International technology group ANDRITZ has received an order from Bracell to supply energy-efficient and environmentally friendly pulp production technologies and key process equipment for Bracell’s Project “STAR” in Lençóis Paulista, in the state of São Paulo, Brazil. Start-up is scheduled for the third quarter of 2021. Award of this contract to ANDRITZ was announced in July 2019, however the name of the customer remained confidential at that time.
ANDRITZ will provide four of the six most important process islands in the pulp mill, which are to be supplied on EPCC (Engineering, Procurement, Construction and Civil Construction) basis:
- A complete Wood Processing Plant using ANDRITZ’s proven technologies and including chipping lines, stacker-reclaimer, chip screening, biomass handling with ANDRITZ BioCrushers, and biomass storage. Each chipping line for eucalyptus processing consists of ANDRITZ’s unique horizontally fed HHQ-Chipper (EXL model), ensuring high capacity without compromising on chip quality. Woodyard operation is enhanced with state-of-the-art ANDRITZ IIoT products, including ChipperEKG, stone detection, the ScanChip chip analyzer and a FlowScanner, which measures the density and moisture content of the chips to optimize the fiberline process.
- An ANDRITZ HERB Recovery Boiler with high steam parameters of 101 bar(a) and 515°C to maximize power generation. The HERB Recovery Boiler features energy-efficient flue gas cooling and feed water preheating technologies to maximize steam production for power generation. It is designed for extended operating periods without requiring wash water. At the beginning of December 2019, ANDRITZ successfully completed assembly of the first Recovery Boiler column.
- Environmentally friendly hardwood Fiber Lines that ensure low-effluent emissions, can produce both kraft and dissolving pulp, and which also include a chip feed system, LoSolids continuous cooking system with Pre-Hydrolysis Vessel (PHV), screen room and bleach plant, as well as ANDRITZ’s DD-Washer technology, ensuring low operating costs, low emissions, extremely high washing efficiency, and excellent fiber quality. The cooking plant for the fiberline is state of the art in the continuous cooking process for production of dissolving pulp.
- A new innovative EvoDry Pulp Drying System with energy-efficient pulp drying based on the high-capacity Twin Wire Former technology, with airborne dryers, cutter-layboy and baling lines. The approach flow with cleaner systems ensures homogeneous pulp feed to the subsequent process stage for both types of pulps – dissolving and kraft. The pulp dewatering machine comprises a headbox with dilution control, a Twin Wire Former, and a press section with one combi-press and two shoe presses. The ANDRITZ technology for pulp drying is very well proven all over the world. In addition, the ANDRITZ EvoDry sheet dryer is the most energy-efficient of its kind. Finally, the reliable ANDRITZ cutter-layboy provides the pulp bales to be further processed in the high-capacity baling lines, where the final pulp bale units are produced.
ANDRITZ is an international technology group providing plants, systems, equipment, and services for various industries. The company is one of the technology and global market leaders in the hydropower business, the pulp and paper industry, the metal working and steel industries, and in solid/liquid separation in the municipal and industrial segments. Other important fields of business are animal feed and biomass pelleting, as well as automation, where ANDRITZ offers a wide range of innovative products and services in the IIoT (Industrial Internet of Things) sector under the brand name of Metris. In addition, the company is active in power generation (steam boiler plants, biomass power plants, recovery boilers, and gasification plants) and environmental technology (flue gas and exhaust gas cleaning plants) and offers equipment for the production of nonwovens, dissolving pulp, and panelboard, as well as recycling plants.
ANDRITZ stands for passion, partnership, perspectives and versatility – core values to which the company is committed. The listed Group is headquartered in Graz, Austria. With almost 170 years of experience, approximately 29,700 employees, and more than 280 locations in over 40 countries worldwide, ANDRITZ is a reliable and competent partner and helps its customers to achieve their corporate and sustainability goals.
ANDRITZ PULP & PAPER
ANDRITZ Pulp & Paper is a leading global supplier of complete plants, systems, equipment, and comprehensive services for the production and processing of all types of pulp, paper, board, and tissue. The technologies cover processing of logs, annual fibers, and waste paper; production of chemical pulp, mechanical pulp, and recycled fibers; recovery and reuse of chemicals; preparation of paper machine furnish; production of paper, board, and tissue; sizing, calendering and coating of paper; as well as treatment of reject materials and sludge. The service offering includes system and machine modernization, rebuilds, spare and wear parts, on-site and workshop services, optimization of process performance, maintenance and automation solutions, as well as machine relocation and second-hand equipment. Biomass, steam and recovery boilers for power production, gasification and flue gas cleaning plants, systems and plants for the production of nonwovens and absorbent hygiene products, dissolving pulp, and panelboard (MDF), as well as recycling and shredding solutions for various waste materials also form a part of this business area.
