Thursday, December 8, 2011
Workforce and Education Summit
The availability of a skilled, educated and flexible workforce is a key component of Economic Development. To address this issue, the Lewisburg ECD called a Workforce and Education Summit on Dec. 1, 2011 at Columbia State Community College-Lewisburg Campus.
The W&E Summit brought together industry leaders with education and training agencies from the region including Columbia State Community College, Martin Methodist College, the TN Dept. of Labor and Workforce, the South Central TN Workforce Alliance, the Tennessee Career Center, the Marshall County School System, Spot Lowe CTE Center, Marshall Co. Adult Education and the State Department of Economic and Community Development.
Leaders of local industry discussed the issues they are facing with the workforce in Marshall County and the skills they need or will need in the future from their workforce. The educators and training agencies described what each currently offers in the way of industrial training and education certification and came away with a clearer understanding of what training and education opportunities they can pursue for the future.
Topics ranged from advanced manufacturing skills and specific mechanical skills to basic, soft and personal skill developing. Leadership and Team-building were skills leaders of local industry wanted to see more in the local workforce.
All of the information from the meeting was compiled and distributed to the participants and a future meeting is scheduled for the first quarter of 2012 in order to further investigate the crucial link between industry and education/training for Marshall County. The goal is to maintain this open line of communication between the sectors and strengthen the development of workforce skill, education and training for Marshall County.
The W&E Summit brought together industry leaders with education and training agencies from the region including Columbia State Community College, Martin Methodist College, the TN Dept. of Labor and Workforce, the South Central TN Workforce Alliance, the Tennessee Career Center, the Marshall County School System, Spot Lowe CTE Center, Marshall Co. Adult Education and the State Department of Economic and Community Development.
Leaders of local industry discussed the issues they are facing with the workforce in Marshall County and the skills they need or will need in the future from their workforce. The educators and training agencies described what each currently offers in the way of industrial training and education certification and came away with a clearer understanding of what training and education opportunities they can pursue for the future.
Topics ranged from advanced manufacturing skills and specific mechanical skills to basic, soft and personal skill developing. Leadership and Team-building were skills leaders of local industry wanted to see more in the local workforce.
All of the information from the meeting was compiled and distributed to the participants and a future meeting is scheduled for the first quarter of 2012 in order to further investigate the crucial link between industry and education/training for Marshall County. The goal is to maintain this open line of communication between the sectors and strengthen the development of workforce skill, education and training for Marshall County.
Wednesday, November 23, 2011
Lewisburg Rotary to Celebrate “A Patriotic Christmas”
Rotary Christmas Parade Coming December 3
Yes, Christmas is just around the corner and that means the return of the tradition that is the Lewisburg Rotary Club Christmas Parade.
The theme for this year’s parade is “A Patriotic Christmas” and it is sure to provide ideas for beautiful floats and car decorations. The parade will begin at the Lewisburg Middle School with all the participants lining up at 1 p.m. for the parade kickoff at 2 p.m. along West Commerce toward the square. Any business, individual, civic group, etc. that wishes to be a part of what is expected to be the biggest and best Christmas Parade yet can contact Peggy Hubbard at (931) 359-3998 or email her at peggy@peggyhubbard.com for more information.
Rotary Christmas Parade Coming December 3
Yes, Christmas is just around the corner and that means the return of the tradition that is the Lewisburg Rotary Club Christmas Parade.
The theme for this year’s parade is “A Patriotic Christmas” and it is sure to provide ideas for beautiful floats and car decorations. The parade will begin at the Lewisburg Middle School with all the participants lining up at 1 p.m. for the parade kickoff at 2 p.m. along West Commerce toward the square. Any business, individual, civic group, etc. that wishes to be a part of what is expected to be the biggest and best Christmas Parade yet can contact Peggy Hubbard at (931) 359-3998 or email her at peggy@peggyhubbard.com for more information.
Tuesday, November 22, 2011
Monday, November 14, 2011
Friday, November 11, 2011
Wednesday, November 9, 2011
Monday, October 31, 2011
Workforce Development in Lewisburg
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Cornersville Principal Bob Edens with JECDB Director Mike Wiles and Dickie Archer of CKNA speak with Students at Cornersville High School. – photo by J.J. King |
As workforce issues continue to arise in the manufacturing sector of the United States, Lewisburg is taking steps to insure our workforce has the skills needed by any and all manufacturers.
Recent estimates show that 600,000 manufacturing jobs in the U.S. are going unfilled due to a lack of an adequately skilled workforce. In Lewisburg, the Economic Development Department is joining forces with its existing industry leaders and every educational and training facility in the region to develop a dialogue and subsequently a curriculum that will create a stronger and better skilled workforce for the present and future manufacturers in Lewisburg.
Calsonic Kansei of North America has begun a presentation for middle and high schools students across Marshall County to explain theneeds of manufacturers for skilled and dedicated employees. Dickie Archer, Global CKPS Manager for CKNA, and his team have been holding frank discussions with area students to outline the necessity of post-secondary education.
“Graduating from high school simply isn’t good enough anymore,” Archer said. “You need to seek a college degree, a vocational certification or military training when you graduate in order to compete for the jobs in manufacturing today.”
While that message is getting to the students in Lewisburg and Marshall County, Greg Lowe, Director of Economic Development for the City of Lewisburg, is convening a Workforce and Education Summit on December 1 with industry leaders, Columbia State Community College, Tennessee Technology Center, Tennessee Career Center, Spot Lowe Career Technical Education Center, Marshall County Adult Education, Marshall County High School, Forrest High School, Cornersville High School, Tennessee Department of Labor, Tennessee Department of Economic and Community Development, South Central Tennessee Workforce Alliance and University of Tennessee Center for Industrial Services.
The goal of the summit is to let industry leaders describe in detail their workforce needs presently and projected needs for the future in order for the educational and training agencies to develop a curriculum and/or programs to help meet those needs.
“We believe there are already educational and training opportunities available that are not known or not properly understood by industries and prospective workers,” Lowe said. “We also believe there are new educational and training opportunities that can be created by developing a better line of communication between industries, the educational and training institutions and the agencies that support them both.
“Lewisburg has long enjoyed a strong industrial base and we want to continue to be a home to manufacturing. We can do this by making sure we have the skilled workforce that manufacturing needs, now and going forward in the future.”
For Fifty Years, Moon Roseart has been producing Made in America pencils. On October 27, the company held a 50th Anniversary celebration that drew past and present employees and executives, former owner Jim Moon, local and state officials and a hearty congratulations from Tom Prichard, President of Stationery and Activities for its parent company, Mega Brands.
“To maintain such a wonderful operation for fifty years speaks to the quality of the people in this company,” Prichard said.
Moon prides itself on being the only pencil manufacturer in the U.S. that is truly a “Made in America” product. Mega Brands has shown itself to be an active parent company that continues to promote Moon Roseart and is working on new client contracts to insure pencils made right here in Lewisburg from cedar out of California continue to be the best pencil product on the market for years to come.
As a token of appreciation to the community, Moon Roseart donated 6,000 commemorative 50th Anniversary pencils for every student in Marshall County.
Congratulations to Moon Roseart and Mega Brands for 50 years of producing pencils to the world, it service to the community and its commitment to being the best “Made in America” brand of pencils in the world today.
Monday, September 19, 2011
Friday, September 16, 2011
TRG Customer Solutions has planned 2 additional JOB FAIRS for next week! They will be held again at the Northfield building (100 Saturn Parkway) in Spring Hill. Call 931-490-3800 for more information or directions.
Monday, Sept 19 from 10:00 am - 1:00 pm
Thursday Sept 22 from 10:00 am – 1:00 pm
This is their final push for anyone who may have missed the job fairs this week.
Monday, Sept 19 from 10:00 am - 1:00 pm
Thursday Sept 22 from 10:00 am – 1:00 pm
This is their final push for anyone who may have missed the job fairs this week.
Monday, September 12, 2011
Free Live Music at Rock Creek Park This Saturday
As the summer heat winds its way toward fall, it is time once again to be thinking about the upcoming Goats, Music and More Festival and the Battle at Rock Creek.
