The Effect of Plant Closures on Market Value: Empirical Evidence from Pulp and Paper Industry 2004-2012

The aim of this study was to research how plant closure announcements affect the market value of the largest pulp and paper industry companies in the world. Also the effect of announcements on competitors was researched and whether the location of plants, timing, reasons for the closures, and characteristics of the closing firms and competitors have an impact on the results. The overall sample included 57 events in the years 2004-2012 and event study was used as a research method. Main theories were signaling theory and spillover effect. According to empirical results, investors consider plant closure announcements as a positive signal for market value. The spillover effect on competitors was, on average, positive and characteristics of the firms and closures had an effect on the results. Furthermore, the market generally predicted the closures and overreacted to them on the announcement day and after it. It is possible for corporate management and investors to learn from the results and use them as support for their decision making.

e-Business and collaboration: A case study of pulp supply chain

This thesis studies how the case company could digitalize its supply chain and what kind of advantages this would create in the light of supply chain efficiency. The case company manufactures several pulp products that are used for paper, fabrics and packaging products by customers worldwide. The paper and pulp industry has been paying more and more attention to increasing supply chain efficiency with new operating and service models made possible by today’s information technology. The main focus of this study is on the supply chain between the case company and its key customers and the goal is to find ways to make the operations between them as efficient as possible. The study relays heavily on collaboration techniques and digitalization technologies. In addition to a theoretical framework, the study includes several empirical studies that offer real-life examples of how these theories and technologies are applied in operating environments similar to the case company. A plan with strategic and operational levels is created according to the findings of the previous sections to support the case company’s future operations. The plan is based on an RFID-supported collaboration model that aims to advance information sharing between the supply chain partners. The time for an RFID-investment is sought to be very optimal and the benefits of such system to be noteworthy, but challenging to measure in monetary terms.

Production planning and optimization of a pulp mill: introduction of the optimisation based scheduling software for pulp industry

The objective of this project was to introduce a new software product to pulp industry, a new market for case company. An optimization based scheduling tool has been developed to allow pulp operations to better control their production processes and improve both production efficiency and stability. Both the work here and earlier research indicates that there is a potential for savings around 1-5%. All the supporting data is available today coming from distributed control systems, data historians and other existing sources. The pulp mill model together with the scheduler, allows what-if analyses of the impacts and timely feasibility of various external actions such as planned maintenance of any particular mill operation. The visibility gained from the model proves also to be a real benefit. The aim is to satisfy demand and gain extra profit, while achieving the required customer service level. Research effort has been put both in understanding the minimum features needed to satisfy the scheduling requirements in the industry and the overall existence of the market. A qualitative study was constructed to both identify competitive situation and the requirements vs. gaps on the market. It becomes clear that there is no such system on the marketplace today and also that there is room to improve target market overall process efficiency through such planning tool. This thesis also provides better overall understanding of the different processes in this particular industry for the case company.

Pressforming of a tray from a pulp sheet

The aim of this thesis work was to verify the possibility to produce tray packages directly from pulp sheets using press forming techniques. The different existing raw materials of pulp, various sources of molded pulp and different methods of production of molded pulp were studied. Nine different raw materials which were used for experimental work were provided by Stora Enso mills, and Stora Enso Research Centre, Imatra, Finland. The laboratory tests were carried out using LUT Adjustable packaging line at Lappeenranta University of Technology. The results prove that long virgin fibres of pine pulp seems to have better formability with high moisture content compared to others. No significant improvements were noticed with conditioned samples, never the less far studies has to be done to find optimal conditions for production. The results indicated the possibility for making pressformed tray from two different pulp qualities (Sunila pulp and Enopine). The method could prove to be beneficiary as the production line could be shortened and investment in board machines could be avoided if the trays were pressed directly from pulp sheets. Also the labour costs would be reduced. However, there is much work to be done before the quality of a tray produced out of a pulp sheet is comparable to a tray produced out of tray board.

Kuorimarummun kantokehän ja lohkon valmistuksen ja vaihdon kriittiset menestystekijät