Bracell is one of the largest specialty cellulose producers in the world and has operated in Brazil for 15 years. The company has its main operations in Bahia Specialty Cellulose in Camaçari, Bahia and in Lençóis Paulista, São Paulo. By the time the expansion project is completed in 2021, Bracell will have an annual production capacity of two million tons of dissolving pulp and 7,300 direct and indirect employees.
CIB’s first project opportunity in Nova Scotia supports the economy and environment
Canada Infrastructure Bank (CIB), Port Hawkesbury Paper and IFE Project Management Canada (IFE) have just announced the signing of a Memorandum of Understanding (MOU) formalizing their collaboration on the potential Pirate Harbour Wind Farm in Nova Scotia.
The MOU confirms CIB will conduct due diligence work with Port Hawkesbury Paper and IFE during the project evaluation and planning phase. CIB’s work could lead to an investment in the project, subject to all standard due diligence and decision making.
With support from the Province of Nova Scotia, Port Hawkesbury Paper and IFE are evaluating the potential development of a 112 megawatt wind farm, comprised of 28 four megawatt wind turbines, 15 kilometres of overland transmission lines and two kilometres of subsea cables.
The wind farm would supply green energy to Port Hawkesbury Paper, the largest industrial employer in the region, with the goal of further enhancing sustainable energy supply to Nova Scotian industry. It also supports provincial and federal commitments to the environment and the Mill’s ongoing commitment to an environmentally sustainable business.
This is CIB’s first opportunity to partner on a project in Nova Scotia. CIB has specialized infrastructure expertise and the wind farm is consistent with one of its priority sectors – green infrastructure.
- • CIB is a Crown corporation mandated to invest $35 billion in federal funding and attract private sector investment into new revenue-generating infrastructure projects.
- • CIB is focused on transformational projects that are in the public interest. Public transit, trade and transportation, green infrastructure and broadband are priority sectors for investment.
- • The Pirate Harbour Wind Farm represents CIB’s eighth project in total and demonstrates CIB is advising on and investing in projects across sectors and regions.
- • The project will reduce the Mill’s reliance on fossil fuels for energy, resulting in reduced greenhouse gas emissions. The project adds clean, renewable energy generation to the Province and will further increase the sustainability of the Mill’s paper production operations.
- • Port Hawkesbury Paper and IFE will lead the design, construction and financing of the wind farm.
- • This project is an example of how CIB can partner with the private sector and collaborate with the public sector on a project that is in the public interest. The potential wind farm will support environmental and green infrastructure objectives.
This announcement from the Canada Infrastructure Bank is in line with our Government’s commitment to making communities cleaner, healthier and better for Canadians. This project would reduce the Mill’s reliance on fossil fuels for energy, focusing instead on wind farming as a source of renewable energy. CIB’s expertise in green infrastructure will be an asset to this project during the planning phase.
Catherine McKenna, Minister of Infrastructure and Communities
CIB is pleased to bring our infrastructure investment expertise to partner with Port Hawkesbury Paper and IFE. The Pirate Harbour Wind Farm is aligned with provincial, federal and CIB priorities in terms of green infrastructure investment, increased capacity in renewable energy generation and promoting economic development.
Pierre Lavallée, President and CEO, Canada Infrastructure Bank
Nova Scotia is a national leader in fighting climate change, and we have reached this position while keeping electricity rates stable. Now, we have set the most ambitious emission reduction targets in the country. The potential of adding more clean, renewable wind energy to our province could help us achieve our goals, while supporting the future of one of the largest employers in rural Nova Scotia. That’s why we are pleased to see this project coming forward for consideration.
Derek Mombourquette, Nova Scotia Minister of Energy and Mines
This partnership has the potential to enable the production of clean energy for the area’s largest industrial employer, while helping the community of Point Tupper and the entire province, to diversify and become more sustainable.
Andy Fillmore, Parliamentary Secretary to the Minister of Infrastructure and Communities
Port Hawkesbury Paper is excited to continue the evaluation of the Pirate Harbour Wind Farm with the assistance of the CIB and the support of the Province in order to help further governmental commitments on the environment and enhance long-term environmentally sustainable paper production at the Mill.