The 3rd Annual Battle at Rock Creek battle of the bands competition takes the stage at Rock Creek Park on September 17 at 6:00 p.m. with four bands competing for a shot at claiming the title of the best band in Southern Middle Tennessee.
This year’s Battle at Rock Creek brings 10 bands to the stage for three Saturday nights beginning September 10 and continuing with three more bands each Saturday night ending September 24.
The winners will advance to the Semifinals on Thursday, October 6 at Rock Creek Park where the final four bands will compete for the chance to perform in the Finals on Friday, October 7 as the opening act for Country Music Superstar Lorrie Morgan.
This Saturday, four bands will take the stage to entertain and compete including Bad Habits, South of Somewhere and Theophilus. The bands’ music will feature country, rock and Christian rock and is sure to be another entertaining night of free live music.
Bring your lawn chairs, sit back and enjoy a night of free live music at the Battle of Rock Creek beginning at 6:00 p.m. on September 17 at the beautiful Rock Creek Park in downtown Lewisburg.
As the summer heat winds its way toward fall, it is time once again to be thinking about the upcoming Goats, Music and More Festival and the Battle at Rock Creek.
The 3rd Annual Battle at Rock Creek battle of the bands competition takes the stage at Rock Creek Park on September 17 at 6:00 p.m. with four bands competing for a shot at claiming the title of the best band in Southern Middle Tennessee.
This year’s Battle at Rock Creek brings 10 bands to the stage for three Saturday nights beginning September 10 and continuing with three more bands each Saturday night ending September 24.
The winners will advance to the Semifinals on Thursday, October 6 at Rock Creek Park where the final four bands will compete for the chance to perform in the Finals on Friday, October 7 as the opening act for Country Music Superstar Lorrie Morgan.
This Saturday, four bands will take the stage to entertain and compete including Bad Habits, South of Somewhere and Theophilus. The bands’ music will feature country, rock and Christian rock and is sure to be another entertaining night of free live music.
Bring your lawn chairs, sit back and enjoy a night of free live music at the Battle of Rock Creek beginning at 6:00 p.m. on September 17 at the beautiful Rock Creek Park in downtown Lewisburg.
Thursday, September 8, 2011
Free Live Music at Rock Creek Park This Saturday
As the summer heat winds its way toward fall, it is time once again to be thinking about the upcoming Goats, Music and More Festival and the Battle at Rock Creek.
The 3rd Annual Battle at Rock Creek battle of the bands competition takes the stage at Rock Creek Park on September 10 at 5:30 p.m. with four bands competing for a shot at claiming the title of the best band in Southern Middle Tennessee.
This year’s Battle at Rock Creek brings 10 bands to the stage for three Saturday nights beginning September 10 and continuing with three more bands each Saturday night – September 17 and September 24.
The winners will advance to the Semifinals on Thursday, October 6 at Rock Creek Park where the final four bands will compete for the chance to perform in the Finals on Friday, October 7 as the opening act for Country Music Superstar Lorrie Morgan.
This Saturday, four bands will take the stage to entertain and compete including 4 Shades of Grey, District 5 Band, Doc Sinister and the Traveling Rock and Roll Show and Overdrive.
Bring your lawn chairs, sit back and enjoy a night of free live music at the Battle of Rock Creek beginning at 5:30 p.m. on September 3 at the beautiful Rock Creek Park in downtown Lewisburg.
As the summer heat winds its way toward fall, it is time once again to be thinking about the upcoming Goats, Music and More Festival and the Battle at Rock Creek.
The 3rd Annual Battle at Rock Creek battle of the bands competition takes the stage at Rock Creek Park on September 10 at 5:30 p.m. with four bands competing for a shot at claiming the title of the best band in Southern Middle Tennessee.
This year’s Battle at Rock Creek brings 10 bands to the stage for three Saturday nights beginning September 10 and continuing with three more bands each Saturday night – September 17 and September 24.
The winners will advance to the Semifinals on Thursday, October 6 at Rock Creek Park where the final four bands will compete for the chance to perform in the Finals on Friday, October 7 as the opening act for Country Music Superstar Lorrie Morgan.
This Saturday, four bands will take the stage to entertain and compete including 4 Shades of Grey, District 5 Band, Doc Sinister and the Traveling Rock and Roll Show and Overdrive.
Bring your lawn chairs, sit back and enjoy a night of free live music at the Battle of Rock Creek beginning at 5:30 p.m. on September 3 at the beautiful Rock Creek Park in downtown Lewisburg.
Saturday, July 23, 2011
Thursday, July 7, 2011
9th Annual Goats, Music and More Festival Rockin’ Rock Creek Park this October
The festival that began in honor of those famous fainting goats of Marshall County returns for its 9th year at Rock Creek Park in Lewisburg, TN and this year’s lineup of goat shows, musical entertainment and activities for the whole family promises to draw crowds from all across the nation and beyond.
The Goats, Music and More Festival has been honored by the Southeast Tourism Society as a Top 20 Event for October twice with its unique southern flavor, top-notch free musical entertainment, goat shows that celebrate fainting and Boer goats, barbecue, food of every description, arts and crafts and kids games and activities.
Coming to the stage this year will be more of the top-named acts that has made the festival such a hit with fans. On Friday night, Lorrie Morgan graces the Rock Creek Park stage delivering some of her famous country hits that helped her to sell over 6 million records world-wide. Stay tuned for the next big act to headline Saturday night at the Goats, Music and More Festival.
The music will keep the stage happening all day Friday and Saturday and all the musical events are free. So, bring a lawn chair and make room to dance the days and nights away.
Sunday at the festival will feature gospel music headed up by the local ministerial association of Marshall County.
The real stars of the festival take the show tents on Friday with Myotonic Goat Registry Goat Shows and the Southern Middle Tennessee Junior ABGA Boer Goat Show. Saturday hosts the World Championship Fainting Goat Show and the John D. Taylor Memorial Boer Goat Show. The Southern Middle Tennessee ABGA Boer Goat Show will close the goat shows on Sunday.
Vendors of all kinds will line the road at Rock Creek Park beginning Friday morning with anything and everything for which a festival could ask. There is always great food, arts and crafts, unique products of all kinds and more.
And for the kids, the Goats, Music and More Festival features a whole section of games and activities from train rides and pony rides to rock wall climbing and moon bounce. There are just so many fun activities you just have to come and see for yourself.
Walk or run in the 3rd Annual 5K Goat Gallop Friday morning at 7 a.m. To pre-register or to find out more, look for Goats Gallop 5K on Facebook or at www.twitter.com/GoatsGallop5k.
See the Nannies and Kids pageant hosted by WAXO Radio/TV. For more information, call (931) 359-6641 or 6642.
Or, for a complete look at this year’s festival updated as information comes in, log onto www.goatsmusicandmore.com or www.goatsmusicandmore.blogspot.com
The Goats, Music and More Festival has been honored by the Southeast Tourism Society as a Top 20 Event for October twice with its unique southern flavor, top-notch free musical entertainment, goat shows that celebrate fainting and Boer goats, barbecue, food of every description, arts and crafts and kids games and activities.
Coming to the stage this year will be more of the top-named acts that has made the festival such a hit with fans. On Friday night, Lorrie Morgan graces the Rock Creek Park stage delivering some of her famous country hits that helped her to sell over 6 million records world-wide. Stay tuned for the next big act to headline Saturday night at the Goats, Music and More Festival.
The music will keep the stage happening all day Friday and Saturday and all the musical events are free. So, bring a lawn chair and make room to dance the days and nights away.
Sunday at the festival will feature gospel music headed up by the local ministerial association of Marshall County.
The real stars of the festival take the show tents on Friday with Myotonic Goat Registry Goat Shows and the Southern Middle Tennessee Junior ABGA Boer Goat Show. Saturday hosts the World Championship Fainting Goat Show and the John D. Taylor Memorial Boer Goat Show. The Southern Middle Tennessee ABGA Boer Goat Show will close the goat shows on Sunday.
Vendors of all kinds will line the road at Rock Creek Park beginning Friday morning with anything and everything for which a festival could ask. There is always great food, arts and crafts, unique products of all kinds and more.
And for the kids, the Goats, Music and More Festival features a whole section of games and activities from train rides and pony rides to rock wall climbing and moon bounce. There are just so many fun activities you just have to come and see for yourself.
