| PAPER INDUSTRY NEWS - FEBRUARY 2002 |
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This page contains pulp and paper industry news for February 2002
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NEWS FEBRUARY 2002
Georgia-Pacific to Sell Delair, N.J., Gypsum Paper Mill
ATLANTA, GA. February 26, 2002 -- G-P Gypsum, a subsidiary of Georgia-Pacific Corp. (NYSE: GP), today announced a definitive agreement to sell its Delair, N.J., wallboard paper mill to National Gypsum Company of Charlotte, N.C. The sale is expected to close March 1, and proceeds will be used to repay debt.
“G-P Gypsum is continually evaluating its asset base, and efficiency improvements at our other three paper mills in Thorold, Ontario, San Leandro, Calif., and Pryor, Okla., gave us the increased capacity we needed to cover the needs of our customers,” said David R. Fleiner, G-P Gypsum president. “National Gypsum has purchased an excellent mill with dedicated, hard-working employees.”
For complete news Go to http://www.gp.com/
Sappi Expects Markets to Improve Slowly in Second Half
25 February 2002 Johannesburg - Sappi announced at its AGM today (25 February 2002) that it expects to return its North American business to profitability in the second half of the year and that, provided the world economy does not deteriorate from its current projections, it still expects quarterly earnings per share for the rest of the year to improve to levels similar to those of the fourth quarter 2001.
“The state of the North American coated paper market is our biggest challenge as it is severely pressured by imported product at low prices. Our own imports there are also rising significantly,” said Sappi Chairman Eugene van As. “Retail spending in the USA is increasing and the economy should start to recover soon. We are therefore confident of returning this business to profitability.”
For complete news Go to http://www.sappi.com
NorskeCanada Schedules More Newsprint Curtailment for Q1
02/20/2002 VANCOUVER, BC — Weak demand and low prices for newsprint will force NorskeCanada to increase market-related curtailment of production at its BC operations in the first quarter.
The company said the poor market conditions that resulted in curtailment of nearly 66,000 tonnes of paper in the previous quarter are continuing to prevail in the first quarter of 2002 which is typically a low demand quarter.
Jim Armitage, NorskeCanada’s senior vice president, sales and marketing, said markets for newsprint continue to be adversely affected by uncertain economic conditions which have impacted the company’s publisher and commercial printing customers.
For complete news Go to http://www.norskecanada.com
Kimberly-Clark Announces 7% Dividend Increase And Says Share Repurchases Will Continue In 2002
DALLAS, February 19, 2002 -- Kimberly-Clark Corporation (NYSE:KMB) today increased its quarterly dividend 7.1 percent to 30 cents per share from 28 cents per share. The quarterly increase of 2 cents per share compares to an increase of 1 cent per share in each of the past five years. The board of directors declared the dividend payable on April 2, 2002, to stockholders of record on March 8, 2002.
This is the 30th consecutive year Kimberly-Clark has raised its dividend. The company also said it expects to repurchase approximately 3 percent of its outstanding common stock during 2002, similar to the level of share repurchases in 2001. The actual number of shares repurchased and the timing of the transactions will depend upon prevailing market conditions and other factors.
For complete news Go to http://investor.kimberly-clark.com
Weyerhaeuser Announces Senior Management Changes post Willamette Acquisition
Federal Way, Wash, February 13, 2002 — Weyerhaeuser Company (NYSE: WY), today announced changes to its Senior Management Team resulting from the long-planned retirement of Richard C. Gozon and the recent acquisition of Willamette Industries (NYSE: WLL).
The changes, effective Feb. 18, result in the promotion of two Weyerhaeuser executives and the addition of two former Willamette executives to the Weyerhaeuser leadership team. The Weyerhaeuser Board of Directors approved the changes today.
For complete news Go to http://www.weyerhaeuser.com
Hercules Announces Agreement to Sell the Water Treatment Business of BetzDearborn to GE.
Wilmington, DE, February 12, 2002 . . . Hercules Incorporated (NYSE: HPC) announced today that it has entered into an agreement to sell the Water Treatment business of its BetzDearborn Division to GE Specialty Materials, a unit of General Electric Company (NYSE: GE). The Paper Process Chemicals business, approximately one-third of the BetzDearborn company purchased by Hercules in 1998, will remain with Hercules. In addition, Hercules will have an agreement with GE to distribute and service BetzDearborn’s water treatment products to the pulp and paper industry. This transaction is subject to regulatory and other customary approvals, and is expected to close in spring 2002. The purchase price is $1.8 billion in cash, with net after tax proceeds available for debt reduction of approximately $1.665 billion.