Bevan Lock, Co-Mill Manager, Port Hawkesbury Paper
IFE is very pleased to work with CIB and Port Hawkesbury Paper on the development of this green infrastructure project. A decision to build this wind farm will be a landmark in Atlantic Canada, as it will be the first time that a pulp and paper mill, or any large industrial facility, has chosen to work with a wind developer to purchase green energy to fuel its activities.
Keith Towse, CEO, IFE Project Management Canada Inc.
This autumn, the Södra Research Foundation called for research projects with a ‘Resource efficiency’ theme. SEK 8 million has now been granted to seven research projects with topics ranging from the core products and processes of the forest industy, to new innovations in the use of forest byproducts.
One of the projects being funded is called ‘Resource-efficient chipping of spruce bark-beetle damaged wood for chemical pulp production.’ This project focuses on developing a new drum-chipping technology for the pulping process.
“This new technology could lead to higher raw material utilisation and higher pulp yields, especially when using wood with low moisture content. We want to use our raw materials as efficiently as possible therefore, any improvement to our processes and equipment that leads to a higher fibre yield is of major interest to the entire forest industry,” said Catrin Gustavsson, President of Innovation and New Business at Södra.
Other projects are focused on the timber industry with aims ranging from increased utilisation of spruce for sustainable façades, bio-based surface treatments for wood and digitalisation of timber drying processes.
“In the move towards a bio-based society, wood holds a unique position as a raw material from a renewable source. If we want to remain competitive in the timber industry, we will have to introduce new measurement techniques and increase our use of digitalisation and robotics,” said Göran Örlander, forestry strategist and Chairman of the Södra Research Foundation.
Funding is also going to projects focusing on developing new forest-based materials and processes. Examples include the production of carbon fibre from kraft lignin and cellulose, porous materials for medical use, and a new process for the extraction of vanillin and vanillic acid from lignin.
“Finding new products, processes and applications for the forest industry’s by-products is an important complement to our existing business and contributes to the replacement of fossil-based products,” said Catrin Gustavsson.
Forisk Consulting, a leader in North American forest industry and timber market research, has acquired the North American Wood Fiber Review from Wood Resources International of Bothell, Washington. The Review, which tracks wood fiber markets in all major regions of the United States and Canada, will be published by Forisk as the Forisk Wood Fiber Review beginning in Q1 2020.
Dr. Brooks Mendell, President and CEO of Forisk, says, “Adding the Review and 35 years of price data to our research portfolio strengthens our ability to serve the forest industry in the U.S. and Canada, as well as international firms with North American assets. Also, current subscribers can remain confident in the trusted price reporting, as we are thrilled to announce that Tim Gammell, the current Executive Editor of the Wood Fiber Review, will join our team.”
Mr. Håkan Ekström, President and CEO of Wood Resources International, adds, “This transition builds on our long-standing working relationship with Forisk, and provides further opportunities to cooperate on forest industry research and analysis in North America and globally. We are excited with this match and look forward to our continued work together.”
The Wood Fiber Review is the only publication that covers both the pulpwood and biomass markets in North America. The market report includes prices and market commentary for a dozen regions. It is an essential source for anyone that needs to track pulpwood, wood chips, and biomass prices in the largest and most dynamic wood fiber market in the world.
About Forisk Consulting: Forisk delivers forecasts and analysis of forest industry markets and timberland investments. Firms participate in Forisk’s research program by subscribing to the Forisk Research Quarterly (FRQ) or Wood Fiber Review, supporting benchmarking studies related to forest operations and mill capacities, and attending educational workshops and the annual Wood Flows & Cash Flows conference. www.forisk.com
About Wood Resources International: WRI is an international forest industry consulting firm that has completed consulting assignments in over 35 countries since 1988. In addition, WRI publishes the market report Wood Resource Quarterly (WRQ), which has published quarterly sawlog, pulpwood and wood chip prices, market information and forest products trade, for all major regions in the world for over 30 years. www.woodprices.com
Valmet has received an order for an Advantage ThruAir machine from Irving Consumer Products. This is a repeat order of the Advantage ThruAir machine that was started up recently in 2019. The new machine is planned to start-up in 2022 and will continue to support Irving’s commitment to provide ultra-premium products to the North American market.