Walk or run in the 3rd Annual 5K Goat Gallop Friday morning at 7 a.m. To pre-register or to find out more, look for Goats Gallop 5K on Facebook or at www.twitter.com/GoatsGallop5k.
See the Nannies and Kids pageant hosted by WAXO Radio/TV. For more information, call (931) 359-6641 or 6642.
Or, for a complete look at this year’s festival updated as information comes in, log onto www.goatsmusicandmore.com or www.goatsmusicandmore.blogspot.com
Wednesday, June 8, 2011
THANK YOU - Lewisburg and Marshall County Industries!
The 2011 Lewisburg Industrial Appreciation Banquet was held on May 26 at The Powder Room on West Church Street in Lewisburg - the former Borden Factory Plant. The event was a small token of appreciation to all the industries of Lewisburg and Marshall County for their growth and progess in keeping Marshall County working and for their community outreach and support programs.
"I cannot express my gratitude or that of the entire community enough for the work that is done each and every day by the 48 manufacturing industries in Lewisburg and Marshall County," said Lewisburg Director of Economic Development Greg Lowe. "It is because of them that Lewisburg and Marshall County continues to thrive and I am looking forward to more growth and prosperity thanks to our relationship with our local industries in the years to come."
Special Thanks for the 2011 Lewisburg Industrial Appreciation Banquet goes to:
The Lewisburg Industrial Development Board and the City of Lewisburg
Mike Wiles - Director of the Joint Economic and Community Development Board
Ritaanne Weaver - Executive Director of the Marshall County Chamber of Commerce
Lisa Jackson of the Lewisburg Economic Development Office
Eric Michael of Michael Wealth Management
Lynda Potts of Leadership Marshall
Steve and Vicki Cain of The Powder Room
Sharon Dietz for catering the event
Eddie Fuller for providing the sound
Ace Bayou
Southern Carton
The Lewisburg Recreation Center
Eddie and Donna Roberts of Saddle Creek Golf Club
Councilman Steve Thomas
and Ken Todd of Too Squared of Lewisburg for taking and sharing all the photos
Most Valuable Industry Award - Walker Die Casting
Jim Cross and Tommy Harris of Walker Die Casting is presented with the Most Valuable Industry Award by Lewisburg Director of Economic Development Greg Lowe at the 2011 Lewisburg Industrial Appreciation Banquet. Walker Die Casting has been one of the largest employers in Lewisburg for more than 50 years since Mr. Bobby Walker began his small operation in 1958. Walker Die Casting and the Walker family have been strong supporters of the community over the course of those years and remains a key and important foundation industry in Marshall County today.
Largest Employer Award - Calsonic Kansei of North America
Greg Lowe (far left) presents (L-R) Ashish Sadhu, Ames Hill, Kevin Reinhart, Ken Lilly, Sarah Caperton, Tony Williams, David Highland and David Vick of CKNA with the Largest Employer Award at the 2011 Lewisburg Industrial Appreciation Banquet.
Tuesday, June 7, 2011
Growth Award - Ace Bayou
Will Wilson of Ace Bayou accepts the Growth Award from Lewisburg Director of Economic Development Greg Lowe at the 2011 Lewisburg Industrial Appreciation Banquet.
Growth Award - Christian Brands
Marty Mertens of Christian Brands (Autom, Will & Baumer and Creed Jewelry) accepts the Growth Award from Lewisburg Director of Economic Development Greg Lowe at the 2011 Lewisburg Industrial Appreciation Banquet.
Growth Award - Lewisburg Printing Company
Re Kelso of Lewisburg Printing accepts the Growth Award from Lewisburg Director of Economic Development Greg Lowe at the 2011 Lewisburg Industrial Appreciation Banquet.
Community Outreach Award - Calsonic Kansei of North America
Kevin Reinhart of CKNA accepts the Community Outreach Award from Lewisburg Director of Economic Development Greg Lowe at the 2011 Lewisburg Industrial Appreciation Banquet. Reinhart spearheaded the Industrial Park Clean-up effort of April 16 that brought together 3 industries, 40 volunteers, Waste Management, Marshall County Solid Waste Director Morgan Thomas and Joint Economic and Community Development Director Mike Wiles for a day of landscaping and trash pick-up along the properties of Lewisburg Industrial Park.
Community Outreach Award - Cosmolab
Donna King of Cosmolab accepts the Community Outreach Award from Lewisburg Director of Economic Development Greg Lowe at the 2011 Lewisburg Industrial Appreciation Banquet.
Community Outreach Award - Southern Carton
Dave Kennedy of Southern Carton accepts the Community Outreach from Lewisburg Director of Economic Development Greg Lowe at the 2011 Lewisburg Industrial Appreciation Banquet.
Wednesday, April 13, 2011
A Festival for the Whole Family Coming Soon to Rock Creek Park
Put this winter weather in the rear view mirror and get ready for the summer at the Lewisburg Rotary Club’s Festival on the Rocks featuring Prichard’s BBQ Cook-off. The Lewisburg Rotary Club has put together a huge festival event at Rock Creek Park in Lewisburg, TN for June 3 and 4, 2011. It will be two days of fun for the whole family as Dad can test his grillin’ skills at the Prichard’s BBQ Cook-off or marvel at the hot rods and hot rides at the Cruise-In. Mom can browse the yard sale bargains along with the arts and crafts as the little ones can enjoy rides and games galore. And everyone can enjoy a day an evening of great music live on the Rock Creek Park stage featuring Nora Mills, Us, Two & Him, Mike Mosier Band and special guest headliners Joey + Rory. Fresh off their Academy of Country Music Awards nomination for Top Vocal Duo, husband and wife team Rory Lee Feek and Joey Martin Feek will take the stage at Rock Creek Park to perform their hits. After winning last year’s ACM Top New Vocal Duo award, Joey + Rory have hit the big time in country music but they still find time to cook and perform at their restaurant just down the road in Pottsville, MarcyJo’s. Do not miss this performance as Joey + Rory bring their sensational live show to Rock Creek Park. And if that isn’t enough, the Rotary Festival on the Rocks will host a 5K Fun Run and a Cornhole Tournament, a Silent Auction of unbelievable items, tethered hot-air balloon rides and the inaugural Little Miss & Mr. BBQ Contest. But for you grillers and sauce connoisseurs, it’s all about the BBQ Cook-Off. This year, Prichard’s Distillery from Kelso, TN is sponsoring the BBQ Cook-off that has been a great success the past four years as part of the Goats, Music and More Festival. This year’s BBQ Cook-off is destined to be the best yet with more professional and backyard cookers serving up chicken, pork ribs, pork, brisket and a their own special sauce made with Prichard’s Distillery products. The Lewisburg Rotary Club’s Festival on the Rocks and the Prichard’s BBQ Cook-off has been a year in the making to help the Lewisburg Rotary Club raise money for a host of community and global services. The Rotary motto is “Service Above Self” and the Lewisburg Rotary Club has been serving Lewisburg, Marshall County and those in need around the world providing funding for scholarships, funding for the fight against polio, funding for housing in third-world countries and donations of items and supplies for several local charities and organizations that provide and supply much needed services in Marshall County. Come help this mission continue and have a whole bunch of fun in the process as the Rotary Festival on the Rocks and the Prichard’s BBQ Cook-off comes to Rock Creek Park in Lewisburg, TN on June 3 and 4, 2011. Events and activities including the musical entertainment and the BBQ Cook-off are sponsored by the Lewisburg Rotary Club, Prichard’s Distillery, First Commerce Bank, First Farmers and Merchants Bank, First National Bank and Lyons Chevrolet-Buick-GM of Lewisburg.
Friday, March 11, 2011
Hawk Converting To Begin Operating in Summer 2011
March 10, 2011 - Hawk Converting recently announced their new venture at a Lewisburg City Council meeting where they were rewarded with a payment in lieu of taxes program on their capital investment. Hawk Converting will take a capital investment of just over $1 million in real estate and equipment and expects to employ 30 new hires over the next 2 to 5 years.
Hawk Converting was established in 2010 to fulfill a vision to provide a converting solution in the Southeastern United States that isn't currently available in all areas. The company will specialize in the paper converting business with a focus on projects tied to offset, flexo and digital printing. It will give owners Re Hawkins Kelso and Kathryn Hawkins the opportunity to build an organization from the ground up with services that will compliment their printing knowledge and experience.