"This transaction is extremely significant for our Company and all our constituents including customers, employees, and shareholders," said Dr. William H. Joyce, Chairman and Chief Executive Officer of Hercules. "Last year, the Company was in a difficult financial situation, carrying too much debt. A corporate-wide work process program to reduce costs has made the debt manageable and all of our businesses more valuable. The sale of the water treatment business is the second step in the program and will sharply reduce our debt and permit us to better support the corporation's remaining businesses and enhance shareholder value from a position of strength."
For complete news Go to http://www.herc.com/
GL&V Grows its net Earnings Thanks to Aftermarket Services and its Process Group’s Solid Performance
Montreal, February 11, 2002 – For the third quarter ended December 31, 2001, GL&V (new ticker symbols: GLV.A, GLV.B/TSE) achieved net earnings of $3.8 million or $0.40 per share ($0.39 fully diluted), up from $3.7 million or $0.39 per share ($0.38 fully diluted) in the same quarter of the previous fiscal year, despite a 8.9% decline in sales. Sales decreased to $86.9 million from $95.4 million last year as a result of difficult market conditions for the Pulp and Paper Group. The Process Group, for its part, grew its revenues by 7.5%, while GL&V Manufacturing Inc. posted a 19.1% sales increase.
For complete news Go to http://www.glv.com/
International Paper Signs Letter of Intent to Sell OSB Facilities
STAMFORD, Conn., Feb 8, 2002 /PRNewswire-FirstCall via COMTEX/ -- International Paper (NYSE: IP) today announced that it has signed a letter of intent to sell its Oriented Strand Board (OSB) facilities to Nexfor Inc., one of North America's leading producers of OSB. The facilities, which are located in Jefferson and Nacogdoches, Texas, and Cordele, Ga., employ a total of 456 people. The plants are part of IP's Panels & Engineered Wood business, headquartered in Savannah, Ga. The proposed sale of the OSB facilities does not affect the remaining facilities in the company's Panels & Engineered Wood business.
For complete news Go to http://investor.internationalpaper.com
Stora Enso North America Announces Asset Restructuring Program
Feb. 06, 2002 Stora Enso will permanently discontinue production of its folding carton operations and pasted chip line at the Wisconsin Rapids Paperboard Mill; permanently shut down the No. 23 lightweight coated (LWC) paper machine at the Division’s Biron Mill; and invest approximately $50 million in a two-year program to modernize select pulp and paper machines within its magazine paper business.
The asset restructuring program will include major enhancements to the No. 26 LWC paper machine at the Division’s Biron Mill; improvements to the No. 64 LWC paper machine at its Whiting Mill; and a pulp-plant expansion at its existing thermo-mechanical pulp (TMP) plant at its Canadian Port Hawkesbury papermaking facility.
For complete news Go to http://www.storaenso.com
Hercules Swings to Profit, to Cut More Costs
Wilmington, DE, February 5, 2002 . . . Hercules Incorporated (NYSE: HPC) today reported earnings for the fourth quarter ending December 31, 2001 of $6 million or $0.06 per diluted share, compared to a net loss of $29 million or $0.28 per diluted share for the same period in 2000.
Nonrecurring items recorded in the fourth quarter 2001 include a pension curtailment gain, and an additional gain recognition relating to a prior business divestiture, partially offset by additional restructuring charges. Nonrecurring items in the 4Q 2000 results included expenses associated with severance and asset impairments.
Earnings for the fourth quarter 2001, excluding nonrecurring items and with taxes computed at a statutory tax rate, were $6 million or $0.06 per diluted share. This compares to a fourth quarter 2000 net loss, on the same basis, of $6 million or $0.05 per diluted share.
MeadWestvaco Announces Initial Merger Restructuring Plans Locations Assigned for Corporate Groups
STAMFORD, Conn. - February 5, 2002 - MeadWestvaco Corporation (NYSE: MWV) today announced locations for corporate groups, representing the initial phase of restructuring plans resulting from the merger of Mead and Westvaco. These decisions are part of comprehensive integration plans developed in advance of MeadWestvaco's first day as a new global enterprise on January 30, 2002.
"Our joint integration teams have done outstanding work developing plans for the merger, positioning us to rapidly combine the best practices and talent from two strong organizations," said John A. Luke, Jr., President and CEO of MeadWestvaco. "Reorganizing our corporate groups is the first step in achieving the $325 million in synergies we plan to realize in the next two years. We have excellent momentum in our plans to reach these savings goals, beyond these benefits, we see great potential in the strong business platforms we now have in our four core businesses - packaging, coated and specialty papers, consumer and office products, and specialty chemicals."
For complete story Go to http://www.meadwestvaco.com
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