The order is included in Valmet’s orders received of the fourth quarter 2019. The value of the order is not disclosed.
Valmet and Irving share a long history of partnership and this will be their fifth tissue project together. Previously Valmet has delivered one ThruAir machine to Macon, Fort Edward, Toronto, and major rebuilds of tissue machines TM1 and TM2 to Saint John. Irving recently announced they are doubling their capacity of ultra-premium household paper products at their Macon plant and are immediately initiating an expansion of the plant.
“The new TAD machine will help Irving Consumer Products continue to grow and deliver ultra-premium quality tissue paper products to our customers,” says Robert K. Irving, President of Irving Consumer Products.
“Valmet and Irving have a long relationship of successful projects. We are excited to work with them to reach the production and quality targets. Their products have been very much appreciated by the demanding North American market which requires the best softness, bulk and absorbency. The success is obvious with the rapid decision to invest in tissue machine TM 9. Our relationship is built on trust, setting joint targets and delivering results,” says Jan Erikson, VP Sales, Valmet.
Technical information about the delivery
Valmet’s delivery will comprise of a complete tissue production line with stock preparation equipment. The new line will include an Advantage ThruAir tissue machine including an OptiFlo II TIS headbox, ThruAir Dryers and Air system and an Advantage SoftReel reel. The scope also includes mist and dust systems, automation systems, basic mill engineering and advisory services. The production line will add a capacity of 75,000 annual tonnes of tissue to Irving’s current production.
Information about Irving Consumer Products
Irving Consumer Products is one of North America's leading manufacturers of household paper and baby diaper products. Irving Consumer Product companies include Irving Tissue and Irving Personal Care. Irving Tissue produces premium household store brand paper products for many of North America's top retailers, in addition to some of the top-selling tissue brands in the marketplace. Irving Personal Care is the only manufacturer of baby diapers and training pants in Canada. Using state-of-the-art equipment and technology, they produce premium quality private label products for major North American customers. Read more at www.irvingconsumerproducts.com.
For further information, please contact:
Jan Eriksson, Vice President, Sales, Tissue Mills Business Unit, Valmet, tel. +46 705 17 14 90
Soren Eriksson, Sales Director, Tissue Mills Business Unit, Valmet, tel. +1404-242-8845
Valmet is the leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. We aim to become the global champion in serving our customers.
Valmet's strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Our advanced services and automation solutions improve the reliability and performance of our customers' processes and enhance the effective utilization of raw materials and energy.
Valmet's net sales in 2018 were approximately EUR 3.3 billion. Our 13,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the Nasdaq Helsinki.
Read more www.valmet.com
Ten years ago Papierfabrik Palm put the PM 7 supplied by Voith into service at its King’s Lynn facility in the UK. Voith has now been engaged to supply new calender rolls with heating system for the newsprint paper machine. The rolls are scheduled for completion by the end of the year.
- Rolls cast at Hüttenwerke Königsbronn foundry
- High-quality newsprint and excellent printing results
- Improved paper quality and expanded product portfolio
Rolls cast at the Hüttenwerke Königsbronn foundry
The scope of the order consists of identical calender rolls and a new heating system. The calender rolls are being cast at Hüttenwerke Königsbronn in the Heidenheim district, a foundry that can look back on a 650-year history.
The casting for the roll tube has an outer diameter of around 1.6 meters, is about 11 meters long and weighs approximately 76 metric tons. The material used is ductile cast iron, which allows the finished calender rolls to be heated up to a surface temperature of 210°C. “These dimensions make them the heaviest calender rolls worldwide made from the modern material CDI”, says Christian Tenbruck, Vice President Sales & Application at Voith. The rolls also undergo an induction-hardening process during fabrication. Higher load capacity, fatigue strength and durability are just some of the benefits of this hardening process.
High-quality newsprint and excellent printing results
Thanks to close collaboration between Voith and Papierfabrik Palm, the PM 7 was able to go into production operation three weeks earlier than scheduled in 2009.
The newsprint machine has a wire width of 11,400 mm and is designed for a maximum speed of 2,200 m/min. At a production capacity of 400,000 metric tons per year, the machine produces improved paper grades from 100 percent recovered paper in the basis weight range 40–52 g/m² in addition to standard newsprint. The modernization will further improve paper quality and extend the company’s product range.
The order for the calender rolls is a further vote of confidence in Voith and a continuation of the longstanding and successful business relationship between the two companies. The transport of the completed rolls to King’s Lynn is scheduled for May 2020.