“Overall, our company can be characterized as a provider of various finishing, packaging and fulfillment solutions. By the year 2013 Hawk Converting could emerge as the leader in the deployment of converting solutions, specifically targeting the packaging market where there is a need to reduce waste tied to paper.” said Mrs. Kelso.
“Lewisburg Printing is a local success story at its best,” said Lewisburg Director of Economic Development Greg Lowe. “From the newspaper business to the printing business, the Hawkins family has been an industry and community leader in Lewisburg and we are happy to assist them with their newest venture.”
The Lewisburg Economic Development Office began working with Hawk Converting several weeks ago along with the South Central Tennessee Workforce Alliance, the South Central Development District, the Tennessee Valley Authority, Lewisburg Electric System and the Tennessee Department of Economic and Community Development. Together, a plan of incentives and programs were put in place to help Hawk Converting expand their business.
Currently, Kelso and Hawkins are negotiating terms to acquire a new building in Lewisburg for Hawk Converting. With training for new employees, Hawk Converting hopes to be up and running by the end of summer or sooner.
“Thanks to everyone at the City of Lewisburg and the other state and regional agencies for helping us start what we believe will be a new and exciting business opportunity for us.” said Mrs. Hawkins.
“Helping existing industries find ways to grow and prosper has been my main focus since becoming the Director of Economic Development for the City of Lewisburg,” said Lowe. “I am beginning to see signs of growth and improvement among our existing industries and I believe Lewisburg continues to be a prime location for future manufacturing projects looking for a home. I am here to help make that happen along with Mike Wiles and the Joint Economic and Community Development Board, Eddie Wiles and the Industrial Development Board and Ritaanne Weaver and the Marshall County Chamber of Commerce. Together, we have something to show you in Marshall County. Let’s talk business.”
March 10, 2011 - Hawk Converting recently announced their new venture at a Lewisburg City Council meeting where they were rewarded with a payment in lieu of taxes program on their capital investment. Hawk Converting will take a capital investment of just over $1 million in real estate and equipment and expects to employ 30 new hires over the next 2 to 5 years.
Hawk Converting was established in 2010 to fulfill a vision to provide a converting solution in the Southeastern United States that isn't currently available in all areas. The company will specialize in the paper converting business with a focus on projects tied to offset, flexo and digital printing. It will give owners Re Hawkins Kelso and Kathryn Hawkins the opportunity to build an organization from the ground up with services that will compliment their printing knowledge and experience.
“Overall, our company can be characterized as a provider of various finishing, packaging and fulfillment solutions. By the year 2013 Hawk Converting could emerge as the leader in the deployment of converting solutions, specifically targeting the packaging market where there is a need to reduce waste tied to paper.” said Mrs. Kelso.
“Lewisburg Printing is a local success story at its best,” said Lewisburg Director of Economic Development Greg Lowe. “From the newspaper business to the printing business, the Hawkins family has been an industry and community leader in Lewisburg and we are happy to assist them with their newest venture.”
The Lewisburg Economic Development Office began working with Hawk Converting several weeks ago along with the South Central Tennessee Workforce Alliance, the South Central Development District, the Tennessee Valley Authority, Lewisburg Electric System and the Tennessee Department of Economic and Community Development. Together, a plan of incentives and programs were put in place to help Hawk Converting expand their business.
Currently, Kelso and Hawkins are negotiating terms to acquire a new building in Lewisburg for Hawk Converting. With training for new employees, Hawk Converting hopes to be up and running by the end of summer or sooner.
“Thanks to everyone at the City of Lewisburg and the other state and regional agencies for helping us start what we believe will be a new and exciting business opportunity for us.” said Mrs. Hawkins.
“Helping existing industries find ways to grow and prosper has been my main focus since becoming the Director of Economic Development for the City of Lewisburg,” said Lowe. “I am beginning to see signs of growth and improvement among our existing industries and I believe Lewisburg continues to be a prime location for future manufacturing projects looking for a home. I am here to help make that happen along with Mike Wiles and the Joint Economic and Community Development Board, Eddie Wiles and the Industrial Development Board and Ritaanne Weaver and the Marshall County Chamber of Commerce. Together, we have something to show you in Marshall County. Let’s talk business.”
Thursday, March 10, 2011
Monday, January 24, 2011
Career Corner Added to Marshall Co. Library
In an effort to extend the outreach of the Tennessee Career Center, the Marshall County Memorial Library and the TN Career Center in Lewisburg have established a "Career Corner" in the library. The Career Corner will be manned from 5 to 7:30 p.m. Monday and Thursday and 11:30 a.m to 4:30 p.m. Saturday, to give job seekers instruction on Resume/Cover Letter Writing, Job Search Methods, and other Career Center resources. For more information on the "Career Corner" contact Murenda Frierson at 931-375-4210 or to learn more about the TN Career Center services call 359-9726 or go to www.sctworkforce.org.
RockTenn to Acquire Smurfit-Stone Container Corp. Creating a $9 Billion Leader in the North American Paperboard Packaging Market
RockTenn (NYSE:RKT) and Smurfit-Stone Container Corporation (NYSE:SSCC) today announced that the Boards of Directors of both companies have approved a definitive agreement under which Smurfit-Stone will become a wholly owned subsidiary of RockTenn. The aggregate consideration, consisting of 50% cash and 50% RockTenn stock, is valued at $35 per-share of Smurfit-Stone common stock, and represents a 27% premium to Smurfit-Stone's closing stock price on January 21, 2011. The aggregate equity value of the transaction, based on the closing price of RockTenn's common stock on January 21, 2011, is approximately $3.5 billion.
This strategic transaction, unanimously approved by the Boards of Directors of both companies, will create a $9 billion leader in the North American paperboard packaging market. Upon closing, RockTenn will maintain its headquarters in Norcross, GA.
Smurfit-Stone is one of the industry's leading integrated containerboard and corrugated packaging producers and one of the world's largest paper recyclers. Smurfit-Stone has manufacturing mill capacity of 7.0 million tons, and when combined, RockTenn will have 9.4 million tons of total production capacity, including 7.5 million tons of mill production in the attractive containerboard market.
RockTenn's Chairman and Chief Executive Officer, James A. Rubright said, "RockTenn's acquisition of Smurfit-Stone is another major step in our transformation of RockTenn to be the most respected company in our business with a laser focus on exceeding our customers' expectations and creating long term shareholder value. The containerboard and corrugated packaging industry is a very good business and U.S. virgin containerboard is a highly strategic global asset. With this acquisition, RockTenn's fiber input ratio will be 55% virgin and 45% recycled. We believe this transaction provides the greatest possible career opportunities for our co-workers from both companies."
Smurfit-Stone's Chief Executive Officer Patrick J. Moore said, "The Smurfit-Stone management team and the board of directors are sharply focused on creating value for shareholders. This transaction immediately achieves this objective, creating a stronger combined company that is well positioned to deliver long-term value to shareholders and high-quality, innovative packaging solutions to its valued customers."
Combined RockTenn and Smurfit-Stone
#2 producer of North American containerboard
#2 producer of coated recycled board
Management team with strong record of shareholder value creation and excellent record of integrating acquisitions
Balanced fiber input mix with 55% virgin fiber and 45% recycled fiber
Expands Rock-Tenn's geographic footprint to the Midwest and West Coast
Opportunity to recognize benefits from approximately $500 million of NOLs at Smurfit-Stone
Conservative capital structure with significant liquidity
Opportunity to improve results through cost reduction and capital investment
Transaction Summary
Smurfit-Stone will become a wholly owned subsidiary of RockTenn. For each share of Smurfit-Stone common stock, Smurfit-Stone stockholders will be entitled to receive 0.30605 shares of RockTenn common stock and $17.50 in cash, representing 50% cash and 50% stock. The aggregate consideration is $35 per Smurfit-Stone common share. The consideration represents a 27% premium to Smurfit-Stone's closing stock price on January 21, 2011.