TIIVISTELMÄ Lappeenrannan teknillinen yliopisto Teknillinen tiedekunta Konetekniikan koulutusohjelma Sami Suvanto Kuorimarummun kantokehän ja lohkon valmistuksen ja vaihdon kriittiset menestystekijät. Diplomityö 2014 64 sivua, 16 kuvaa, 5 taulukkoa, 1 liite Tarkastajat: Professori Jukka Martikainen DI Jari Junninen Hakusanat: kuorimo, kuorimarumpu, kantokehä, vaippalohko, hitsaus Keywords: wood room, debarking drum, support ring, drum shell, welding Sellutehtaiden puunkäsittelylaitoksilla kuorimarumpu on yksi tärkeimmistä prosessilaitteista. Kuorimarummun kantokehän tai lohkon vaihto on tyypillisesti koko puunkäsittelyn elinkaaren merkittävin korjausinvestointi. Markkinoilla on muutamia laitevalmistajia, jotka kilpailevat omien, sekä kilpailijoiden kuorimarumpujen korjausurakoista. Tässä diplomityössä selvitetään kuorimarummun kantokehän ja lohkonvaihtourakoiden kriittiset menestystekijät. Selvitys tehdään arvioimalla tekninen konstruktio, vaihtomenetelmät, sekä toimintamalli vaihtoprojektin suorittamisessa. Case tutkimukseen valittiin yksi kilpailijalle hävitty vaippalohkon vaihtotarjous, yksi kilpailijalle hävitty kantokehän vaihtotarjous, sekä yksi kantokehätoimitus. Työn tuloksena vahvuudet ja heikkoudet kuorimarummun kunnossapidossa tulivat esiin. Työn aikana löydettiin myös lukuisia kehitysideoita. Näitä ideoita viedään eteenpäin normaalina kehitystyönä.

Effect of ultrastructural features on mechanical properties of softwood fiber

The main objective of this study was to develop mathematical model capable to describe the effect of ultrastructural features on the longitudinal modulus of elasticity of softwood fiber. Another objective was to identify, based on ultrastructural features, a potential explanatory factor for the mechanical difference between Norway spruce and Scots pine fibers and to demonstrate its influence utilizing developed modelling tools. According to the literature, the main difference between the pine and spruce fibers is the pit structure, which is clearly different in these fibers. The spruce fiber contains a lot of tiny pits, whereas the pits of the pine fiber are larger and the total number of them is smaller. The effect of the pits on the longitudinal modulus of elasticity of fiber is studied with both the analytical and the numerical model. The results show that, although the spruce fiber seems to contain clearly more pits, larger pits appearing in the pine fiber turn out to have a stronger influence on the longitudinal modulus of elasticity of the fiber. The effect of local variation of microfibril angle which occurs near the pits seems to be minor. Moreover, the results suggest that spruce fibers may have higher ultimate strength due to the more uniform straining behavior.

Explaining the Shifts of International Trade in Pulp and Paper Industry

The pulp and paper industry is currently facing broad structural changes due to global shifts in demand and supply. These changes have significant impacts on national economies worldwide. In this paper, we describe the recent trends in the pulp and recovered paper (RP) production, and estimate augmented gravity models of bilateral trade for chemical pulp and RP exports with panel data. According to our results, there is some variation in the effects of the traditional gravity-model variables between pulp grades and RP. The results imply also that, in comparison to export supply, import demand plays a larger role in determining the volume of exports. Finally, it is evident that Asia, particularly China, is the most important driver of chemical pulp and RP trade: China is hungry for fiber, and must import to satisfy its growing needs. Moreover, the speed of China’s growth in chemical pulp and RP imports has been driving the increased significance of planted forests in the exports of hardwood pulp (BHKP) as well.

Inventive design and product development of a mechanical element

The thesis is dedicated to enhancement and development of a Mechanism in Company X in order to increase its key parameters and approve its workability. Current Mechanism model is described in details. The basis of various analysis, models and theories that are reflecting the working process of the Mechanism are included in the thesis. According to these three directions of enhancements are chosen: from mechanical, tribological and conceptual points of view. As the result the list of improvements is presented. The new models of Mechanism are built. The efficiency and lifetime value are obtained in accordance with corresponding estimations. The comparative analysis confirms the necessity of conducted changes. Recommendations for the Company X specialists are represented in the thesis. Proposals for deeper research are also suggested.

Effect of heat input on the mechanical properties of welded joints in high strength steels

Experiments were carried out to determine the properties of the welded joints in 8mm thick high-strength steels produced by quenching and tempering and thermomechanical rolling with accelerated cooling (tensile strength 821–835 MPa). The dependence of the strength, elongation, hardness, impact energy and crack opening displacement on the heat input in the range 1.0–0.7 kJ mm21 was determined. The results show that the dependence of the strength of the welded joints decreases and that of the elongation increases. The heat input has only a slight effect on the impact energy and crack opening displacement in the heat-affected zone.