About the Voith Group
The Voith Group is a global technology company. With its broad portfolio of systems, products, services and digital applications, Voith sets standards in the markets of energy, oil & gas, paper, raw materials and transport & automotive. Founded in 1867, the company today has more than 19,000 employees, sales of € 4.3 billion and locations in over 60 countries worldwide and is thus one of the larger family-owned companies in Europe.
The Group Division Voith Paper is part of the Voith Group. As the full-line supplier to the paper industry, it provides the largest range of technologies, services, components and products on the market and offers paper manufacturers solutions from one single source. The company’s continuous stream of innovations takes papermaking to the next level and facilitates resource-conserving production. With its Servolution concept, Voith offers its customers tailored service solutions for all sections of the production process. Voith Papermaking 4.0 ensures that equipment is optimally connected, while the secure use of generated data enables paper manufacturers to improve plant availability and efficiency.
Premium US dye-sublimation media solutions portfolio offered by the UK’s premier digital textile hub
Beaver Paper, the leading global manufacturer of sublimation media to the dye-sublimation and digital print industry, has appointed CMYUK as a strategic distributor for its premium dye sublimation papers in the UK and Ireland.
CMYUK, the UK’s largest independent supplier of digital wide format printers, cutters and materials will initially be supplying three-premium dye-sublimation products from Beaver Paper. However, as the relationship continues, CMYUK expects to further expand this specialist portfolio offering with additional dye-sublimation papers for its fashion and interiors range.
As of now, CMYUK is offering the following dye-sublimation products from Beaver Paper:
ProTexTM Protection Tissue (25 gsm): A high-yield, protective tissue specifically manufactured for grand format, dye-sublimation, and rotary heat calenders at 3.2m wide. The tissue is made from high-density, highly formed natural eucalyptus fibre providing highly robust barrier properties. It is recyclable and the formaldehyde-free formulation prevents yellowing of white synthetic textiles. ProTex™ extends the life of the calender belt and its heat resistant properties prevent web tear outs. Longer roll lengths are designed to aid productivity by reducing the amount of roll changes.
TexPrint®UT: A utility textile grade digital dye-sublimation print paper, which is not only economical with ink usage but offers highest colour yields. Designed for cost-conscious, high volume textile printing environments, it allows heat to migrate through the print sheet quicker, allowing lower calendar dwell times and faster transfer speeds, while deposing the richest and deepest dye-gas penetration. This paper boasts super lay-flatness that resists cockling even under heavier ink loads. A specially developed binder applied to the non-print side controls fiber-contamination of sticky-belt platens on high-speed digital textile printers.
CMYUK will be supplying two weights of the TexPrint®UT print paper. TexPrint®UT/92 is a middleweight 92gsm paper suitable for soft signage, décor and tradeshow exhibits, while TexPrint®UT/72 is a lightweight 72gsm applicable for soft signage, trade show exhibits, banners and blinds.
“We are excited about our new partnership with CMYUK, one of the premier distributors in the region, said Philip Prieur, CEO and Director of Beaver Paper. “Through this partnership, we will be able to extend our reach and offer our customers in the UK and Ireland superior service.”
Joel Willcock, Textile Business Development Specialist at CMYUK said, “Beaver Paper is a prestigious global company that manufactures superior products for the professional, dye sublimation market. Partnering with them for the UK and Ireland is a perfect fit, since we are regarded as the premier hub for the facilitation of digitally printed textiles. CMYUK is delighted to stock and supply these initial papers. In the near future we expect to add lighter papers for the highest of production speeds, as well as additional products orientated towards fashion, décor and interiors.”
This year marks Beaver Papers 40th year in business. To celebrate, it has unveiled new branding and released a number of new products. It has also developed a brand-new interactive website to further support its distributors.
About Beaver Paper
Beaver Paper is a globally recognized producer of TexPrint® sublimation paper, ProTex™ tissue and TexStyles® graphic fabrics to the dye sublimation and digital print industry. With 40 years of experience, Beaver Paper offers the most comprehensive portfolio of sublimation media. Our products can be found in 51 countries worldwide and are carried by distributors as well as direct sales out of the Georgia headquarters or its wholly owned sales and distribution facilities in Los Angeles, Calif., Willstätt, DE and Zaandam, NL. Our worldwide distribution partners possess the knowledge and expertise to ensure superior results. Beaver Paper customers have our commitment to providing exceptional, quality products every time.