The aggregate purchase price being paid for Smurfit-Stone's equity in the transaction is approximately $3.5 billion, consisting of approximately $1.8 billion of cash and the issuance of 30.9 million shares of RockTenn common stock. Following the acquisition, RockTenn shareholders will own approximately 56% and Smurfit-Stone shareholders will own 44% of the combined company.
In addition to the equity consideration, RockTenn will assume Smurfit-Stone's net debt and pension liabilities. As of December 31, 2010 Smurfit-Stone's net debt was $0.7 billion and its pension liabilities were $1.1 billion ($0.7 billion after-tax). RockTenn has received $3.7 billion in committed bank financing from Wells Fargo Bank N.A., Rabobank and SunTrust Bank to finance the cash portion of the transaction, to refinance existing debt and to provide liquidity for the combined operations.
The purchase price, including Smurfit-Stone's net debt and after-tax pension liability as of December 31, 2010, represents a multiple of 6.1x Smurfit-Stone's annualized adjusted EBITDA of $820 million for the three months ended December 31, 2010.
The transaction is expected to close in the second calendar quarter of 2011 and is subject to customary closing conditions, regulatory approvals, as well as approval by both RockTenn and Smurfit-Stone stockholders.
Advisors
Wells Fargo Securities acted as exclusive financial advisor to RockTenn and King & Spalding LLP acted as legal counsel. Smurfit-Stone's financial advisor was Lazard and its legal advisor was Wachtell, Lipton, Rosen & Katz.
Conference Call and Webcast
RockTenn will host a conference call to discuss our results of operations for the first quarter of fiscal 2011, our acquisition of Smurfit-Stone Container Corporation and other topics that may be raised during the discussion at 8:30 a.m., Eastern Time, on Monday, January 24, 2011. The conference call will be webcast live with an accompanying slide presentation, along with a copy of this press release, at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rocktenn.com&esheet=6582309&lan=en-US&anchor=www.rocktenn.com&index=1&md5=73a5efc4fee48be3cacf90489cd0623e.
Conference Call and Webcast
Monday, Jan. 24, 2011 - 8:30 a.m. Eastern Time
Conference call number: U.S. (888) 790-4710
This strategic transaction, unanimously approved by the Boards of Directors of both companies, will create a $9 billion leader in the North American paperboard packaging market. Upon closing, RockTenn will maintain its headquarters in Norcross, GA.
Smurfit-Stone is one of the industry's leading integrated containerboard and corrugated packaging producers and one of the world's largest paper recyclers. Smurfit-Stone has manufacturing mill capacity of 7.0 million tons, and when combined, RockTenn will have 9.4 million tons of total production capacity, including 7.5 million tons of mill production in the attractive containerboard market.
RockTenn's Chairman and Chief Executive Officer, James A. Rubright said, "RockTenn's acquisition of Smurfit-Stone is another major step in our transformation of RockTenn to be the most respected company in our business with a laser focus on exceeding our customers' expectations and creating long term shareholder value. The containerboard and corrugated packaging industry is a very good business and U.S. virgin containerboard is a highly strategic global asset. With this acquisition, RockTenn's fiber input ratio will be 55% virgin and 45% recycled. We believe this transaction provides the greatest possible career opportunities for our co-workers from both companies."
Smurfit-Stone's Chief Executive Officer Patrick J. Moore said, "The Smurfit-Stone management team and the board of directors are sharply focused on creating value for shareholders. This transaction immediately achieves this objective, creating a stronger combined company that is well positioned to deliver long-term value to shareholders and high-quality, innovative packaging solutions to its valued customers."
Combined RockTenn and Smurfit-Stone
#2 producer of North American containerboard
#2 producer of coated recycled board
Management team with strong record of shareholder value creation and excellent record of integrating acquisitions
Balanced fiber input mix with 55% virgin fiber and 45% recycled fiber
Expands Rock-Tenn's geographic footprint to the Midwest and West Coast
Opportunity to recognize benefits from approximately $500 million of NOLs at Smurfit-Stone
Conservative capital structure with significant liquidity
Opportunity to improve results through cost reduction and capital investment
Transaction Summary
Smurfit-Stone will become a wholly owned subsidiary of RockTenn. For each share of Smurfit-Stone common stock, Smurfit-Stone stockholders will be entitled to receive 0.30605 shares of RockTenn common stock and $17.50 in cash, representing 50% cash and 50% stock. The aggregate consideration is $35 per Smurfit-Stone common share. The consideration represents a 27% premium to Smurfit-Stone's closing stock price on January 21, 2011.
The aggregate purchase price being paid for Smurfit-Stone's equity in the transaction is approximately $3.5 billion, consisting of approximately $1.8 billion of cash and the issuance of 30.9 million shares of RockTenn common stock. Following the acquisition, RockTenn shareholders will own approximately 56% and Smurfit-Stone shareholders will own 44% of the combined company.
In addition to the equity consideration, RockTenn will assume Smurfit-Stone's net debt and pension liabilities. As of December 31, 2010 Smurfit-Stone's net debt was $0.7 billion and its pension liabilities were $1.1 billion ($0.7 billion after-tax). RockTenn has received $3.7 billion in committed bank financing from Wells Fargo Bank N.A., Rabobank and SunTrust Bank to finance the cash portion of the transaction, to refinance existing debt and to provide liquidity for the combined operations.
The purchase price, including Smurfit-Stone's net debt and after-tax pension liability as of December 31, 2010, represents a multiple of 6.1x Smurfit-Stone's annualized adjusted EBITDA of $820 million for the three months ended December 31, 2010.
The transaction is expected to close in the second calendar quarter of 2011 and is subject to customary closing conditions, regulatory approvals, as well as approval by both RockTenn and Smurfit-Stone stockholders.
Advisors
Wells Fargo Securities acted as exclusive financial advisor to RockTenn and King & Spalding LLP acted as legal counsel. Smurfit-Stone's financial advisor was Lazard and its legal advisor was Wachtell, Lipton, Rosen & Katz.
Conference Call and Webcast
RockTenn will host a conference call to discuss our results of operations for the first quarter of fiscal 2011, our acquisition of Smurfit-Stone Container Corporation and other topics that may be raised during the discussion at 8:30 a.m., Eastern Time, on Monday, January 24, 2011. The conference call will be webcast live with an accompanying slide presentation, along with a copy of this press release, at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rocktenn.com&esheet=6582309&lan=en-US&anchor=www.rocktenn.com&index=1&md5=73a5efc4fee48be3cacf90489cd0623e.
Conference Call and Webcast
Monday, Jan. 24, 2011 - 8:30 a.m. Eastern Time
Conference call number: U.S. (888) 790-4710
Passcode: ROCKTENN (Please dial in 10 minutes before conference call start time)
The call will also be webcast and available at: http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rocktenn.com&esheet=6582309&lan=en-US&anchor=www.rocktenn.com&index=2&md5=0314d05a1c39c814d2021def816f788f
Replays
A replay of the conference call will be available through March 15, 2011 at U.S. (866) 351-2785 Passcode: ROCKTENN
A replay of the webcast will be available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rocktenn.com&esheet=6582309&lan=en-US&anchor=www.rocktenn.com&index=3&md5=1e8eadfba661b54646c0bdc50b6a083e
About RockTenn Company
RockTenn (NYSE:RKT) is one of North America's leading manufacturers of paperboard, containerboard and consumer and corrugated packaging, with annual net sales of $3 billion. RockTenn's 10,400 employees are committed to exceeding their customers' expectations - every time. The Company operates locations in the United States, Canada, Mexico, Chile and Argentina. For more information, visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rocktenn.com&esheet=6582309&lan=en-US&anchor=www.rocktenn.com&index=4&md5=6f0bb99a998436d424163cfa45b7ccd2.
About Smurfit-Stone Container Corporation
Smurfit-Stone Container Corporation is one of the industry's leading integrated containerboard and corrugated packaging producers and one of the world's largest paper recyclers. Smurfit-Stone generated net sales of $6.3 billion in 2010, has led the industry in safety every year since 2001, and conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association. The company is a member of the Sustainable Forestry Initiative(R).
