The Business Narrative: Polestar Production

Nov 05, 2024 10:38AM ● By Donna Walker

(Photo: Business Wire)

Polestar Delivers First Polestar 3 Manufactured in U.S. to North American Customers

Polestar, the Swedish electric performance car brand, delivered its first U.S.-built Polestar 3 SUVs to customers in the North American market.

Deliveries of Polestar 3 began around the U.S. and Canada in the past few weeks and now units manufactured in the South Carolina plant have begun as well.

The SUV for the electric age plays an important role in the brand’s continued development, as Polestar moves from a one- to a three-car brand with Polestar 2, Polestar 3 and Polestar 4.

The start of production for the luxury SUV, Polestar 3, began in August in Ridgeville, South Carolina.

The factory in South Carolina produces cars for customers in the U.S. and Europe, complementing existing production in Chengdu, China.

“From our retail partners to our employees, I’m extremely proud and excited for the delivery of U.S.-built Polestar 3’s making their way to customers,” said Anders Gustafsson, head of Polestar North America.

Gustafsson added, “Polestar 3 plays a pivotal role in our brand’s expanding lineup as an SUV designed for the North American market, proudly assembled in South Carolina, and now being handed over to North American customers.”

Deliveries of Polestar 3 are set to accelerate in the coming weeks in the U.S. and Canada.

The company is also taking additional steps to diversify its wider manufacturing footprint, with production of Polestar 4 set to start in South Korea from the middle of 2025.

Sylvamo, International Paper Terminate Georgetown Supply Agreement

Sylvamo (NYSE: SLVM), a paper company, and International Paper (NYSE: IP) are mutually terminating a supply agreement for uncoated freesheet, bristols, and specialty papers at the Georgetown, South Carolina, mill.

The agreement will terminate Dec. 31, 2024.

Sylvamo is transitioning many paper grades from Georgetown to its Ticonderoga, New York, and Eastover, South Carolina, mills to continue supplying customers.

International Paper has announced plans to discontinue operations at the Georgetown mill.

“We have been preparing for this possibility since our 2021 spinoff from International Paper. We will support our customers through this transition and will retain the most profitable products from Georgetown, reducing economic downtime in our mill system and improving our mix,” said Jean-Michel Ribiéras, chairman and chief executive officer.

The CEO added, “Looking ahead, we are confident in our future and our strategy to grow earnings and cash flow by continuing to invest in high-return projects in our mills and processes.”

Sylvamo (NYSE: SLVM) has mills in Europe, Latin America and North America.

Headquartered in Memphis, Tennessee, it employs more than 6,500 colleagues. Net sales for 2023 were $3.7 billion.

Domtar Acquires Iconex Paper's Point-of-Sale Receipt Business in North America

Domtar Corporation, whose principal executive office is in Fort Mill, South Carolina, announced the successful acquisition of Iconex Paper from Atlas Holdings.

Iconex Paper converts thermal paper parent rolls into point-of-sale (POS) receipt rolls, serving customers in industries such as food service, retail, pharmacy and financial services from its five North American locations in Arizona, Kansas, Tennessee, Virginia and Mexico.

"Receipt products used by consumers every day — such as ATM, gas pump, food service and retail receipts — begin with thermal paper manufactured at Domtar's West Carrollton, Ohio, facility," says Steve Henry, Domtar's president of Paper and Packaging.

Henry added, "With this acquisition, we're well positioned to ensure customers experience the operational and supply chain excellence that comes from a fully integrated North American receipt paper business."

Mike Rapier, president of Iconex Paper, will continue to lead the business and report to Domtar's senior management.

Stratus Announces Leadership Transition

Stratus, a leader in facilities services and brand implementation solutions, announced a strategic leadership transition designed to drive the company’s next phase of growth and innovation.

Experienced facilities services executive Bill Hayden has been named chief executive officer, and Tim Eippert has been appointed chairman of the board.

Eippert has led Stratus since 1994 when he purchased MC Sign, a small sign company in Ashtabula, Ohio.

Over the next 30 years, Eippert guided the organization through significant milestones including private equity ownership, numerous growth acquisitions, and the addition of a wide array of service offerings.

Under his leadership, the company rebranded to Stratus in 2020 and has solidified its position as a leading facilities services and brand implementation company.

As chairman, Eippert will support Hayden and the team’s collective strategic vision.

“This transition is an exciting new chapter for both me and Stratus as I reflect upon our humble beginnings and look forward to the future. I am excited to continue our commitment to excellence while supporting Bill in driving Stratus’ vision forward,” Eippert said.

Hayden previously was CEO of FacilitySource, which he sold to CBRE in 2018.

Under his leadership, FacilitySource evolved from a software and helpdesk platform supporting retail store maintenance to a fully integrated facility management solution which helped over 50,000 locations execute billions of annual spend through a service partner marketplace.

Most recently, he was president of Enterprise Global Services within CBRE’s Global Workplace Solutions, overseeing strategy and execution across its retail facilities and project management offerings, lease administration services, smart buildings, and sustainability solutions.

Stratus is a leading brand implementation and facilities services company offering signage solutions, energy services, repair and maintenance programs, and refresh and remodel capabilities across 50 states and 24 countries.

With more than 50,000 projects completed annually, the company provides versatile solutions for some of the world's largest and most recognized brands.

Headquartered in Mentor, Ohio, Stratus has additional operations centers in Illinois, Florida, New Jersey, Texas, and Wisconsin and production facilities in Illinois, South Carolina, and Texas.

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