CMYUK is the UK's largest independent supplier of large format digital printers, cutting equipment and materials for all production environments. It offers the latest LED UV curable, textile, solvent or aqueous-based printers, the most versatile cutting and finishing products, and efficient end-to-end, productivity software. It also provides installation, training and support.
CMYUK is home to the most advanced, state-of-the-art showroom and demonstration centre in the UK. Based In Shrewsbury, this is an unrivalled, knowledge-based facility that offers matchless testing and sampling opportunities.
CMYUK is the UK hub for digital textile printing. It supplies printing and finishing equipment, materials, and a comprehensive, consultative approach to print service providers (PSPs) and other businesses wishing to expand into new market sectors.
CMYUK is a distributor for EFI (exclusive UK and Ireland), ESKO (exclusive UK), Mimaki (UK and Ireland), PONGS® (exclusive UK and Ireland), Gerber MCT (exclusive UK and Ireland), Graphtec (UK and Ireland), Klieverik (UK and Ireland), Berger (exclusive UK), HP (UK), AE Sewing Machines (exclusive UK and Ireland), Easymount (UK and Ireland).
Fabio Perini S.p.A. Brazil is enlarging its administrative offices in Joinville and its production plant to handle the increasing demand from the Brazilian and South American market for tissue paper and folded paper products.
“Brazilian and South American markets today are rapidly expanding and show a higher long-term growth rate than more mature markets like those in Europe and the US”, comments Dineo Eduardo Silverio, Chairman of Fabio Perini Ltda. “In South America, the tissue paper market has been growing by at least 3% a year, and we estimate a growth of around 15% over the next five years”.
The enlargement of the Joinville plant is also marked by the entry of MTC, technology leader in solutions for folded tissue products, in order to answer growing market demand in the tissue field from all over South America.
In late November 2019, an Open House was set up at the Joinville premises, where visitors could see in function, the first MTC machine made entirely in Brazil. A strategic move that aims at reinforcing the company on the market, increasing its competitive edge and providing on-site sales and after-sales services.
“Part of the growth of the tissue market comes from increased consumption of folded paper products, and one of the reasons which drove us to bring MTC technology into Brazil was to answer this growing demand: surely one of the main requests coming from the Latin American and South American market is for machinery to produce folded tissue paper products. In the coming years, we expect a further upward push”, says Dineo Eduardo Silverio.
In late July 2019, Roll-Tec, Brazil’s specialist in rolls for embossing and tissue production, was bought by the Körber Group’s Tissue Business Area. The purchase was intended to develop and reinforce the position of tissue on the Latin American market, driving Fabio Perini Brazil to study market expansion strategies in North America as well, in an effort to consolidate and expand their leadership in the Americas.
Verso Corporation (NYSE: VRS) ("Verso" or the "Company") has just announced that the Board has nominated Paula H. J. Cholmondeley, and Ms. Cholmondeley has agreed to be nominated, as a director at the 2019 annual meeting of stockholders to be held on January 21, 2020 (the "Annual Meeting").
Verso has taken significant steps to refresh and diversify its Board of Directors to include a mix of industry and executive experience as well as a range of additional relevant expertise in, among other areas, finance, public company operations, manufacturing and distribution. With Ms. Cholmondeley's nomination, four of six independent directors have been nominated for election at the Annual Meeting in the last six weeks, and following their election at the Annual Meeting, five of seven directors will have joined the Board in less than one year. Although the formal nominations have occurred in a short span of time, they reflect the culmination of an extended, careful and thorough search process, with the assistance of leading executive search firms, that the Board has actively pursued over the course of the year. With the election of Ms. Cholmondeley and our recent nominees, the Board will have over 150 years of collective paper industry experience and a majority of our Board will comprise highly experienced experts in the paper and manufacturing industries.