Cautionary Statement Regarding Forward-Looking Information
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast," and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. RockTenn and Smurfit-Stone caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, statements regarding the anticipated closing date of the transaction, the successful closing of the transaction and the integration of Smurfit-Stone as well as opportunities for operational improvement including but not limited to cost reduction and capital investment, the strategic opportunity and perceived value to RockTenn and Smurfit-Stone's shareholders of the transaction, the opportunity to recognize benefits from Smurfit-Stone's NOLs, the transaction's impact on, among other things, RockTenn's business mix, margins, transitional costs and integration to achieve the synergies and the timing of such costs and synergies and earnings. With respect to these statements, RockTenn and Smurfit-Stone have made assumptions regarding, among other things, whether and when the proposed transaction will be approved; whether and when the proposed transaction will close; the availability of financing on satisfactory terms; the amount of debt RockTenn will assume; the results and impacts of the acquisition; preliminary purchase price allocations which may include material adjustments to the preliminary fair values of the acquired assets and liabilities; economic, competitive and market conditions generally; volumes and price levels of purchases by customers; competitive conditions in RockTenn and Smurfit-Stone's businesses and possible adverse actions of our respective customers, competitors and suppliers. Further, Rock-Tenn and Smurfit-Stone's businesses are subject to a number of general risks that would affect any such forward-looking statements including, among others, decreases in demand for their products; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potential loss of certain customers; and adverse changes in general market and industry conditions. Such risks and other factors that may impact management's assumptions are more particularly described in RockTenn and Smurfit-Stone's filings with the Securities and Exchange Commission, including under the caption "Business - Forward-Looking Information" and "Risk Factors" in RockTenn's Annual Report on Form 10-K for the most recently ended fiscal year and "Business - Risk Factors" and "Forward-Looking Information" in Smurfit-Stone's Annual Report on Form 10-K for the most recently ended fiscal year. The information contained herein speaks as of the date hereof and neither RockTenn nor Smurfit-Stone have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
In connection with the proposed transaction, RockTenn and Smurfit-Stone will be filing documents with the Securities and Exchange Commission (the "SEC"), including the filing by RockTenn of a registration statement on Form S-4 that will include a joint proxy statement of RockTenn and Smurfit-Stone that also constitutes a prospectus of RockTenn. RockTenn and Smurfit-Stone stockholders are urged to read the registration statement on Form S-4 and the related joint proxy statement/prospectus when they become available, as well as other documents filed with the SEC, because they will contain important information. The final joint proxy statement/prospectus will be mailed to stockholders of RockTenn and stockholders of Smurfit-Stone. Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC's web site at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=6582309&lan=en-US&anchor=www.sec.gov&index=5&md5=80cd8fb1eceb5b8cd3b8a365bbe4f742, or by contacting John Stakel, VP-Treasurer, RockTenn Investor Relations at (678) 291-7901 or Smurfit-Stone Investor Relations at (314) 656-5553 or Smurfit-Stone Media Relations at (314) 656-5827 Participants in the Merger Solicitation
RockTenn, Smurfit-Stone and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information concerning RockTenn's executive officers and directors is set forth in its definitive proxy statement filed with the SEC on December 17, 2010. Information concerning Smurfit-Stone's executive officers and directors is set forth in its annual report on Form 10-K for the year ended December 31, 2009, which was filed with the SEC on March 2, 2010, and in its current report on Form 8-K filed on July 7, 2010. Additional information regarding the interests of participants of RockTenn and Smurfit-Stone in the solicitation of proxies in respect of the transaction will be included in the above-referenced registration statement on Form S-4 and joint proxy statement/prospectus when it becomes available. You can obtain free copies of these documents from RockTenn and Smurfit-Stone using the contact information above.
Pro Forma Adjusted EBITDA (as defined)
Pro Forma Adjusted EBITDA is calculated as the sum of RockTenn's Credit Agreement EBITDA and Smurfit-Stone's Adjusted EBITDA plus pro forma adjustments consistent with the two. Our definitions of Pro Forma Adjusted EBITDA may differ from other similarly titled measures at other companies.
Credit Agreement EBITDA
RockTenn's "Credit Agreement EBITDA" is calculated in accordance with the definition contained in our existing Senior Credit Facility. Credit Agreement EBITDA is generally defined as Consolidated Net Income plus: consolidated interest expense, income taxes of the consolidated companies determined in accordance with GAAP, depreciation and amortization expense of the consolidated companies determined in accordance with GAAP, certain non-cash and cash charges incurred, and charges taken resulting from the impact of changes to accounting rules related to the expensing of stock options.
Smurfit-Stone's Adjusted EBITDA
Smurfit-Stone's EBITDA is generally defined as Net income plus: interest expense, income taxes, interest expense, net and depreciation, depletion and amortization. Adjusted EBITDA is defined as EBITDA adjusted for reorganization items, restructuring charges and gain or loss on disposal of assets.
The following pro forma financial information is based on the pro forma combination of the three months ended December 31, 2010 results for Rock-Tenn and Smurfit-Stone and an estimate of a preliminary purchase price allocation. The pro forma diluted income per share of combined Rock-Tenn was $1.48 per share indicating an accretion of $0.21 per share for the three months ended December 31, 2010.
Summary Financial Results
(In millions, except per share data)
Historical
RockTenn
Pro Forma
Combined
Net Sales
$
761.1
$
2,389.1
Credit Agreement EBITDA / Pro Forma Adjusted EBITDA
$
132.1
$
336.9
Net Income
$
50.3
$
105.0
Diluted Earnings Per Share
$
1.27
$
1.48
Pro Forma Accretion
$
0.21
Net sales for the combined entity are subject to further modification to identify and eliminate intercompany sales. Pro forma adjustments to net income primarily consist of adjustments to depreciation and amortization and interest expense related to the purchase price, an adjustment to add back Smurfit-Stone's reorganization items and an adjustment to eliminate restructuring costs. Not all of these adjustments would be reflected in the pro forma financial information included in a document filed with the Securities and Exchange Commission.
Set forth below is a reconciliation of Credit Agreement EBITDA and Pro Forma Adjusted EBITDA for the three months ended December 31, 2010, to the most directly comparable GAAP measure, Consolidated Net Income. We have made certain reclassifications to Smurfit-Stone amounts or descriptions to conform to our presentation.
RockTenn
Smurfit-
Stone
Pro Forma
Adj.
Pro Forma
Combined
Consolidated Net Income
$
51.3
$
49.0
$
5.7
$
106.0
Interest Expense, net
15.1
22.0
2.4
39.5
Income Taxes
27.3
27.0
3.2
57.5
Depreciation and Amortization
36.7
85.0
12.1
133.8
Additional Permitted Charges and other
1.7
22.0
(23.6
)
0.1
Credit Agreement EBITDA / Adjusted EBITDA / Pro Forma Adjusted EBITDA
$
132.1
$
205.0
$
(0.2
)
$
336.9
SOURCE: RockTenn RockTennInvestor Relations:John Stakel, VP-Treasurer, 678-291-7901 orSmurfit-StoneInvestor Relations, 314-656-5553 or Media Relations, 314-656-5827
The call will also be webcast and available at: http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rocktenn.com&esheet=6582309&lan=en-US&anchor=www.rocktenn.com&index=2&md5=0314d05a1c39c814d2021def816f788f
Replays
A replay of the conference call will be available through March 15, 2011 at U.S. (866) 351-2785 Passcode: ROCKTENN
A replay of the webcast will be available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rocktenn.com&esheet=6582309&lan=en-US&anchor=www.rocktenn.com&index=3&md5=1e8eadfba661b54646c0bdc50b6a083e
About RockTenn Company
RockTenn (NYSE:RKT) is one of North America's leading manufacturers of paperboard, containerboard and consumer and corrugated packaging, with annual net sales of $3 billion. RockTenn's 10,400 employees are committed to exceeding their customers' expectations - every time. The Company operates locations in the United States, Canada, Mexico, Chile and Argentina. For more information, visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rocktenn.com&esheet=6582309&lan=en-US&anchor=www.rocktenn.com&index=4&md5=6f0bb99a998436d424163cfa45b7ccd2.
About Smurfit-Stone Container Corporation
Smurfit-Stone Container Corporation is one of the industry's leading integrated containerboard and corrugated packaging producers and one of the world's largest paper recyclers. Smurfit-Stone generated net sales of $6.3 billion in 2010, has led the industry in safety every year since 2001, and conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association. The company is a member of the Sustainable Forestry Initiative(R).
