury mill in Nova Scotia, Canada. The downtime will begin September 10 for the mill's PM1 newsprint machine and September 16 for the PM2 supercalendered machine. NewPage will provide future updates on the mill based on an ongoing review of the situation and economic conditions during the anticipated downtime.

The decision was based on a combination of factors, including unfavorable exchange rates between the U.S. and Canadian dollars and high utility and shipping costs, which have rendered its Port Hawkesbury mill operations unprofitable for more than a year.

The company is announcing its decision now in order to mitigate the potential impact on customers and already has taken into consideration the planned downtime for future scheduling.  NewPage expects to fulfill certain pre-existing orders for its supercalendered papers from its mill in Duluth, Minnesota, but does not produce newsprint from any other mill location and therefore will be unable to serve these customers during the downtime.

"Despite the continued dedication and efforts of our team at Port Hawkesbury to drive cost improvements, extremely challenging economic conditions at this location have forced us to make this difficult, but necessary business decision," said George Martin, president and chief executive officer for NewPage.

According to Mark Lukacs, senior vice president, Operations for NewPage, "The Port Hawkesbury mill makes great newsprint, improved newsprint and supercalendered paper for the printing and publishing industries.  We have a very dedicated and talented workforce and this downtime is in no way a reflection on them."

To learn more about NewPage Corporation, visit www.NewPageCorp.com.

North America's largest manufacturer of coated paper acknowledged today that it may be forced to seek Chapter 11 bankruptcy reorganization because of its crushing debt load.

NewPage made was no reference to reorganization in the news release this morning announcing another quarter of losses. But the 10-Q quarterly financial report it filed with the U.S. Securities and Exchange Commission later in the day contained this statement:

"We have retained advisors to assist us in exploring various restructuring alternatives and are engaged in discussions with various stakeholders to address our ongoing capital needs. We cannot assure you that we will be able to refinance any of our indebtedness, or that we will be able to do so on commercially reasonable terms. If we are unable to refinance our debt or generate sufficient cash flow to service our obligations, we will be required to seek to restructure our existing debt or to voluntarily seek, or be forced to seek, protection under the Chapter 11 of the U.S. Bankruptcy Code and applicable Canadian laws."

The report noted that the company's current liabilities (payments due in the next 12 months) exceed current assets by $2.5 billion because of bonds that come due early next year.

Because of higher paper prices and a better mix of products, the news release said, NewPage's 2nd quarter of 2011 was better than last year. The quarterly loss decreased from $174 million to $132 million. But it also said that the information in the 10-Q would be "sufficient to answer questions, and no conference call is planned."

S&P lowered its credit ratings on NewPage and its debt issues today, citing the paper manufacturer's "constrained near-term liquidity after the company posted weaker-than-expected second-quarter results and decided to hold off on previously announced asset sales."

source: deadtreeedition.blogspot.com

NewPage, the largest coated paper manufacturer in North America, announced today that it has received a 2011 InterTech™ Technology Award from the Printing Industries of America for TrueJet™ Digital Coated Papers.

“NewPage is extremely honored to have TrueJet Digital Coated Papers selected for this prestigious award in recognition of our commitment to support our original equipment manufacturer (OEM) partners and innovations within the print industry,” states Steven J. DeVoe, vice president, Marketing and Customer Service for NewPage.

TrueJet Digital Coated Papers enable high speed, short run and variable data printing on production color inkjet equipment or related hybrid applications with offset class or near-offset print quality and reduced total operating cost for the printer or publisher.

The functional chemistry needed to fix inkjet ink to the paper surface is built into TrueJet Digital Coated Papers coating and leaves supplemental bonding agents or pre-coats for imaging and durability enhancement as an option to the user. This can reduce the consumable cost to the printer while providing offset-like glossy coated paper for color inkjet production to meet the expectations of the market. TrueJet Digital Coated Papers technology enables effective fixing of various dye or pigment based inkjet ink systems at the paper surface to maximize reflection density, dot sharpness and clean printed solids and screens.

TrueJet Digital Coated Papers are based on U.S. Patent 7803224 recently granted to NewPage and additional patents pending-representing several years of research and development alongside our key industry partners. This technology enables glossy coated papers to be printed via multiple processes of inkjet, offset and laser never before offered in the marketplace.

Unlike conventional coated offset papers, TrueJet Digital Coated Papers are made with a combination of materials that result in improved inkjet ink dry times, improved inkjet print quality and productivity while maintaining the capability for offset printability in hybrid applications.

TrueJet Digital Coated Papers are used for commercial printing, direct mail, books, promotional materials and catalogs.

NewPage Corporation today announced that Jay A. Epstein will join the company's senior leadership team, effective July 5, 2011, as senior vice president and chief financial officer, replacing Curtis Short who was serving in the role on an interim basis.

Mr. Epstein will be responsible for the management and direction of the company's finance, accounting, treasury, compliance and investor relations organization. Reporting to George F. Martin, president and chief executive officer, Mr. Epstein joins NewPage with experience in the pulp and paper industry. "We are pleased to have a finance professional of Jay's caliber join NewPage," said Martin. "His experience in the paper industry combined with his proven fiscal management experience will greatly benefit NewPage."