Ms. Cholmondeley was nominated by the Board's Corporate Governance and Nominating Committee (the "Nominating Committee") based upon her impressive array of executive leadership roles, particularly in the paper and industrial manufacturing industries. Ms. Cholmondeley has served as a director for Terex Corporation, an international industrial products company, since 2004, as well as a director of the Bank of the Ozarks since 2016 and as an independent trustee of Nationwide Mutual Funds since 2000. She has held multiple other directorships, including for KapStone Paper and Packaging from 2016 to 2018, for DENTSPLY International from 2002 to 2016, for Minerals Technologies from 2004 to 2014, for Albany International from 2005 to 2013, and Ultralife Corporation from 2004 to 2010. From 2004 to present, she has been the principal of The Sorrel Group, a consulting firm founded by Ms. Cholmondeley specializing in customized corporate governance education for first time members of boards of directors. From 2000 to 2003, Ms. Cholmondeley was Vice President and General Manager of the Specialty Products division of Sappi Fine Paper, North America. Ms. Cholmondeley has also held other senior management and finance roles throughout her career, including during her six years of service at International Paper. Ms. Cholmondeley is a (non-practicing) CPA and is a part-time faculty member for the National Association of Corporate Directors.
In the non-profit arena, her board experience includes the American Institute of CPAs; Gifts-in-Kind, the largest product-giving charity in the United States; the Executive Leadership Council; and the National Association of Black Accountants. Ms. Cholmondeley is on the advisory board for Trewstar, a recruiting firm whose focus is on women directors. She is also the chair of the corporate board initiative for the Executive Leader Council.
Steven Scheiwe, an independent director of the Board, stated, "Ms. Cholmondeley is an outstanding and highly qualified nominee for election to the Board. She has a proven track record of delivering results as an executive leader of complex organizations and brings deep experience across relevant industries, including manufacturing. In her current role as a governance advisor, she will bring a strong emphasis on sound corporate governance practices, strategic planning and executive oversight to the Verso Board to advance our commitment to delivering value to stockholders."
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at www.versoco.com
SOURCE Verso Corporation
Canfor Corporation (TSX:CFP) (“Canfor”) has agreed with Great Pacific Capital Corp. (“Great Pacific”) and 1227738 B.C. Ltd. (the “Purchaser”), a wholly-owned subsidiary of Great Pacific, to terminate the previously announced arrangement agreement dated October 28, 2019 (the “Arrangement Agreement”) with respect to the proposed plan of arrangement (the “Arrangement”) of Canfor.
Based on the Canfor shareholder votes cast by proxy prior to the December 16, 2019 proxy cutoff, the “majority of the minority” vote required to approve the Arrangement pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, will not be achieved.
Approximately 45% of the votes cast by proxy by minority shareholders as at the proxy cutoff were in favour of the Arrangement.
The special meeting of Canfor shareholders, scheduled for Wednesday, December 18, 2019 at 9:00 a.m. (Vancouver time), has been cancelled.
Pursuant to the Arrangement Agreement, the Purchaser will pay 50% of the actual reasonable out-of- pocket expenses incurred by Canfor in connection with the Arrangement from the date of the Arrangement Agreement to the date hereof. AST Trust Company (Canada), as depositary for the Arrangement, will be returning any physical share certificates that have been submitted by shareholders of Canfor in connection with the Arrangement forthwith in accordance with the instructions contained in the letters of transmittal.
Canfor plans to continue to diversify its business and pursue growth strategies in positioning itself for long-term success and sustainability.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These forward- looking statements include, among others, statements relating to: the cancellation of the special meeting of Canfor shareholders; the Purchaser’s repayment of 50% of Canfor’s reasonable out-of-pocket expenses incurred in connection with the Arrangement; and Canfor’s ongoing business strategies and objectives. Words such as “expects”, “anticipates”, “projects”, “intends”, “plans”, “will”, “believes”, “seeks”, “estimates”, “should”, “may”, “could”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations and beliefs and actual events or results may differ materially.
Although Canfor believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond Canfor’s control and the effects of which can be difficult to predict: the possibility of adverse reactions or changes in business relationships resulting from the announcement of termination of the Arrangement Agreement; risks relating to Canfor’s ability to retain and attract key personnel; changes in economic conditions, interest rates or commodity prices; risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, competition, seasonality, commodity price and business; and other risks inherent to Canfor’s business and/or factors beyond its control which could have a material adverse effect on Canfor.
Canfor cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause Canfor’s actual results to differ from current expectations, please refer to the “Risks and Uncertainties” section of Canfor’s Management’s Discussion & Analysis for the year ended December 31, 2018, as well as Canfor’s other public filings, available at www.sedar.com and at www.canfor.com.
The forward-looking statements contained in this news release describe Canfor’s expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, Canfor does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (“BC”) with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas, as well as in Sweden with its recent majority acquisition of Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor Shares are traded on The Toronto Stock Exchange under the symbol CFP.