Structural dynamics in the global pulp and paper industry

The pulp and paper industry is currently facing broad structural changes due to global shifts in demand and supply. These changes have significant impacts on national economies worldwide. Planted forests (especially eucalyptus) and recovered paper have quickly increased their importance as raw material for paper and paperboard production. Although advances in information and communication technologies could reduce the demand for communication papers, and the growth of paper consumption has indeed flattened in developed economies, particularly in North America and Western Europe, the consumption is increasing on a global scale. Moreover, the focal point of production and consumption is moving from the Western world to the rapidly growing markets of Southeast Asia. This study analyzes how the so-called megatrends (globalization, technological development, and increasing environmental awareness) affect the pulp and paper industry’s external environment, and seeks reliable ways to incorporate the impact of the megatrends on the models concerning the demand, trade, and use of paper and pulp. The study expands current research in several directions and points of view, for example, by applying and incorporating several quantitative methods and different models. As a result, the thesis makes a significant contribution to better understand and measure the impacts of structural changes on the pulp and paper industry. It also provides some managerial and policy implications.

Monolithic zirconium dioxide as a full contour restorative material: With special emphasis on the optical and mechanical properties

Full contour monolithic zirconia restorations have shown an increased popularity in the dental field over the recent years, owing to its mechanical and acceptable optical properties. However, many features of the restoration are yet to be researched and supported by clinical studies to confirm its place among the other indirect restorative materials This series of in vitro studies aimed at evaluating and comparing the optical and mechanical properties, light cure irradiance, and cement polymerization of multiple monolithic zirconia material at variable thicknesses, environments, treatments, and stabilization. Five different monolithic zirconia materials, four of which were partially stabilized and one fully stabilized were investigated. The optical properties in terms of surface gloss, translucency parameter, and contrast ratio were determined via a reflection spectrophotometer at variable thicknesses, coloring, sintering method, and after immersion in an acidic environment. Light cure irradiance and radiant exposure were quantified through the specimens at variable thicknesses and the degree of conversion of two dual-cure cements was determined via Fourier Transform Infrared spectroscopy. Bi-axial flexural strength was evaluated to compare between the partially and fully stabilized zirconia prepared using different coloring and sintering methods. Surface characterization was performed using a scanning electron microscope and a spinning disk confocal microscope. The surface gloss and translucency of the zirconia investigated were brand and thickness dependent with the translucency values decreasing as the thickness increased. Staining decreased the translucency of the zirconia and enhanced surface gloss as well as the flexural strength of the fully stabilized zirconia but had no effect on partially stabilized zirconia. Immersion in a corrosive acid increased surface gloss and decreased the translucency of some zirconia brands. Zirconia thickness was inversely related to the amount of light irradiance, radiant exposure, and degree of monomer conversion. Type of sintering furnace had no effect on the optical and mechanical properties of zirconia. Monolithic zirconia maybe classified as a semi-translucent material that is well influenced by the thickness, limiting its use in the esthetic zones. Conventional acid-base reaction, autopolymerizing and dual-cure cements are recommended for its cementation. Its desirable mechanical properties give it a high potential as a restoration for posterior teeth. However, close monitoring with controlled clinical studies must be determined before any definite clinical recommendations can be drawn.

Separation of lignin in Pulp Mill process and its effect on sodium sulphur balance

The aim of this thesis is to define effects of lignin separation process on Pulp mill chemical balance especially on sodium/sulphur-balance. The objective is to develop a simulation model with WinGEMS Process Simulator and use that model to simulate the chemical balances and process changes. The literature part explains what lignin is and how kraft pulp is produced. It also introduces to the methods that can be used to extract lignin from black liquor stream and how those methods affect the pulping process. In experimental part seven different cases are simulated with the created simulation model. The simulations are based on selected reference mill that produces 500 000 tons of bleached air-dried (90 %) pulp per year. The simulations include the chemical balance calculation and the estimated production increase. Based on the simulations the heat load of the recovery boiler can be reduced and the pulp production increased when lignin is extracted. The simulations showed that decreasing the waste acid stream intake from the chlorine dioxide plant is an effective method to control the sulphidity level when about 10 % of lignin is extracted. With higher lignin removal rates the in-mill sulphuric acid production has been discovered to be a better alternative to the sulphidity control.

Mechanical design and optics simulation of the illuminated Volvo Iron mark

Utilization of light and illumination systems in automotive industry for different purposes has been increased significantly in recent years. Volvo as one of the leading companies in manufacturing of luxury cars has found the great capacity in this area. The performance of such an illumination systems is one of the challenges that engineers in this industry are facing with. In this study an effort has been made to design a system to make the iron mark of Volvo being illuminated and the system is being evaluated by optics simulation in software using Ray optics method. At the end, results are assessed and some optimizations are carried out. Different kind of light guides, front side of the iron mark and some possible arrangement for LED also evaluated and different materials tested. The best combination from uniformity, color and amount of luminance aspect selected as a possible solution for this special project which can be used as a base for further studies in Volvo.