Prior to joining NewPage, Mr. Epstein had been vice president finance, treasurer and secretary of Brant Industries, White Birch Paper Company and SP Newsprint Company and was chief financial officer for SP Recycling Company. He was director, Global Risk Management at National Bank of Canada from 2002 to 2004, and served in a number of roles at Enron from 1999 to 2002, which included their pulp and paper business. Prior to Enron, Mr. Epstein held positions of increasing responsibility in process engineering, capital and energy management and operations management at BASF Corporation.

Mr. Epstein earned his bachelor's degree in chemical engineering from The University of Texas at Austin and a master's degree in business administration with concentrations in finance and economics from The University of Chicago.

SOURCE NewPage Corporation

NewPage Wisconsin System Inc., an indirect, wholly-owned subsidiary of NewPage Corporation, and AIM Demolition USA LLC jointly announced today that they have entered into an Asset Purchase Agreement for AIM Demolition USA LLC's purchase of the NewPage Kimberly, Wisconsin facility from NewPage Wisconsin System Inc.

The transaction is expected to close this month. AIM Demolition USA LLC is currently exploring various avenues regarding the potential future of the site.

Sanabe & Associates, LLC, acted as financial advisor to NewPage in the transaction.

NewPage Corporation (NewPage) has announced its results of operations for the first quarter of 2011.  Net sales were $904 million in the first quarter of 2011 compared to $817 million in the first quarter of 2010, an increase of $87 million, or 11 percent.  The increase was primarily the result of higher sales volume of core paper and higher average core paper prices in the first quarter of 2011 compared to the first quarter of 2010.  Gross margin (loss) for the first quarter of 2011 was 5.1 percent compared to (3.9) percent in the first quarter of 2010, primarily as a result of higher average core paper sales prices in the first quarter of 2011.  During the first quarter of 2011, North American coated paper demand was flat compared to the first quarter of 2010.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization as further adjusted as shown in the attached reconciliation) was $85 million in the first quarter of 2011 compared to $15 million in the first quarter of 2010. The improvement was primarily the result of higher average paper prices and higher sales volume of core paper.  Net income (loss) was $(88) million in the first quarter of 2011 compared to $(175) million in the first quarter of 2010.

"Overall our mill operations ran very well during the first quarter of 2011, and volume was in line with our seasonal expectations.  We also saw continued price improvement in our core paper products during the quarter," said George F. Martin, president and chief executive officer for NewPage.  "Our business also experienced significant increases in our input costs during the first quarter of 2011 due to higher prices for wood, purchased pulp, certain petroleum-based chemicals and transportation, and we expect this trend to continue throughout 2011."

During the first quarter of 2011, NewPage permanently closed the Whiting, Wisconsin mill. NewPage did not take any market-related downtime in the first quarter of 2011 compared to 39,000 tons in the first quarter of 2010.

NewPage ended the first quarter with $170 million of liquidity, consisting of $9 million of cash and cash equivalents and $161 million available for borrowing under the revolving credit facility.  "We continue to evaluate the sale of nonstrategic assets, such as the recently announced sale of our cogeneration energy assets in Rumford, Maine, which is expected to close in the second or third quarter of 2011," said Martin.

NewPage Corporation today announced the appointment of Ronald J. Arling to the position of controller and chief accounting officer, effective April 25, 2011.

Mr. Arling will report to the senior vice president and chief financial officer. Mr. Arling has managed key areas of the finance function including general accounting, internal audit, credit and collections and financial analysis. He joined NewPage in November 2006 as internal audit director, in April 2009 advanced to assistant controller and in November 2010 was promoted to controller. Prior to joining NewPage, Mr. Arling held finance positions of increasing responsibility with large companies in diverse industries including CareSource Management Group, Co. Inc., Reynolds & Reynolds, NCR Corporation and Deloitte & Touche LLP.

Mr. Arling will be responsible for managing the corporate accounting and reporting process and ensuring that all financial statements and filings are accurate, complete and timely.  In addition, he will make certain that corporate-wide accounting policies and appropriate controls are in place in accordance with generally accepted accounting principles and work with operations and other finance functions to improve accounting and reporting capabilities.

NewPage Corporation has announced that Curtis H. Short, currently controller and chief accounting officer, has been elected as senior vice president and chief financial officer on an interim basis effective May 11, 2011, replacing David J. Prystash, who resigned from NewPage to pursue other opportunities. Mr. Short will serve in the interim role until a permanent replacement is named.

Mr. Short joined the company in April 2009 and is responsible for managing the corporate accounting and reporting process and ensuring that all financial statements and filings are accurate, complete and timely. In addition, he ensures that corporate-wide accounting policies and appropriate controls are in place in accordance with generally accepted accounting principles and works with operations and other finance functions to improve accounting and reporting capabilities.

"Curt has a wealth of experience in driving results, enhancing the timeliness and accuracy of financial reporting and improving our finance function," stated George F. Martin, president and chief executive officer for NewPage. "I am confident in his ability to oversee the financial activities for the company as we search for a replacement CFO; and this change in leadership is not expected to have an impact on our business, customers, suppliers or other stakeholders."