Madison Paper Industries, a partnership of UPM and Northern SC Paper Corp., a subsidiary of The New York Times Company, concluded the sale of its hydro power facilities to Eagle Creek Renewable Energy, LLC, a hydroelectric power producer, based in Morristown, NJ, USA on 31 July 2017.
The transaction was announced by Madison Paper Industries in April 2017.
http://www.upmpaper.com/whats-new/all-news/Pages/Madison-Paper-Industries-concluded-the-sale-of-its-hydro-power-facilities-in-Nor-001-Tue-01-Aug-2017-08-33.aspx
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Heinzel Group increased its sales revenues by roughly 3% compared with the previous year to EUR 1,816.5 million in 2017. All companies of the two business areas, Trading and Industrial, recorded increases in both sales revenues and earnings. Due to the negative result of Laakirchen Papier (EUR -8.0 million), the operating result (EBIT) of Heinzel Group, at EUR 73.6 million, was lower than the prior-year figure (EUR 78.6 million), which had, however, included non-operating one-off effects of EUR 4.3 million. At EUR 55.0 million, net income also fell slightly short of the good prior-year level of EUR 57.6 million. Click Read More below for additional information.
A paper mill in northern Ontario will begin winding down operations after failing to secure immediate financial support from the federal government, the company announced Monday.
Kap Paper said it has received $50 million in loans from the Ontario government, which helped provide short-term stability. It said it had approached Ottawa for funding, but the timing "doesn't appear to be aligning" for a solution to keep the Kapuskasing mill open.
A spokesperson for Kap Paper said about 420 people are employed directly through the company and a total of 2,500 jobs in the region depend on its operation.
The provincial government said it has provided Kap Paper with millions to help cover operating expenses and is "disappointed" that the federal government has failed to join in providing immediate support.
UPM has completed the employee consultation process started in October on its plans to improve efficiency in global functions. UPM increases efficiency of its global functions by reorganising and streamlining the functions’ operations in five countries. This will decrease the number of positions in the functions by 67, of which 46 in Finland. UPM has also concluded the consultations regarding the reorganisation and restructuring at the Finnish pulp mills and UPM Forest that were announced in August. The consultations led to a reduction of 80 jobs in the Finnish pulp operations and 55 in UPM Forest.