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FLEXO Magazine : July 2010
Smurfit-Stone Completes Financial Restructuring, Announces New Board of Directors Smurfit-Stone Container Corp. recently announced that it has successfully completed its financial restructuring and has officially emerged from Chapter 11 as a newly reorganized, publicly traded company and has begun trading on the New York Stock Exchange under the symbol SSCC. The company ’s plan of reorganization, which was con- firmed by the U.S . Bankruptcy Court on June 21, and recog- nized by a Canadian court order, has become effective. All outstanding closing conditions have been satisfied or waived. “T his is an exciting day for Smurfit-Stone. We have suc- cessfully completed our financial restructuring in just 17 months and we exit Chapter 11 as a well-positioned industry leader with a healthier balance sheet and improved cost structure,” said Patrick J. Moore, chief executive officer. ”We are re-energized, committed to serving the needs of our customers and achieving long-term profitable growth for our shareholders.” Continued Moore, “I appreciate the hard work and dedi- cation of our employees who worked tirelessly during the reorganization process and remained focused on providing outstanding value to our customers.” In conjunction with the company ’s completion of its finan- cial restructuring, it announced a new board of directors, including Ralph F. Hake, who has been appointed non-exec- utive chairman of the Smurfit-Stone board of directors. Hake is the former chairman and CEO of Maytag Corp. Additional board members include: • Timothy J. Bernlohr, former president and CEO of RBX Industries Inc. • Terrell K. Crews, former EVP and chief financial officer of Monsanto • Eugene I. Davis, chairman, CEO and chief restructuring officer for Pirinate Consulting Group LLC • Michael E. Ducey, former president and CEO of Compass Minerals International Inc. • Jonathan F. Foster, managing director, Current Capital LLC • Ernst A. Häberli, former president, commercial opera- tions, international, Gillette Co. • Arthur W. Huge, former president and CEO of Menasha Corp. • Steven J. Klinger, president and COO, Smurfit-Stone • Patrick J. Moore, CEO, Smurfit-Stone • James J. O ’Connor, former chairman and CEO of Unicom Corp. and the former Smurfit-Stone lead independent director Uteco Open House: Nov. 16-18 Uteco North America recently announced it will host an Open House Nov. 16-18 at its U.S. facility located at 3400 Town Point Dr. Suite 160, Kennesaw, GA. The Diamond HP 808 press will be available for printing demonstrations. For more information or to register, contact Mario Mucciac- ciaro at 770-427-4100 or firstname.lastname@example.org. Cott Buys Private Label Company Beverage company Cott Corp. has signed an agreement to acquire the privately-held Cliffstar Corp., which is a private- label juice company, for $500 million. Cott said the purchase strengthens its position in private- label beverages. A media release from Cott stated that the acquisition expands its product portfolio and manufacturing capabilities, “enhances our customer offering and growth prospects and improves our strategic platform for the future.” In addition to the $500 million due at signing, Cott said Cliff- star is entitled to $14 million of deferred consideration, which will be paid over a three-year period. Cliffstar is also entitled to additional contingent consideration of up to $55 million, based upon the achievement of certain performance measures and the completion of certain expansion projects in 2010. Cott indicated the purchase price is subject to adjustments for working capital and other items and it expects to receive a tax benefit from the acquisition of about $75 million. Founded in 1970, Cliffstar, which is based in Dunkirk, NY, supplies private-label beverages. Cott said it had revenue of $654 mil- lion in the last 12 months. The purchase price is expected to be funded by a combination of new debt of up to $375 million, new common equity issuance of up to $95 million, and incremental borrowings under Cott’s asset- based lending facility of $75 million. Cott expects second-quarter revenue to be $426 million, on a stand-alone basis. PReSSiNg iSSUeS Get your copy of FLEXO now Get your copy of FLEXO now Annual Subscriptions: $55/U.S., $76 International Visit www.ftastore.com or call Customer Service at 631-737-6020. 42 FLeXO july 2010 www.flexography.org iNDustry iNDicators Op timi z i ngPlatePerforman c ePu tti n g P eople F I RSTF or umQ&AFTA&S ocial M edia february2010f li pTh i sIssueforafu ll forumbrochure What Do the Stars Hold For Packaging? Industry Forecasts Talent & Training Safety 101 january2010F li pTh i s I ssue f oraFu ll ForumBrochure EB Inks: Laying Down Added Value Sustainability Study Zahn Cup Basics Anilox Sleeves MARCH2010F lip T his Issuefora F ull F oru mB rochure WHO SHOULD ATTEND? Press Managers Press Supervisors Press Operators Production Floor Mgrs Operations Mgrs Print Mgrs Prepress Operators All Pressroom Personnel FOUNDATION OF FTA’S REGIONAL WORKSHOPS FIRST 4.0 on the Go! Fundamentals & Best Practices September 16, 2010 8:30am – 4:30pm Donald Stephens Convention Center 9301 W. Bryn Mawr Ave. Rosemont, IL 60018 Facilitator: Joe Tuccitto, FTA/FFTA Do you know how to make a plate? Do you know how to make that plate exactly the same way next time? Attend and get a solid understanding of what it takes to be consistent and repeatable in a production environment! This workshop takes a new approach to an old flexo favorite. You will gain a solid understanding of the fundamental principles & best practices of the flexographic print process. Additionally, you will learn how these principles, when aligned with the specifications outlined in FIRST 4.0 (Flexographic Image Reproduction Specifications & Tolerances), will produce consistent and repeatable results time after time. ATTEND and LEARN... ✓ How FIRST 4.0 will enable you to be your best in terms of productivity & profitability. ✓ How to tackle Fingerprinting for line work, halftone work and process color. ✓ How G7TM/Near Neutral Calibration works – what it is, what it’s not, and the implementation issues to be aware of. ✓ How to best control & optimize the plate making and plate package variables. ✓ How to measure ink film thickness – when to adjust and when leave well enough alone. ✓ How to use measurement devices like Densitometry, Spectrophotometry/ Colorimetry and Color Difference Equations to Print to the Numbers. TOPICS COVERED: Optimizing Plate Making Parameters • Optimizing the Plate Package • Optimizing Ink Metering Systems • Optimizing Inks & Substrates • Fingerprinting Basics • G7TM/Near Neutral Calibration • Controlling Plate Making Parameters & Plate Package Variables • Measuring Ink Film Thickness & Press Variables • Using Appropriate Measurement Devices to Print to the Numbers • FIRST 4.0 – Putting it All Together FTA Members: $95.00 | Non-members: $195.00 For more information visit: www.flexography.org First 4 OTG Sept2010_kd.indd 1 7/15/10 12:08 PM FLXO_July10_v2.indd 42 7/16/10 9:37 AM
Sustainable Summer 2010