Cautionary Statement Regarding Forward-Looking Information
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast," and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. RockTenn and Smurfit-Stone caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, statements regarding the anticipated closing date of the transaction, the successful closing of the transaction and the integration of Smurfit-Stone as well as opportunities for operational improvement including but not limited to cost reduction and capital investment, the strategic opportunity and perceived value to RockTenn and Smurfit-Stone's shareholders of the transaction, the opportunity to recognize benefits from Smurfit-Stone's NOLs, the transaction's impact on, among other things, RockTenn's business mix, margins, transitional costs and integration to achieve the synergies and the timing of such costs and synergies and earnings. With respect to these statements, RockTenn and Smurfit-Stone have made assumptions regarding, among other things, whether and when the proposed transaction will be approved; whether and when the proposed transaction will close; the availability of financing on satisfactory terms; the amount of debt RockTenn will assume; the results and impacts of the acquisition; preliminary purchase price allocations which may include material adjustments to the preliminary fair values of the acquired assets and liabilities; economic, competitive and market conditions generally; volumes and price levels of purchases by customers; competitive conditions in RockTenn and Smurfit-Stone's businesses and possible adverse actions of our respective customers, competitors and suppliers. Further, Rock-Tenn and Smurfit-Stone's businesses are subject to a number of general risks that would affect any such forward-looking statements including, among others, decreases in demand for their products; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potential loss of certain customers; and adverse changes in general market and industry conditions. Such risks and other factors that may impact management's assumptions are more particularly described in RockTenn and Smurfit-Stone's filings with the Securities and Exchange Commission, including under the caption "Business - Forward-Looking Information" and "Risk Factors" in RockTenn's Annual Report on Form 10-K for the most recently ended fiscal year and "Business - Risk Factors" and "Forward-Looking Information" in Smurfit-Stone's Annual Report on Form 10-K for the most recently ended fiscal year. The information contained herein speaks as of the date hereof and neither RockTenn nor Smurfit-Stone have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
In connection with the proposed transaction, RockTenn and Smurfit-Stone will be filing documents with the Securities and Exchange Commission (the "SEC"), including the filing by RockTenn of a registration statement on Form S-4 that will include a joint proxy statement of RockTenn and Smurfit-Stone that also constitutes a prospectus of RockTenn. RockTenn and Smurfit-Stone stockholders are urged to read the registration statement on Form S-4 and the related joint proxy statement/prospectus when they become available, as well as other documents filed with the SEC, because they will contain important information. The final joint proxy statement/prospectus will be mailed to stockholders of RockTenn and stockholders of Smurfit-Stone. Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC's web site at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=6582309&lan=en-US&anchor=www.sec.gov&index=5&md5=80cd8fb1eceb5b8cd3b8a365bbe4f742, or by contacting John Stakel, VP-Treasurer, RockTenn Investor Relations at (678) 291-7901 or Smurfit-Stone Investor Relations at (314) 656-5553 or Smurfit-Stone Media Relations at (314) 656-5827 Participants in the Merger Solicitation
RockTenn, Smurfit-Stone and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information concerning RockTenn's executive officers and directors is set forth in its definitive proxy statement filed with the SEC on December 17, 2010. Information concerning Smurfit-Stone's executive officers and directors is set forth in its annual report on Form 10-K for the year ended December 31, 2009, which was filed with the SEC on March 2, 2010, and in its current report on Form 8-K filed on July 7, 2010. Additional information regarding the interests of participants of RockTenn and Smurfit-Stone in the solicitation of proxies in respect of the transaction will be included in the above-referenced registration statement on Form S-4 and joint proxy statement/prospectus when it becomes available. You can obtain free copies of these documents from RockTenn and Smurfit-Stone using the contact information above.
Pro Forma Adjusted EBITDA (as defined)
Pro Forma Adjusted EBITDA is calculated as the sum of RockTenn's Credit Agreement EBITDA and Smurfit-Stone's Adjusted EBITDA plus pro forma adjustments consistent with the two. Our definitions of Pro Forma Adjusted EBITDA may differ from other similarly titled measures at other companies.
Credit Agreement EBITDA
RockTenn's "Credit Agreement EBITDA" is calculated in accordance with the definition contained in our existing Senior Credit Facility. Credit Agreement EBITDA is generally defined as Consolidated Net Income plus: consolidated interest expense, income taxes of the consolidated companies determined in accordance with GAAP, depreciation and amortization expense of the consolidated companies determined in accordance with GAAP, certain non-cash and cash charges incurred, and charges taken resulting from the impact of changes to accounting rules related to the expensing of stock options.
Smurfit-Stone's Adjusted EBITDA
Smurfit-Stone's EBITDA is generally defined as Net income plus: interest expense, income taxes, interest expense, net and depreciation, depletion and amortization. Adjusted EBITDA is defined as EBITDA adjusted for reorganization items, restructuring charges and gain or loss on disposal of assets.
The following pro forma financial information is based on the pro forma combination of the three months ended December 31, 2010 results for Rock-Tenn and Smurfit-Stone and an estimate of a preliminary purchase price allocation. The pro forma diluted income per share of combined Rock-Tenn was $1.48 per share indicating an accretion of $0.21 per share for the three months ended December 31, 2010.
Summary Financial Results
(In millions, except per share data)
Historical
RockTenn
Pro Forma
Combined
Net Sales
$
761.1
$
2,389.1
Credit Agreement EBITDA / Pro Forma Adjusted EBITDA
$
132.1
$
336.9
Net Income
$
50.3
$
105.0
Diluted Earnings Per Share
$
1.27
$
1.48
Pro Forma Accretion
$
0.21
Net sales for the combined entity are subject to further modification to identify and eliminate intercompany sales. Pro forma adjustments to net income primarily consist of adjustments to depreciation and amortization and interest expense related to the purchase price, an adjustment to add back Smurfit-Stone's reorganization items and an adjustment to eliminate restructuring costs. Not all of these adjustments would be reflected in the pro forma financial information included in a document filed with the Securities and Exchange Commission.
Set forth below is a reconciliation of Credit Agreement EBITDA and Pro Forma Adjusted EBITDA for the three months ended December 31, 2010, to the most directly comparable GAAP measure, Consolidated Net Income. We have made certain reclassifications to Smurfit-Stone amounts or descriptions to conform to our presentation.
RockTenn
Smurfit-
Stone
Pro Forma
Adj.
Pro Forma
Combined
Consolidated Net Income
$
51.3
$
49.0
$
5.7
$
106.0
Interest Expense, net
15.1
22.0
2.4
39.5
Income Taxes
27.3
27.0
3.2
57.5
Depreciation and Amortization
36.7
85.0
12.1
133.8
Additional Permitted Charges and other
1.7
22.0
(23.6
)
0.1
Credit Agreement EBITDA / Adjusted EBITDA / Pro Forma Adjusted EBITDA
$
132.1
$
205.0
$
(0.2
)
$
336.9
SOURCE: RockTenn RockTennInvestor Relations:John Stakel, VP-Treasurer, 678-291-7901 orSmurfit-StoneInvestor Relations, 314-656-5553 or Media Relations, 314-656-5827
Thursday, January 20, 2011
Thursday, January 13, 2011
Ace Bayou to Add Jobs in Lewisburg
For fifteen years, Ace Bayou has been putting people to work in Marshall County and thanks to a new expansion project the company will be adding even more employees to its manufacturing base in Lewisburg.
Ace Bayou manufactured over 1 million bean bags in 2010 but has also made a hit with its game chairs – seats for people to use while playing video games. Along with its pet furniture manufacturing operation, ABC Pets, and Radiation Protection Products that manufactures a full line of radiation shielding, nuclear shielding and industrial lead products, Ace Bayou is extending its operations with a new project that is expected to create 100 jobs in Lewisburg.
Details of the new product line will be announced soon but the new project has the company in the process of purchasing the Sanford Building in Lewisburg, a 227,000 square foot facility located just off Ellington Parkway.
“We are just thrilled with the prospect of this new project by Ace Bayou,” said Greg Lowe, Lewisburg Director of Economic Development. “Ace Bayou has been a great manufacturer in Marshall County and this shows their commitment to this community and its workforce potential.”
