Court OKs reorg plan; Smurfit-Stone to emerge from bankruptcy on June 30
Judge Brendan Shannon of the US Bankruptcy Court in Wilmington, DE, entered an order today confirming Smurfit-Stone Container Corp.’s Joint Plan of Reorganization. “Smurfit-Stone is now on a path to emerge from our financial restructuring on June 30,” said Patrick J. Moore, chairman/CEO of Smurfit-Stone. “Upon consummation of the restructuring plan, we will have successfully reduced our debt and realigned our capital structure in a way that dramatically improves the company’s prospects for long-term growth and profitability. We are pleased to have been able to reach agreement with our creditors and stockholders on a plan that enables us to continue to drive value for our stakeholders and help our customers grow their businesses.”
Chesapeake sets up Spanish alliance to extend global network
The converter’s Pharmaceutical and Healthcare Packaging div. enters a trading alliance with Cartonajes Leca S.A., one of Spain’s leading suppliers of pharmaceutical and cosmetic cartons. The deal grows Chesapeake’s extensive global-supply network to support its customers in Southern Europe. Leca will represent both parties in Spain to meet customer requirements for a local source of supply. Leca has three production sites in Spain with two operations in Madrid and a plant in Barcelona.
Eastman Chemical releases Sustainability Review
The Kingsport, TN-based plastic-resin and chemical supplier’s new comprehensive review outlines strategy to leverage its sustainable practices and products as a primary driver of growth and innovation. Among the highlights: Two-thirds of revenues from new product launches will offer sustainability benefits compared with the prevailing alternatives in the market; and Eastman sets targets of annual 2.5% energy-efficiency improvements, and a 25% reduction in energy intensity and 20% reduction in greenhouse gas (GHG) intensity over the next 10 years.
Converting roller suppliers to collaborate nationally
Imperial Rubber Products, which manufactures and reconditions rollers for industrial converters, manufacturers and commercial printers, and Finzer Roller, a leading one-stop resource for rubber rollers and specialty coatings, have entered into a strategic alliance to serve customers nationally. As part of the agreement, Finzer Roller has also acquired a minority share of ownership in Imperial Rubber Products. While the suppliers will collaborate on a broad array of matters, the companies remain separate entities and neither company will play a role in management of the other.