Ace Bayou is expected to hire at least 100 new workers for this project and is projecting that number to grow throughout 2011 and into 2012. This could more than double its current workforce.
“We think it’s good news for the county,” said “Greg Hykes, Ace Bayou General Manager. “We appreciate the help and support of the Lewisburg Industrial Development Board and the Lewisburg City Council during this process.”
Marshall County has experienced high unemployment rates in the past several months and welcomes the prospect of putting more people to work.
“Existing industry has always been the creator of jobs for communities and I hope this is a sign of more positive news to come for Marshall County,” Lowe said. “We have a Council and an Industrial Development Board with the experience and the commitment to move us forward. And by continuing to work with the State of Tennessee Department of Economic Development, the Marshall County JECDB and agencies such as the South Central Tennessee Development District, the South Central Tennessee Workforce Board, USDA Rural Development and TVA, I believe we will see positive things happening in Lewisburg and Marshall County in the coming months.”
Ace Bayou is still in the process of working out the details of its new project including the purchase of the Sanford building but hopes are that the plant will be up and operating by this spring.
Ace Bayou manufactured over 1 million bean bags in 2010 but has also made a hit with its game chairs – seats for people to use while playing video games. Along with its pet furniture manufacturing operation, ABC Pets, and Radiation Protection Products that manufactures a full line of radiation shielding, nuclear shielding and industrial lead products, Ace Bayou is extending its operations with a new project that is expected to create 100 jobs in Lewisburg.
Details of the new product line will be announced soon but the new project has the company in the process of purchasing the Sanford Building in Lewisburg, a 227,000 square foot facility located just off Ellington Parkway.
“We are just thrilled with the prospect of this new project by Ace Bayou,” said Greg Lowe, Lewisburg Director of Economic Development. “Ace Bayou has been a great manufacturer in Marshall County and this shows their commitment to this community and its workforce potential.”
Ace Bayou is expected to hire at least 100 new workers for this project and is projecting that number to grow throughout 2011 and into 2012. This could more than double its current workforce.
“We think it’s good news for the county,” said “Greg Hykes, Ace Bayou General Manager. “We appreciate the help and support of the Lewisburg Industrial Development Board and the Lewisburg City Council during this process.”
Marshall County has experienced high unemployment rates in the past several months and welcomes the prospect of putting more people to work.
“Existing industry has always been the creator of jobs for communities and I hope this is a sign of more positive news to come for Marshall County,” Lowe said. “We have a Council and an Industrial Development Board with the experience and the commitment to move us forward. And by continuing to work with the State of Tennessee Department of Economic Development, the Marshall County JECDB and agencies such as the South Central Tennessee Development District, the South Central Tennessee Workforce Board, USDA Rural Development and TVA, I believe we will see positive things happening in Lewisburg and Marshall County in the coming months.”
Ace Bayou is still in the process of working out the details of its new project including the purchase of the Sanford building but hopes are that the plant will be up and operating by this spring.
Monday, January 10, 2011
Lewisburg Welcomes New Industry - ALX Enterprises
A chemical engineer has opened in Lewisburg a business named after his grandson, Alex, to put the finishing touches on a product that, among other things, filters impurities from biodiesel fuel so it burns clean in those motors.
Rod Yawn, president and sole owner of ALX, moved his processing of tiny absorbent beads from Springfield, Tenn., to a blue metal building on North Fifth Avenue because, "I needed more space and a building more suited to the operation."
Marshall County's available workforce was another factor, as well as a couple of key people he named: Bubba Tankersley with his concrete company; and Bill Spence who has BDS Machine Inc.
"Good people," met through mutual acquaintances, and service from Lewisburg Gas Department and Lewisburg Electric Service, helped Yawn set up shop late last year, he said. Now he's got to hire more good people to meet customer demand.
"I'm hiring people now," Yawn said between the Christmas and New Year's holidays.
Industrial Staffing is the personnel agency he's been using for people he hires on a part-time basis until the employee is proved suited for the work.
About a dozen people work at ALX now, Yawn said. He anticipates a staff of 30. Experience with a forklift and the ability to work in an industrial environment are important qualifications for applicants who want employment at ALX.
"It's not easy work," Yawn said, "but this is a good place to work. Production and safety bonuses are paid and most companies don't do that."
His need is very real and immediate. ALX's operation has been 24-hours a day, seven days a week, "and we're not keeping up with the orders," Yawn said.
More work will be available when a bagging machine is delivered.
"The main part of the bottleneck is equipment," Yawn said. "I've got a bagger on order. I couldn't get it quick enough, so we made one out of wood."
ALX buys massive amounts of tiny beads. The beads are purchased from other companies with very expensive equipment, he said. Yawn doesn't give tours of his plant, and he protects the nature of his process. He says it's patented. His suppliers make the raw material for ALX and Yawn's plant finishes the product for his customers.
"One of the things that is allowing me to grow so fast," he said, "is people like Bill Spence. An industry can't operate without good suppliers."
Now, Yawn is shipping truckloads of his product by locally based trucking companies.
He plans to expand early this year with another building for the distribution part of his operation.
"Most of our market is domestic, but we're beginning to ship internationally," Yawn said.
One of his newest customers is in Japan. Another is in the Solomon Islands.
"We compete with Dow Chemical" and other companies that are not as well known, but "some of our products are unique in the world," he said.
One is the biodiesel business that makes fuel from yellow grease, cooking oil, leftover fat from poultry plants, and other such wastes. There's a washing process for the fuel that uses water, but it creates seven gallons of wastewater compared to Yawn's process to remove impurities that results in no wastewater.
It's a "dry wash resin," giving rise to a product name: DWR.
There are 175 biodiesel plants in the United States, he says. "Not all are my customers. Previously, all of them used water washing. There are a lot of plants in Europe. There's one in Costa Rica; a customer."
To clean biodiesel with Yawn's dry wash system, the beads are placed in a column -- a large pipe. Unwashed biodiesel is passed through the cleansing pipe and the beads absorb sodium hydroxide (a catalyst in the production of the fuel) and glycerin, a by-product of the process of making biodiesel.
A ton of beads can purify 375 gallons of biodiesel, Yawn says. This process is during the very last steps of making the fuel.
It also permits the use of a lower grade of the basic ingredient for biodiesel, he said.
Another use for products sold by ALX is absorption of pollution from ground water. Toxic metals, solvents, gasoline, dry cleaning fluids and the like, as well as some naturally occurring elements are removed with one of the products Yawn developed.
The product is used after toxic spills. It is also used in dairy farming. Arsenic, a naturally occurring element, was found in cows' milk. The arsenic was traced to well water in Wisconsin, and so that water is now filtered.
Yawn's beads are also used as a drilling lubricant. The oil spill in the Gulf of Mexico has revealed some of the business of drilling, including the use of mud as a lubricant. But the mud contains other things and one of them is an ALX product.
"Much of the new natural gas that's being produced is from directional and horizontal drilling," Yawn said of how the business of drilling for petroleum products has changed. With a change in direction from straight down, to an angle and then a curve toward horizontal drilling, there was a need to reduce friction at the drill bit and the shaft.
As a result, there's a need for what Yawn makes, and he wants to make more and different products.
"I've got 20 other products in different stages of development," he said.
ALX was formed three years ago. It's been located in Springfield, but various reasons emerged for his move to Lewisburg. The Springfield operation is now just distribution.
Like some other corporate decisions, Yawn's decision to locate in Lewisburg was a result of various factors, but one of them was family. He lives in the Franklin-Williamson County area, and he has relatives living at Nashville, not the least of which is his grandson, Alex, of Brentwood.
Originally from Pascagoula, Miss., Yawn married at age 19, attended high school and college, Ol' Miss, with the love of his life and became an Ashland Oil Co. career man.
Over the decades, Yawn, who's in his late 50s, got to know people who are associates of his own business. Ashland Oil doesn't do what ALX does. He's retired from Ashland, and briefly worked in another company, but started his own that's now here in Lewisburg.
"I won't move my plant again," Yawn said.
This article provided by Clint Confehr– Senior Staff Writer of the Marshall County Tribune. Portions were omitted for space in this newsletter. For full text of article, log onto http://www.marshalltribune.com/
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